Energy

Afrigem, Geometric to Inaugurate Aba Power Plant

Geometric Power Plc has been coupled by Afrigem Integrated Utilities Limited to install and expand the capacity of the 141-megawatt Aba power plant.
The plant, which is believed to be Nigeria’s first indigenous integrated power project, is to be inaugurated in November, according to a report on July 12, 2015.
Afrigem Utilities is a West African-focused development and investment company with a 720MW pipeline of energy solutions project in the district.

Consumers on Estimated Bill to Pay Less

The Nigerian Electricity Regulatory Commission has said electricity consumers across the country who are on estimated billing are to pay lesser than their counterparts who have been provided with meters,
The Chairman of NERC, Dr. Sam Amadi, who said this at a press meeting in Abuja, said a new regulation was coming to oblige electricity distribution companies to provide meters for all their customers within four months or accept a cap on what they could charge as estimated bills.

Nigeria, Others May Further Slash Crude Prices

Industry experts have said that the slash in the prices of the country’s crude oil grades, Qua Iboe and Bonny Light, by the Nigerian National Petroleum Corporation may prompt other oil exporters to cut their crude prices in a move to attract buyers.
The experts stated that Nigeria must be strategic in its approach to pricing of its crude relative to competing crudes.

Nigeria Loses $3bn Gas Revenue in One Year

The Nigeria Liquefied Natural Gas NLNG says Nigeria has lost about $3bn (N600bn) in revenue from liquefied natural gas in the past one year.
According to the firm, the loss is as a result of the slump in the global prices of crude oil, adding that the United States had absolutely stopped importing gas from Nigeria.
The General Manager, Commercial, NLNG, Mr. Patrick Olinma said the impact of the oil price slump had not only resulted in the devaluation of the naira by about 30%, but had affected the country’s revenue income from gas supply.

Oil Price Mounts to 69 Dollar

The price of universal benchmark Brent crude mounted to $69 per barrel on Wednesday as data indicated that United States’ crude stockpiles declined for the first time this year, signalling the glut of crude has started to decrease.
Brent rose by 2.5% to $69.18 a barrel on the ICE Futures Europe exchange, while the benchmark US oil contract was up $1.60 at $62 per barrel on the New York Mercantile Exchange,  nearly five-month high.
The gains extended a rally that has pushed oil prices up more than 40% since late March, after declining virtually 60% from last June.

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.

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