US to Invest $1b into Nigeria’s Power Sector

Power Africa, an initiative by the US government to light up Africa, on Tuesday said it was planning to invest about one billion dollars on the power sector in Nigeria, the programme’s coordinator, Mr Andrew Herscowitz said.

Herscowitz announced this in Abuja at a news conference on strengthening the power sector in Nigeria.

The coordinator, who said U.S. was committed to strengthening the power sector in Nigeria, added that America has already committed billions of dollars in funding the nation’s energy projects.

Ogoni Clean-Up will cost $1b –Osinbajo

Acting President Yemi Osinbajo has revealed that the Ogoni Clean-Up project flagged off in 2016 will cost $1billion and the funds will be provided by Shell Petroleum Development Company.

Osinbajo made this known today during an interactive Town Hall meeting with the people of Niger Delta in Port Harcourt Rivers State.

He said the governing structure for the clean-up has been established, and a chief executive appointed by the Governing Council.

Kaduna Refinery Loses ₦2b Annually

Nigerian National Petroleum Corporation (NNPC), said its subsidiary, ‎Kaduna Refining and Petrochemical Company (KRPC), lost about N2.2 billion annually ‎to illegal tapping on its raw water pipeline.

The corporation said this in a statement in Abuja on Thursday by its Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu.‎

According to Ughamadu, the raw water pipeline which runs from Kaduna River, generates power for the running of the refinery and serves as coolants for equipment and combats fire outbreaks.

China's West African oil buying spree hits record in February

China's red-hot crude oil buying will push its February loadings of West African crude to their highest in at least 13 years, a Reuters survey of traders and shipping data showed on Friday.   

Buying for China, led by state-run Unipec and Sinochem but joined by some trading houses supplying the independent refineries, hit a total of 40 cargoes for February loading.

At a level of 1.36 million barrels per day (bpd), this is the highest since Reuters began tracking the shipments in 2004.

‘NNPC has enough petrol sufficiency’

The Nigerian National Petroleum Corporation (NNPC) has a 36-day petrol stock, enough to wet the country, its Group General Manager, Dr Maikanti Baru, has said.

Speaking during a courtesy visit by the management of the New Telegraph newspaper in Abuja, Dr Baru said that as the supplier of last resort, the Corporation would continue to live up to its responsibility by intervening in the supply of deregulated petroleum products like diesel, jet fuel, kerosene and cooking gas to ensure supply sufficiency.

‘Trans Forcados pipeline to reopen in Q2’

Nigeria's Trans Forcados Pipeline which has been shut for most of the last year could reopen "towards the end of the second quarter", Seplat Chief Executive Austin Avuru said.

The pipeline, operated by the Nigerian Petroleum Development Company (NPDC), has been hit by several militant attacks, the first on a subsea section in February.

Although it reopened briefly in the autumn after months of repairs, further attacks meant the pipeline quickly closed again.

GE Offers Investment in Nigeria’s Refineries

General Electric, GE, a US multinational company, has 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 Engineering, Procurement and Construction (EPC) partners, off-takers, traders and some financiers would be engaged in the initiative.

ENI to repair Port Harcourt Refinery

A Memorandum of Understanding between Italian oil giant ENI and Nigerian National Petroleum Corporation was signed in Rome yesterday with ENI committing to the refurbishment of the Port Harcourt Refinery.

The company also agreed to build Phase 2 of Okpai Power Plant and to further invest in Nigeria’s Oil and Gas industry.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, who witnessed the signing of the MoU urged International Oil Companies (IOCs) to invest in building refineries in Nigeria.

BoI Launches ₦1b Solar Energy fund

The Bank of Industry (BoI) on Friday launched a N1 billion solar energy fund for use by Micro, Small and Medium Enterprises (MSMEs) across the country.

The News Agency of Nigeria reports that the intervention fund aims at providing alternative and renewable energy for small businesses.

Mr Waheed Olagunju, the Acting Managing Director of BoI, said at the ceremony that renewable energy would provide healthy and sustainable alternative to the use of harmful fossil fuels.

No Debt to Petroleum Marketers –Regulatory Agency

The Petroleum Products Pricing Regulatory Agency (PPPRA) Thursday denied reports speculating an imminent petrol scarcity over Federal Government’s inability to pay fuel marketers’ N660 billion debt‎. ‎

In a statement released in Abuja by the PPPRA spokesman, Mr Lanre Oladele, the agency said the report was misleading and “a gross misrepresentation of facts”. ‎

“There were reports that fuel queues may soon return following the Federal Government’s inability to settle marketers’ N660billion  debt and non-availability of foreign exchange to fund fuel imports.