The low or weak demand for Nigerian crude has caused the number of ships without cargoes to increase immensely to levels not seen for a while. As a result, the cost of sending crude oil cargoes from West Africa to Northwest Europe on Suezmaxes has dropped to the lowest level in over 14 years, according to Platts […]
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The nation’s crude oil exports is facing a fresh threat as Shell Petroleum Development Company of Nigeria Limited on Friday declared force majeure on export of Bonny Light, Nigeria’s reference crude oil grade, the second time in three months. This is coming four days after the oil major declared force majeure on gas supply to […]
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Petroleum sector pressure group,the Independent Petroleum Marketers Association of Nigeria (IPMAN) has commenced a strategic partnership with NIMEX Petroleum Group for effective importation of petroleum products to complement efforts of the Federal Government in driving the deregulation policy. National President, of the IPMAN Mr Obasi Lawson who stated this after signing a Memorandum of Understand […]
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Nigerian Electricity Regulatory Commission has hit a N21.2m fine on the Ibadan Electricity Distribution Company for not treating the electricity customer complaints referred to it by the commission and implementing the decisions of the NERC’s forum office or The forum office is the second level in the commission’s redress mechanism where complaints from electricity consumers that are not […]
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Dr. Maikanti Kacalla Baru, the Managing Director of the Nigerian National Petroleum Corporation (NNPC) has restate the Group commitment, he has said the NNPC under his watch will continue with the previous initiatives to further grow the business and increase profitability as envisioned by the founders of the Corporation.He made this assertion during his maiden […]
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Federal mines officers posted to the states will now be held responsible for the diversion of explosives for illegal uses, the Minister of Solid Minerals Development, Dr. Kayode Fayemi, has said. Fayemi said this during a meeting with 37 newly-deployed federal mines officers in his office on Tuesday. The minister urged them to pay attention […]
Read More The Nigerian National Petroleum Corporation has hinged the inability of the country to reach the Four million production and 40 billion reserve target on funding constraints, infrastructure vandalism, security concerns and a host of others. According to GuardianNG, the Group Managing Director of NNPC, Dr. Maikanti Baru, who made this disclosure during the conference organised […]
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The Federal Government may investigate the N1 billion power equipment which was abandoned at bonded terminals in Lagos, correspondent has learnt. Their abandonment is believed to have stalled the power projects in some states. According to report, a senior official of the Federal Ministry of Transportation said over 200 containers laden with the equipment belonging to the defunct Power […]
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Constraint caused by shortage of gas to power reduced from 4,307 Mega Watts (MW) of August 5 to 3,967MW on Sunday. On the day under review, the Nigeria Electricity System Operator (SO) of the Transition Company of Nigeria (TCN) sent out 3175MW to the 11 distribution companies (DisCos). The Nigerian Electricity Supply Industry (NESI) that made […]
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Nigerians should prepare for another increase in the pump prices of petrol, due to the continued scarcity of foreign exchange to finance the importation of the product, oil marketers have said. According to them, the US Dollar hit an all-time high last week, as it exchanged for N400 at the parallel market. According to correspondent, worried […]
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THE Airline Operators of Nigeria (AON) has called on the Federal Government to as a matter of urgency, address the acute shortage of Jet Fuel that the country has been experiencing in recent times. The call was made by the Chairman of AON, Captain Nogie Meggison on the heels of a consistent unavailability of the […]
Read More The Minister of Science and Technology, Dr. Ogbonnaya Onu, on Friday said that the Federal Government had taken steps to reduce power consumption by households, businesses and government by 85 per cent. He told correspondent, in Lagos, that the idea behind cutting power consumption had to do with the need to diversify the Nigerian economy, […]
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