Egypt’s public prosecutor has charged three executives from a private petroleum company with embezzling nearly $1 billion from corporate funds, state news agency MENA and a judicial source said on Thursday. The firm’s former deputy chairman, Mohammed Mahfouz al-Ansari, and two other officials face a criminal trial on charges that they manipulated the company’s books…
Rising U.S. crude oil exports to Europe and Asia have had a knock-on effect in the futures market, turning the U.S. West Texas Intermediate contract into a near-24 hour benchmark, exchange operator CME Group said. Owain Johnson, managing director for energy research and development at CME, said the shift has also led CME to introduce…
ABB is exploring a sale of its Power Grids business, people familiar with the matter told Reuters, representing a U-turn by Chief Executive Ulrich Spiesshofer who defied activist shareholders to keep the unit two years ago. ABB is examining various options for Power Grids, its second-largest but lowest-margin business, three sources said, with a decision…
*To save $16bn forex revenue per year *Another saving of $10 billion a year through domestic supplies of petroleum products The President, Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Paul Ruwase has described as magnificent and spectacular the impact the Dangote Oil Refinery project would have on Nigeria’s downstream petroleum sector. Ruwase, who led members…
The 25 megawatts independent power project, IPP being developed by the Nigerian Agip Oil Company, NAOC in partnership with the Board in Bayelsa State would be commissioned in December. The Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Engr. Simbi Wabote made this known in a statement on Thursday. When completed, the IPP…
The price of OPEC basket of fifteen crudes stood at $78.25 a barrel on Thursday, compared with $79.50 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic…
The Nigerian National Petroleum Corporation, NNPC, Thursday, denies culpability in the pipeline fire incident that occurred last week in Umuaduru and Umuimo communities in Osisioma Ngwa Local Government Area of Abia State. The NNPC, in a statement by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, claimed that the incident was not as…
Several Nigerian crude loading programmes emerged on Thursday, including Qua Iboe, the largest of the country’s supply streams. The Qua Iboe stream will load eight cargoes of 950,000 barrels each, equal to 245,000 barrels per day in December, down from November’s 253,000 bpd rate. The Escravos, Amenam and Agbami programmes were among those that emerged…
Human rights lawyer, Femi Falana (SAN) yesterday said about 60.2 million barrels of crude oil were stolen from the country between 2011 and 2014. Speaking at the 40th anniversary of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Falana noted that the stolen product passed through the Philadelphia Port in the United…
The Nigerian National Petroleum Corporation (NNPC) has refuted the allegation that negligence on its part caused the oil pipeline fire incident Friday last week in Umuaduru and Umuimo communities in Osisioma Ngwa Local Government Area of Abia State. A release by the NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, today in…