NEWS REVIEW FOR THURSDAY, JANUARY 11, 2018
Oil & Gas
Fuel scarcity renews calls for local refining, deregulation
As Nigerians are heaving a sigh of relief from the latest scarcity of petrol that lasted for over a month, the need for the Federal Government to address the challenges of inadequate local refining and distribution capacity that has continued to plague the country for many years has resurfaced.
NNPC seeks 1.46 million MT of petrol for January-April
In a sign that the scarcity of petrol in Nigeria could be more widespread than first expected, the Nigerian National Petroleum Corporation has issued a spot tender seeking 1,480,000 metric tonnes of petrol from January to April, on top of the existing term volumes it imports.
West African oil exports rise on China demand
Shipments of West African oil to China are set to surge to a record in January, boosting overall fixtures heading east to their highest in at least 14 years, a Reuters survey of shipping fixtures and traders showed on Wednesday.
Oil price increase’ll spur activities in Nigeria – Adeleke
The Chief Executive Officer, RusselSmith Group, Mr. Kayode Adeleke, in this interview with ’FEMI ASU, says the recent rally in global crude oil prices will boost activities in the Nigerian oil and gas industry
Edo, Chinese firms sign 5,500bpd modular refinery deal
The Edo State Government on Wednesday said it had signed a Memorandum of Understanding with a Chinese consortium for the construction of a modular refinery in the state.
Fuel scarcity: OrderPaper demands progress on Baru-gate probe
As the Senate commenced a public hearing on the fuel scarcity which inflicted untold hardship and marred the Christmas and New Year celebrations of millions of Nigerians across the country, OrderPaper Nigeria has challenged the National Assembly to provide an update on its probe into the $25billion contracts award scandal at the Nigerian National Petroleum Corporation (NNPC).
Fuel: Expert urges govt to adopt smart card initiative
The Federal Government has been told to adopt a smart card initiative that will enable interested owners of commercial vehicles, including official vehicles owned by educational institutions, hospitals, religious bodies and government agencies to register and obtain smart cards for purchasing fuel at regulated prices from petrol stations owned by the Nigerian National Petroleum Corporation.
Total’s Nigerian unit denies bribery, corruption allegations
Total Upstream Nigeria Limited, a subsidiary of French oil major, Total, has denied allegations of bribery and corruption regarding the provision of vessels by indigenous contractors, reaffirming its commitment to due process and zero tolerance for corruption.
Senate lauds OGFZA’s capacity to fund expenditure from IGR
The Senate Committee on Trade and Investment has praised the leadership of the Oil and Gas Free Zones Authority (OGFZA) for its capacity to generate enough internal revenue to take care of its recurrent expenditure.
Budget: Crude oil prices above 2018 benchmark by $22/b
With the crude oil price crossing $69 per barrel yesterday, the federal government has recorded $22 per barrel extra above its 2018 budget benchmark.
Five ships arrive Lagos ports with petroleum products, others
One of the five ships waiting to berth in Lagos ports contains petrol, the Nigerian Ports Authority (NPA), has said.
Crude Oil Price Hits Three-Year High of $69
Crude oil prices hit new multi-year highs yesterday as production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and healthy demand helped to balance the market, but analysts warned of possible overheating.
FBN Quest Dismisses NNPC’s Attempt at Another TAM for Refineries
Analysts at FBN Quest Capital Limited, a subsidiary of FBN Holdings Plc, have expressed doubts that the latest attempts by the Nigerian National Petroleum Corporation (NNPC) to undertake a fresh Turnaround Maintenance (TAM) on its refineries in Port Harcourt, Warri and Kaduna, would eventually come good and help Nigeria address her challenges with protracted scarcity of petrol.
Teachers’ strike: Don’t come to Kaduna, police warn NLC
The police have warned the organised labour against holding any solidarity rally in Kaduna in support of the 20,000 primary schoolteachers that the state government plans to sack.
2018 budget: Presidency seeks quick passage, says time against us
Presidency this morning appealed to the National Assembly to expedite the passage of the 2018 budget for the delivery of dividends of democracy to Nigerians.
World Forecasts 2.5% Growth for Nigeria in 2018
The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade.
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