The Nigerian National Petroleum Corporation (NNPC) is seeking a $1 billion oil prepayment deal to revamp its moribund Port Harcourt refinery. According to Reuters, once the refurbishment is completed, the money would be repaid through deliveries of crude and products from the refinery over a seven year period. African Export-Import Bank (Afreximbank) is reported to be…
By Ikenna Omeje The Minister of Power, Saleh Mamman, has directed the Nigerian Electricity Regulatory Commission (NERC) to stop the implementation of the new reviewed electricity tariff.It would be recalled that on Tuesday, the commission approved an increase in electricity tariff from N2.00 to N4.00 per kwh for electricity Distribution Companies (DisCos) in the country.In…
By Mordi Chukwunonso Esther Stakeholders have raised concerns over the impact of the operations of an indigenous oil firm, Conoil Producing Limited and the company’s insensitivity to the environment. This is as a result of company’s nonchalant attitude towards the leaks from its facility known as ‘Aunty Julie platform’ within Oil Mining Lease 59, at…
By Mordi Chukwunonso Esther A group known as Ogoni Oil Bearing Communities Association, has urged the people of Ogoniland to shun violence in order to attract investment into the area. Chairman of Ogoni Oil Bearing Communities, Chief Donald Gberesu, said this in a message to mark the 2021 Ogoni Day celebration in Bori, Khana Local…
By Mordi chukwunonso Esther Host communities in Warri South West Local Government Area of Delta State have sent an SOS message to the Federal Government over threats to lives, assets and the ecology of over 50 communities in the area resulting from oil spill from facilities of Shell Petroleum Development Company in the area, nation…
By Mordi Chukwunonso Esther The Federal Government wants more micro, small and medium enterprises to participate in its N75bn economic recovery and stimulus programme in order to grow their respective businesses. In a report by punch correspondent, The Minister of Industry, Trade and Investment, Adeniyi Adebayo disclosed this on Monday In Ekiti state through his…
By Mordi chukwunonso Esther HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy and Chairman of the OPEC and non-OPEC Ministerial Meeting, cited the discovery and administration of Covid-19 vaccine as the most important factor for oil in 2021. In a report by Nairametrics correspondent, He made this remark on Monday, January 4th,…
By Mordi chukwunonso Esther The Department of Petroleum Resources (DPR) said that it has successfully shortlisted 161 companies to advance to the final stage of the bid round process for 57 marginal oilfields. Earlier, The DPR had announced the selling of Nigeria’s 57 marginal oilfields across the country and the commencement of the bid rounds…
By Mordi chukwunonso Esther The Organization of the Petroleum Exporting Countries, OPEC, has said it expects the global economy to rebound by the second half of 2021 upon the upside potential of the COVID-19 vaccinations. This forecast was disclosed by the Secretary-General of the organisation, Mohammed Sanusi Barkindo, in his opening remarks at the 47th…
Daniel Terungwa Egypt’s central bank has launched a $948.8m initiative to help car owners convert their vehicles to natural gas. pushing ahead with a call by the country’s president earlier last year. The loans, which comes with an interest rate of 3%, will be provided through banks to individuals seeking to replace their gasoline-powered vehicles…