Houston — Oil rose above $60 a barrel on Wednesday after government data showed a surprise draw in U.S. crude stocks and as the prospect of deeper output cuts by OPEC and its allies offered support. U.S. crude stocks fell by 1.7 million barrels last week as refineries hiked crude runs by 429,000 barrels per day…
Accra – The United States has canceled $190 million in grants to Ghana under the “Power Africa” initiative in response to the Ghanaian government’s termination of a contract with a private utility provider, the U.S. embassy said. The Millenium Challenge Corporation (MCC), a U.S. government foreign assistance agency, agreed in 2014 to provide $498 million in…
New York — Biofuels groups have filed a petition in the U.S. court of appeals in Washington against the Environmental Protection Agency, challenging the agency’s process for granting refineries exemptions to the nation’s biofuel blending mandates, the groups said Wednesday. The petition, filed by groups such as the Renewable Fuels Association, the American Coalition for Ethanol,…
Amsterdam — Japanese carmaker Honda has brought forward a goal to only sell electric and hybrid cars in Europe by three years to 2022, a leading company executive said on Wednesday. Last month, Honda said it would phase out all diesel vehicle sales in Europe by 2021 in favour of electrified vehicles. The carmaker had said…
Six French and Ugandan campaign groups have asked a French court to order energy major Total to disclose how it is addressing the human and environmental impact of a Ugandan oil field, green group Friends of the Earth said on Wednesday. Total said on Wednesday it had no immediate comment on the groups’ legal application,…
The China Development Bank (CDB) has signed a $629 million financing facility to accelerate the completion of the Lekki Deep Seaport project, which started in 2011. The loan was secured from the Chinese bank after China Harbour Engineering Company (CHEC), which owns majority shares in the project, signed a 45-year concessionary agreement with Lekki Port…
GE (GE.com) Will Modernize Seven GE LM6000PC Aeroderivative Gas Turbines and Install Its Asset Performance Management (APM) Digital Solution at Dangote Cement Plants in Obajana and Ibese, Nigeria;Contract Includes Service Agreement Extension for Additional 50,000 Operating Hours for Each of the Seven GE LM6000PC Aeroderivative Gas Turbines; GE’s APM Digital Solution Will Help Reduce Unplanned…
Eni started gas and condensate production from the Obiafu 41 discovery, Niger Delta, just 3 weeks after well completion. The discovery contains approximately 28 billion cubic meters of gas and 60 million barrels of condensate, and the gas from this discovery will largely be channelled to the domestic market in order to feed the power…
Mr Kola Balogun, Chairman, MOMAS Electricity Meter Manufacturing Company (MEMMCOL), has urged the Federal Government to jail any Meter Assets Providers (MAPs) who contravenes the power sector Local Content Act. Balogun made the recommendations in an exclusive interview with TBI Africa team in Lagos, while reacting to the massive importation of electrical equipment into the…
The Federal Executive Council(FEC) has approved the conversion of natural gas to methanol in order to address the environmental challenge caused by gas flaring in the country. The Minister of Science and Technology, Dr Ogbonnaya Onu, briefed State House correspondents after the Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo on…
