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…
The former Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu has said the federal government’s reforms in the petroleum sector in the last four years yielded over $130 billion foreign investments and commitments aimed at growing the sector. Speaking in an interactive session with a group of editors in Abuja, Dr. Kachikwu said…
The Mini Grid Minimum Subsidy Tender aims to kick-start the Nigerian market and catalyze mini grid deployment at scale. mini grid developers will compete on the basis of quality (technical proposal) and price (minimum subsidy requirement) to build, own, and operate solar hybrid mini grids. The REA will provide the minimum subsidies required to the…
The Country Manager, Eaton Nigeria, Temitayo Awojole, has expressed the desire of the company to provide cheap and alternative source of electricity through its micro grid solution as part of measures to address the country’s poor power supply. Awojole, who disclosed this at a meeting in Lagos, noted that the micro grid solution was a system that works…