FG Approves New Business Model for Refineries

The Buhari Government has approved the implementation of a new commercial model targeted at attracting investors in the restoration of the nation’s three refineries.

Mr Anibor Kragha, Chief Operating Officer (COO) Refineries, Nigerian National Petroleum Corporation, NNPC, said this on Wednesday in Abuja at a plenary at the ongoing 2017 Nigeria Oil and Gas Conference and Exhibition (NOG).

The plenary was on ‘Harnessing the Opportunities in Nigeria’s Downstream Sector’.

FEC Approves ₦701b Payment Guarantee for GENCOs

The Federal Executive Council (FEC) on Wednesday approved a payment guarantee assurance by the CBN for power generating companies (GENCOS) to solve liquidity problems in the energy sector.

The Minister of Works, Power and Housing, Mr Babatunde Fashola, who announced this to State House Correspondents, said the CBN would hold N701 billion for regular payment for power generated onto the national grid.

'Nigeria will attract $10b Oil and Gas Investment'

Nigeria will attract more than 10 billion dollars investments to the oil and gas industry in the next five years, the Petroleum minister Ibe Kachikwu, has said.

Kachikwu said this on Tuesday in Abuja at the ongoing Nigerian Oil and Gas (NOG) Conference tagged: “Reforming and Repositioning the Oil and Gas Industry in Nigeria’’.

He said that the investments would address challenges facing the oil and gas industry, covering pipelines, refineries, gas and power, facility refurbishment and upstream financing.

Osinbajo meets investors on Niger Delta Gas Park

Photo: All for Niger Delta Gas Park : Acting President Yemi Osinbajo (4th, L); Minister of State for Petroleum, Dr Ibe Kachikwu (3rd, L); Managing Director of NNPC, Dr Maikanti Baru (4th, R); members of the Alpha Grip Management Team and officials of the NNPC, after their meeting at the Presidential Villa in Abuja on Monday Photo: NAN

The Federal Government opened talks with a consortium of investors to build a $20 billion gas industrial park in Niger Delta.

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.