FIRS Gives Leeway to Shipping Firms to Reconcile Tax Records The Federal Inland Revenue Service (FIRS) has given foreign shipping companies lifting Nigeria’s crude oil till December 31, 2023 to reconcile their tax records. FIRS Chairman, Zacch Adedeji, said the reconciliation of the records was part of efforts to ensure strict compliance by the companies…
Oil theft: Navy hands over Barge, TUG to EFCC in Delta The Nigerian Navy Ship, NNS DELTA has handed over the impounded TUG MV STEPH 1 and Barge SIMI to the officials of the Economic and Financial Crimes Commission (EFCC). The arrested vessels, laden with product suspected to be stolen Automotive Gasoline Oil (AGO), were…
Minister Commends Waltersmith Refinery, NCDMB for Improving Domestic Refining Capacity The Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, has commended Waltersmith Group and the Nigerian Content Development and Monitoring Board (NCDMB) for supporting the Federal Government agenda of improving domestic refining capacity. Speaking on Tuesday during a facility tour of Waltersmith Petroman Oil…
Sen. Teslim Folarin lauds NCDMB as 500 Youths Graduate from Solar Power Programme Sen. Teslim Kolawole Folarin, the former Chairman of the Local Content Committee in the 9th Senate has commended the Nigerian Content Development and Monitoring Board (NCDMB) for training 500 youths in Oyo State on solar power installation and maintenance. The training programme…
NAPE 2023: NNPC Ltd Bags Best Innovative Company Award The Nigerian National Petroleum Company (NNPC) Ltd. has emerged as the 2023 Best Innovative Company of the Year at the just concluded 41st Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition. The award, which was in recognition of the outstanding performance of NNPC…
WinGD to Supply Methanol-Fueled Engines for Six Green Swiss marine power company WinGD will supply X-DF-M methanol-fueled engines for a series of six container vessels to be built at Yangzijiang Shipbuilding in China. The 9,000 TEU vessels will each be powered by an X82DF-M engine built by HD Hyundai Heavy Industries’ Engine & Machinery Division…
Shell Confirms Nigeria Withdrawal of OPL 245 Claim Shell confirmed on Friday that Nigeria withdrew civil claims totalling $1.1 billion against it in relation to allegations of corruption in a 2011 oilfield deal on OPL 245. “We are pleased that this claim has been withdrawn. It brings to an end to all legal cases against…
OPEC+ Mulls Deeper Cuts as Oil Extends Gains Oil futures nudged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict. Brent crude futures climbed 57 cents, or 0.7%, to $81.18…
Hyde Energy Celebrates 11 Years of Growth and Innovation with a Sports Nigeria’s leading indigenous energy trading company, Hyde Energy, recently celebrated its 11th anniversary with a special Hyde Sports Fest and Family Fun Day tagged #Hydelympics at the Fun Factory in Lekki. The event featured various activities, including a football competition with other major…
EIU predicts higher inflation in Nigeria in 2024 Nigeria is expected to continue facing economic instability in 2024 due to double-digit inflation, according to a report by the Economist Intelligence Unit (EIU). Other countries listed in the report include Angola, the DRC, Egypt, Ethiopia, Ghana, Sudan and Zimbabwe. The EIU noted that inflation will remain…
