Energy

General Electric Offers to Invest in Nigeria’s Refineries

… Targets to Improve Capacity before the End Of 2017 General Electric, GE, a US multinational company, Tuesday in Abuja, proposed to invest in the nation’s three refineries located in Port Harcourt, Warri and Kaduna. GE, in a presentation to NNPC GMD, Dr. Maikanti Baru and his team stated that the company’s teams of partners, including its consortium involving the ...

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Nigeria to Make $2b Extra from Oil

An agreement that Nigeria signed with joint venture partners on Thursday will increase the nation’s revenue by $2 billion per annum, Minister of State for Petroleum, Dr Ibe Kachikwu, has revealed. According to him, net payments to the Federation Account is expected to double from about seven billion dollars to over 14 billion dollars by 2020. He explained: ”The immediate effect ...

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World Oil Prices Hit $58

Oil prices shot up over four per cent to their highest level since 2015 early on Monday after OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001. They jointly reduced output in order to rein in oversupply and prop up the market. Brent sweet crude futures, the international benchmark for oil prices, soared ...

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Black Carbon Emissions Worry Rivers State Residents

Some residents of Rivers state have expressed concern over the possible health dangers of black carbon emissions, believed to have resulted from illegal refining and constant burning of oil installations in the state. Residents of Choba, Eleme, Okrika, Trans-Amadi, Iwofe, Okwujagu and Rumuokoro told the News Agency of Nigeria (NAN) on Sunday that the area has been experiencing the carbon ...

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11 ships Discharging Petrol at Lagos Port

Eleven ships are presently discharging petroleum products and other commodities at Apapa and Tin-Can Island ports in Lagos, the Nigerian Ports Authority (NPA) said on Friday. NPA explained that the ships were at the ports discharging petrol, empty containers, butane and other products. The News Agency of Nigeria (NAN) reports that 28 ships laden with petroleum products, food items and other goods are ...

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Communities Drag Shell to British Court

Aside the damage already inflicted on its platform by Niger Delta militants, Shell Petroleum has been dragged to British court by two communities in the region. The communities, Ogale and Bille in Rivers state, have jointly filed a suit which is being heard by the Britain’s High Court. The communities accused the Anglo-Dutch Shell of fouling the waters and destroying ...

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NNPC Denies Plan to Increase Petrol Price

The Nigerian National Petroleum Corporation (NNPC) has again debunked report of plans to increase the pump price of petrol. Mr Garba Deen Muhammad, Group General Manager, Group Public Affairs Division of NNPC said on Monday NNPC was not empowered to increase prices of fuel. The corporation, he said, was not empowered statutorily to tinker with the pricing template of petroleum ...

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Cold Weather May Increase Oil Demand – IEA

The Paris-based International Energy Agency (IEA) on Tuesday said waning growth in OECD countries and decelerating economic pace in China would weigh heavy on the global oil demand growth which is set at 1.2 million barrels per day (bpd) this year. “Growth (of oil demand) continues to slow, dropping from a five-year high in Q3 2015 to a four-year low in ...

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Oil theft: Nigeria wants $406m from Shell

The Nigerian government  is demanding $406.75 million from Shell Petroleum Development Company of Nigeria Limited and its surrogate Shell Western Supply & Trading Limited over alleged crude oil theft. The amount, according to court papers in Lagos,  represents the shortfall of the money paid by the multinational oil firm in the account of the Nigerian government with Central Bank of Nigeria, ...

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OPEC Defies Output Cut, Pumps More Oil

The  oil output of OPEC  is likely to reach its highest in recent history in September, a Reuters survey found on Friday.This comes as Iraq boosted northern exports and Libya reopened some of its main oil terminals. The increase comes despite lower output in top exporter Saudi Arabia and this week’s agreement by the Organization of the Petroleum Exporting Countries ...

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