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.

‘Global Gas Markets face Volatility amid Low Investment’

Global gas markets will become more volatile in coming years if the low price environment continues to deter investment in new supply projects, the secretary general of the Gas Exporting Countries Forum (GECF) has said, Reuters reports.

Asian spot liquefied natural gas prices fell from a two-year high this week as production restarts of Angolan and Australian plants boosted supply back into a subdued market, which had been reeling due to outages and high seasonal demand.

'NPDC Remits over $608m as Royalty, Petroleum Profit Tax in 2016'

The Nigerian Petroleum Development Company (NPDC), the upstream subsidiary Company of the Nigerian National Petroleum Corporation (NNPC) has provided clarification on the reported non-remittance of some crude oil revenue to the Federation Account.

In a presentation to the Senate Ad hoc Committee on the recovery of unremitted revenue, Mr. Yusuf Matashi, Managing Director of the Company faulted some of the figures quoted as revenue derived by the company from crude sales.

NNPC Refineries Resume Production of Kerosene, Diesel

The Nigerian National Petroleum Corporation’s (NNPC’s) three refineries in Kaduna, Port Harcourt and Warri have resumed production of Automotive Gas Oil (AGO) and Dual Purpose Kerosene (DPK), otherwise known as diesel and kerosene respectively.

The resumption of refining of AGO and DPK is expected to balance the disequilibrium in demand and supply of the white products being experienced in recent times in parts of the Country.

Oil Prices Rebound, Glut Persists

Oil markets edged higher on Tuesday on expectations that at least some planned production cuts would be implemented, making a slight recovery from big losses the previous day over doubts the agreed reductions would rebalance an oversupplied market.

According to Reuters, Brent crude futures, the international benchmark for oil prices, were trading at $55.14 per barrel at 0426 GMT, up 20 cents from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $52.12 per barrel, up 16 cents.

Fashola Reads Riot Act to DISCOS

The Minister of Works, Power and Housing, Mr Babatunde Fashola, on Monday warned the distribution companies in the country to step up their service delivery or quit.

Fashola gave the warning at the opening ceremony of the 11th Monthly Stakeholders meeting in Lagos.

According to him, we all know the issues around metering and billing system; we must build the trust and confidence that customers’ complains will be addressed.

Jonathan, Diezani Shared $466m Bribe –Prosecutors

Nigeria’s former president Goodluck Jonathan and his oil minister, Diezani Alison-Madueke received kickbacks as part of a $1.3 billion deal involving oil giants ENI and Shell, Italian prosecutors have said.

According to a report by the AFP, Court documents filed late last month in the city of Milan  outline a case against 11 people, including senior executives from the two oil majors and the companies themselves.