Formalising Illegal Refineries

Illegal oil bunkering is not new in the Niger Delta. It is institutionalised. It is not a theft by a bunch of idle and hungry youths.  Rather, it is ‘an industry’ with syndicates that handle various aspects of the illegal oil bunkering business. Many of these syndicates lay claim to having top government officials as partners and initiators. Others claim they have top officials in the forces (police, army, navy, air force) as well.

It is an industry that has birthed a few other atrocious industries, such as:

GE, XD to Boost Africa’s Power Supply

In order to meet the growing demand for electricity in Africa, General Electric (GE) and XD Electric Group have joined hands together to offer transmission and distribution solutions to generate electricity.

According to a statement from GE, on Thursday, the arrangement would involve the combination of GE’s grid automation capabilities with XD Electric’s comprehensive portfolio of primary high-voltage equipment.

Dangote Signs $3.3b Refinery Deal

The Dangote Group on Wednesday signed a $3.3 billion loan agreement with a consortium of both international and local banks to establish the biggest petroleum oil refinery and petrochemical/fertilizer plants in Nigeria.

The projects, which will gulp $9 billion, will start with a $3.3 billion medium term deal involving local and foreign banks as financiers. The investment initiative is in form of a loan agreement for the construction of a petrochemical plant to be located at the Olokola Free Trade Zone in Ondo and Ogun states.

FG to source $150m Loan from IDB

The federal government to source for $150million loan from Islamic Development Bank (IDB) for expansion and upgrade of Nigeria’s weak electricity transmission network as part of possible funding sources for the activities of the Transmission Company of Nigeria (TCN) in its 2015 capital projects mix.

Power Supply Falls by 400MW

The Management of Transmission Company of Nigeria said power supply dropped by 400 megawatts yesterday, as the Agip Okpai Power Station Delta State was shut for scheduled annual maintenance for the next five days.

According to a report, the maintenance exercise will last till September 4, 2013. As a result of the development, maintenance is carried out yearly to ensure equipment availability as well as improved grid performance and stability.

Nigeria’s Oil Export under Pressure

Nigeria’s dependence on mono-economy, oil and gas, contributes over 90% of foreign earnings and over 80% of government revenue. This invariably means that any changes to the demand for these products will directly impact on the economy. A negative change that portends danger is real and looming as alternative energy sources are being explored. The competition against Nigeria’s oil and gas has become stiffer in the recent past with the exploration of the mineral resources in countries that used to depend on crude oil import from Nigeria.  

Standard Chartered Commits $2b to Energy Projects

Standard Chartered has committed to financing more than $2 billion in energy projects under the Power Africa Initiative, a five-year partnership between the United States, six African governments and the private sector.

The partnership represents a coordinated cross-border effort to build the regulatory, economic and policy foundation in order to double access to power in Sub-Saharan Africa.

‘Investors Will Take Over PHCN Firms October’

Investors in the successor companies created out of the Power Holding Company of Nigeria are expected to fully take over the electricity companies in October, the Bureau of Public Enterprises (BPE) has said.

Benjamin Dikki, the Director-General of BPE, in a statement, said that by October, the investors would have paid the balance of 75% of the bid price for the respective companies since they had earlier made the mandatory 25% payment. He also gave assurance that power supply in the country would improve when the private investors take over.

Total Starts $15b Egina offshore oil project in Nigeria

Total SA (FP), Europe’s third-biggest oil company, will start developing Nigeria’s offshore Egina field for $15 billion as part of a plan to boost production. First oil from the field, which is part of the OML 130 block, is expected at the end of 2017, with output reaching 200,000 barrels of oil a day, according to a statement.