IMF Sees Oil Making Up 4 Percent of Battered Uganda Economy

Uganda’s new-found oil reserves may account for as much as 4 percent of its economy annually in coming years if managed well, the International Monetary Fund’s country chief says. IMF Mission Chief for Uganda Axel Schimmelpfennig writes in a blog post that the country also needs some strategic infrastructure investment and better debt management. Uganda’s economy has taken a hit ...

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Diesel Price Crashes by 42 per cent in Nigeria

The Nigerian National petroleum Corporation (NNPC) said that diesel price nationwide crashed by 42 per cent due to strategic intervention by the Corporation to sustain supply of the product. The Corporation in its May report released in Abuja, on Thursday said the move helped to stop unpleasant experience witnessed in the first quarter of 2017. It said that the retail ...

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NNPC Assures Consumers of Adequate Fuel Supply

The Nigerian National Petroleum Corporation (NNPC) said it would ensure adequate petroleum products availability in all parts of the Country in spite of various challenges in the downstream petroleum sector. In a statement signed by Mr Ndu Ughamadu, Group General Manager, Group Public Affairs Division, on Tuesday in Abuja, it said that the corporation would leave no stone unturned to ...

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Unsold: Nigerian Crude Oil Waits For Buyers

Nigerian crude for August loading is proving slow to find buyers amid rising supply, Reuters quoting oil trading sources has reported. Reuters said the supply glut is a sign that an expected second-half rebalancing of the global market is getting off to a slow start. An increase in production in Nigeria and Libya, where conflict and unrest had curbed output ...

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Oil Block Sale Scandal: Nigeria Parliament Summons Ex-President Jonathan

Nigeria’s lower house of parliament called on Wednesday for ex- president Goodluck Jonathan to testify in an inquiry into the contested sale of an oil block during his tenure, the investigating committee said. Investigations into the $1.3 billion sale in 2011 of oil prospecting licence (OPL) 245, which could harbour more than 9 billion barrels of oil, have involved Nigerian, ...

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NNPC Gets $2b Discount on Re-Negotiated Contract

The Nigerian National Petroleum Corporation (NNPC) has secured $2 billion discount from re-negotiated upstream contracts being executed by its various service providers in the last one year. The Group Managing Director of the corporation, Dr Maikanti Baru, made this known in a message to mark one year of his headship of the organisation. In a statement by Mr Ndu Ughamadu, ...

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Fuel Scarcity Paralyses Burundi

Fuel shortages have paralysed the small central African nation of Burundi, threatening further damage to an economy already moribund after years of political violence and raising questions about the role of the country’s only oil importer. The problem has damaged two big foreign investors, Kenya’s KenolKobil and South Africa’s Engen, a subsidiary of Malaysian parastatal Petronas. The shortages, which forced ...

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Major Disaster Averted On Lagos-Ibadan Expressway

What could have turned out to a major disaster in Magboro, Ogun State along Lagos-Ibadan Expressway was on Thursday averted by the Lagos State Emergency Management Agency (LASEMA) with salvaging of a 50,000 litres of truck conveying Premium Motor Spirit otherwise known as petrol from catching fire. The incident occurred during early morning rain when a truck with registration number ...

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29 Ships with Petrol Expected

Twenty-nine ships, laden with petroleum products, food items and other goods, are expected to arrive Apapa and Tin-Can Island ports in Lagos from May 22 to June 3. According to “Shipping Position’’’, a publication of the Nigerian Ports Authority (NPA), the ships contained general cargo, empty containers, petrol and containers laden with goods. It said that 15 others were at ...

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