Energy

Taleveras to Construct Africa’s Biggest Oil Storage Terminal

Nigerian energy firm, Taleveras Group that supplies crude oil and refined petroleum products in West Africa, disclosed that it had signed an agreement with The Ministry of Mines, Industry and Energy of Equatorial Guinea, in Malabo to construct Africa’s biggest oil storage terminal in the country.
The Bioko Oil Terminal is expected to possess a total storage capacity of 1.2 million cubic meters for refined products and crude in the first two phases.

Nigeria’s Power Sector Receives N34.6bn Credit Boost from Germany

The German Development Bank-KFW has earmarked about N34.6bn for the improvement of renewable energy, energy efficiency projects and technical assistance for the Nigerian power sector.
Specifically, $200m in form of Green Credit Line was allocated by the German bank as support base for Small and Medium Enterprises to develop renewable energy and energy efficiency programmes.
It also disclosed that another facility worth €5million had been set aside for technical assistance through the KFW.

285 Engineers Certified for Power Sector-FG

285 engineers were issued certificates by the Federal Government on December 1, 2014 to help boost power generation, transmission and distribution across the country.
It is believed that the engineers would help bridge the technical manpower gap in the sector as the industry was mainly characterised by weak and dying human capital.

OPEC First Female President Elected

Mrs. Diezani Alison-Madueke, Minister of Petroleum Resources has been designated as the first female President of the Organisation of Petroleum Exporting Countries at the 166th conference of the organisation in Vienna, Austria.
The minister tenure takes effect from January 2015. She took over from Libyan vice Prime Minister for Corporation, Abdourhman Atahar Al-Ahirish, and before her emergence, she was the Alternate President of the Organisation.

Petrol Subsidy to Reduce by Half in 2015-FG

The Federal Government has disclosed plans to reduce subsidies on petroleum products by half next year after sharp falls in universal crude prices, spurred a reversal of its 2015 budget downwards.
 A revised budget figure was submitted by President Goodluck Jonathan to lawmakers last week, proposing to spend 458.68 billion naira ($2.59bn) on petrol subsidy in 2015, down from 971.14 billion naira presented for 2014.
It also assumed additional cuts to petrol subsidies in 2016 to 408.68 billion naira and 371.18 billion naira for 2017.

Power Firms Sign N213bn Intervention Deal, CBN Announces

A Memorandum of Understanding was recently signed by the Central Bank of Nigeria with power firms for the provision of N213bn loan under the Nigerian Electricity Market Stabilisation Facility.
The contract which was sealed in Abuja is part of the central bank’s group effort with the   Ministry of Power, Ministry of Petroleum Resources and the Nigerian Electricity Regulatory Commission to address the liquidity challenges in the power industry.

16 Dams to Increase Power Generation by 135.15MW

The Federal Government has reported that sixteen hydropower dams which will add 135.15 megawatts of electricity to the power grid have been completed,
Data obtained from the website of the Federal Ministry of Power as of November 6, 2014 showed that the country’s energy generation was 4,025.53MW, while the energy sent out was 3,936.31MW.
  The peak demand forecast was 12,800MW and the pinnacle generation as of that date was 4,277.6MW,

Nigeria emerges biggest importer of US jet fuel

In a recent data released by the United State Energy Information Administration, Africa’s biggest crude oil producer, Nigeria, continued to import a huge volume of jet fuel as it had the utmost volume drawn from the United States in August.
Nigeria imported 1.51 million barrels of US jet fuel in the month, superseding Canada’s import of 1.23 million barrels.
The country had in November 2013 imported 1.74 million barrels of the fuel, the country’s largest draw so far.

Coal Power Plant to Commence Operation in 2015

The Federal Government has revealed that Nigeria’s first power generating plant to be fuelled by coal will commence operation next year.
The Minister of Power, Prof. Chinedu Nebo, disclosed this recently during the signing of a Memorandum of Understanding between the Federal Government and Atlas Petroleum Corporation in Abuja.
 According to a report from the Federal Ministry of Power Atlas Petroleum has shown readiness to build the country’s first ever coal-fired power plant.

New Power Grid to be Constructed by Chinese Firm

The Minister of Power, Prof. Chinedu Nebo, disclosed recently in Abuja while signing a Memorandum of Understanding with Shandong Power Company Limited, a Chinese firm that SPECO is to construct a new power grid for the country.
Nebo said the firm’s net worth was in excess of $300bn and he had no doubt that SPECO had the financial muscle to undertake the project. Also SPECO possessed the proficiency to make the difference in Nigeria’s quest to build a robust and vibrant national grid.

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