Total Marketing & Services and PowerChina International Group Limited have strengthened their ties by signing a business-to-business preferred supplier agreement to extend their existing relationship to a worldwide perimeter. With this agreement, Total will consider PowerChina and its affiliates as “higher priority customers”, which may have access to privileged services, secured products supply, and favourable…
Glencore’s head of oil, Alex Beard, who helped make the firm one of the world’s top three oil trading houses, will retire this month, the company said on Monday in yet another management shake-up amid U.S. probes into its activities. Glencore, founded by trader Marc Rich, has come under U.S. scrutiny in the past year…
Ibadan Electricity Company, IBEDC, has ordered for equipment required for the rehabilitation of the Oke-Omiru Injection Substation in Ilesha, according to the firm’s Chief Operating Officer, Mr. John Ayodele. Ayode said in a statement on Monday that administrative and technical team would visit the substation to begin clean-up and system replacement, among others. It would…
Oil prices fell on Tuesday as an economic slowdown starts to dent energy demand, but markets won some support after Saudi Arabia said a consensus was emerging with other producers about extending supply cuts. Front-month Brent crude futures were at $60.97 at 0648 GMT. That was 31 cents, or 0.5%, below last session’s close. U.S….
After over a year of forensic audit, the Securities and Exchange Commission (SEC) has concluded investigation of Oando Plc and barred the Group Chief Executive Officer, Mr Wale Tinubu , from being a director of a public company for five years. In a statement signed by its Head of Corporate Communications, Mrs Efe Ebelo, SEC…
Lagos — A Federal High Court sitting in Lagos has, Monday, sentenced a former Acting Director-General of NIMASA, Calistus Obi, to seven years imprisonment over N136 million fraud.
Government’s focus on solving fuel scarcity and reforming the petroleum industry to get the refinery working at full capacity was a key target to make the refineries working at full capacity, said the former Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu. In an interview, Kachikwu admitted that the refineries were performing poorly…
The Nigerian National Petroleum Corporation has said with the 3,500 million standard cubic feet per day of additional gas to be supplied from seven critical gas development projects, the nation’s economy can create up to seven million jobs and boost the Gross Domestic Product by about $50bn. The corporation’s Group Executive Director/Chief Operating Officer, Gas…
The Nigerian National Petroleum Corporation has discovered the illegal recycling of loading tickets used by petrol transportation trucks at depots operated by the Pipelines Products Marketing Company, a subsidiary of NNPC. It was also gathered that the national oil firm had effectively stopped the illegality, which had made it lose about N52m daily during the…
Kenya leads all its East African neighbours in deepening access to electricity by a wide margin according to a recent report by the World Bank. The country was also listed among the top performers in expanding access to power in the period between 2010 and 2017 ranking together with bigger economies such as India. At…
