Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has vowed to resign if the country fails to attain self-sufficiency in the refining of petroleum products by 2019. Kachikwu, who spoke as a guest on BBC Hard Talk in London on Monday, also stated that he recently signed an agreement with the international oil giant, […]
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Thirty-eight years after it was established to launch the country into an industrial era, the Ajaokuta Steel Company Limited has failed to properly take off, despite billions of dollar committed to it, EVEREST AMAEFULE writes. The country requires a total of $1.21bn to put Ajaokuta Steel Company Limited, Nigeria’s integrated steel complex, into production, investigation […]
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OPEC ministers are to head to Vienna this week where they are expected to ratify an extension of the current production cuts that has been agreed informally among the key participants. Saudi Arabia and Russia announced earlier last week that they have agreed on the need to extend OPEC and non-OPEC output cuts for a further […]
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A Nigerian labor union on today called for the close down of all ExxonMobil Corp facilities in the Niger Delta, a union representative said. Reuters was unable to independently verify whether union members had shut down the company’s facilities. Oil industry sources said there had been no impact on production. Madubuezi Azubuike, who chairs the […]
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Oil futures rose in early trading on Friday on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains. Brent crude was up 12 cents at $52.63 at 0006 GMT, after settling up half a percent on Thursday. […]
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The nation Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has reiterated Federal Government’s resolve to reduce importation of petroleum products from the present 95 per cent to 60 per cent by 2018. Kachikwu stated this at the Rainoil 20th Anniversary Lecture organised by the company in Lagos on Wednesday. The theme of the […]
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The royalties and corporate taxes paid by Shell to the Nigerian government last year increased to $1.4bn from $1.1bn in 2015 on the back of the rise in crude oil prices, while the Shell Petroleum Development Company-operated joint ventures alone contributed $29bn to the federation’s purse between 2012 and 2016. The royalties and taxes would […]
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Dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria and a subsidiary of United States’ ExxonMobil Corporation has taken a turn for the worse on Monday as the union extended its industrial action to other international oil companies operating in the country. This followed the rejection of the directive by the Minister […]
Read More Oil prices rose on Tuesday, extending gains after a joint announcement by top producers Saudi Arabia and Russia to push for an extension of supply cuts until the end of March 2018. Brent crude futures were at $52.05 per barrel at 0129 GMT, up 23 cents, or 0.44 percent, from their last close. U.S. West […]
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Some Japanese oil companies have raised their capital investment plans for the year that started on April 1, putting money into refineries and other downstream projects, while others have focused on cutting spending on exploration and production. The offset of the refinery expenditures and some large upstream developments has lifted the planned total investments by […]
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… To take over Port Harcourt Refinery Nigeria’s formost petroleum company, Oando Plc, has revealed plans to raise additional capital from investors which would support its recovery strategy. This was disclosed by the company’s Group Managing Director, Wale Tinubu, while addressing stockbrokers, investors and financial journalist at the Nigerian Stock Exchange (NSE) during its facts […]
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Coal will remain India’s main energy source for the next three decades although its share will gradually fall as the country pushes renewable power generation, according to a government report seen by Reuters. The country is the world’s third-largest coal producer and the third-biggest greenhouse gas emitter. It depends on coal for about three-fifths of […]
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