Global Energy Transition Fuels Boom in Specialty Steel Demand New-age steel technologies are exclusive to a select few nations around the world. For this reason, they can only be acquired with significant domestic R&D expenditures or from those countries that already possess them. Either way, these technologies are critical for producing specialized steel products. Among…
195 Pump Price: Showdown looms as fuel marketers plan lockdown, Monday There are strong indications that Independent marketers of Premium Motor Spirit (PMS), popularly called petrol, plan a lockdown on their operations beginning Monday once the government starts enforcing the N195/litre pump price. It was gathered on Saturday that the Nigerian National Petroleum Company Limited…
Ukraine War: Russia’s Oil and Gas Revenues Slump 46% Russia’s budget revenues from oil and gas plunged in January by 46% compared to the same month last year due to the sanctions on Russian oil exports, which led to a slump in the price of Russia’s flagship crude grade. Russian budget revenues from energy sales…
Baker Hughes Data Shows US Drilling Activity Slows The total number of total active drilling rigs in the United States fell 12 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 759 this week—146 rigs higher than the rig count this time in 2022 and 316…
Western Sanctions Lowers Russia’s Energy Revenues Russia’s monthly budget revenues from oil and gas fell in January to their lowest level since August 2020 under the impact of Western sanctions on its most lucrative export, Finance Ministry data showed on Friday. Monthly tax and customs revenue from energy sales declined 46% in a year –…
NEPZA Working With Abuja Chamber to Attract FDI to Gemstones Industry The Managing Director of the Nigeria Export Processing Zones Authority, NEPZA, Adesoji Adesugba, has revealed that the agency was working with the Abuja Chamber of Commerce and Industry, ACCI, and the ‘Best Centre,’ that specialised in the training of gemologists, to widen the scope…
NNPC Ltd Seals $740m Contract with Daewoo as Kaduna Refinery Begins Operation. The Nigerian National Petroleum Company Limited signed a deal with Daewoo for the maintenance of the Kaduna Refining and Petrochemical Company Limited (KRPC). The contract sum for the deal is valued at $740.6m. Speaking at the agreement signing event held at the NNPC…
Transafam to Increase Electricity Generation by 240MW in 2023 The Transcorp Group says its Transafam Power Limited will increase its electricity generation by an additional 240 megawatts, MW, this year. Transafam Power recently increased electricity generation from 48MW to 188MW in less than two years following the rehabilitation of a unit of its production plant….
Mainland Oil slashes petrol prices, accelerates services Nigeria’s newest major marketer, Mainland Oil and Gas Company Limited, has accelerated petrol retail services at all its over 54 stations across the country. The company has also slashed the prices of the product at its retail outlets even at a time most other marketers have taken advantage…
NCDMB Begins Year 2023 with Platinum Level Ranking Higher and higher soars the Nigerian Content Development and Monitoring Board (NCDMB) as it shatters the records again, emerging “a Level 5 Platinum Level organization” in a summary report of the Bureau of Public Service Reforms (BPSR) Self-assessment Tool (SAT) released in Yenagoa on Wednesday. According to…