NEWS REVIEW FOR THURSDAY, JANUARY 19, 201
Oil & Gas
plan to increase petrol price, says NNPC
The Nigerian National Petroleum Corporation on Wednesday said it was not true that the Federal Government was planning to increase the pump price of Premium Motor Spirit, popularly known as petrol.
N’Assembly approves MTEF, raises oil benchmark to $44.5
The two chambers of the National Assembly on Wednesday finally approved the revised version of the 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper.
Fuel scarcity looms as marketers stop importation
NIGERIANS may be in for a round of fuel scarcity this new year, as marketers have stopped importation of the product.
Refineries pump 12.3m litres of kero, diesel
Three of the refineries operated by the Nigerian National Petroleum Corporation (NNPC) have as at Tuesday produced additional 12.3m litres comprising 4.6m litres of kerosene and 7.7m litres of diesel for the domestic market.
Pipeline fire: Army absolves Delta militants
The Nigerian Army has debunked reports that militants on Tuesday attacked a pipeline belonging to the Nigerian Petroleum Development Company at Ughelli, Delta State.
OPEC raises oil forecast to 95.60 million bpd
The Organisation of the Petroleum Exporting Countries, in its latest Monthly Oil Market Report, raised its forecast for global crude oil demand to 95.60 million barrels daily, up by 1.16 million bpd from the estimated 2016 average of 94.44 million barrels daily.
Oil theft: Navy begins deployment of troops in Rivers
THE Nigerian Navy said it had begun the deployment of troops in Rivers State for its special operation tagged ‘Operation Rivers Sweep’.
Embrace Buhari’s peace moves, Presidency tells N’Delta
The Special Adviser to the President on Niger Delta, Brig. Gen. Paul Boroh, has urged the elders and leaders of the Niger Delta to embrace the peace opportunities presented by President Muhammadu Buhari.
Gbaramatu communities urge FG to expedite N-Delta devt plan
CHAIRMEN of Gbaramatu communities in Warri South-West Local Government Area, Delta State, yesterday, pleaded with the Federal Government to quickly come up with tangible plans on the development of the Niger Delta region to give the people hope and trust.
PTD trains 4,500 tanker drivers to curb accidents
LEADERS of the Petroleum Tanker Drivers, PTD, branch of Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, have commenced a training programme for no fewer than 4,500 members, to check accidents on highways and save innocent lives.
IndustriALL Global Union berates IOCs over unfair labour practices
GENEVA-based IndustriALL Global Union has decried the upsurge of unfair labour practices by International Oil Companies, IOCs, against Nigerian workers, even as it commended National Union of Petroleum and Natural Gas Workers, NUPENG and its Natural Gas Senior Staff Association of Nigeria, PENGASSAN, counterpart for standing against the practices
Brass Fertiliser methanol plant to create 20,000 jobs — Vice Chairman
BRASS FERTILISER & Petrochemical Company Limited (BFPCL), says its $6 billion methanol plant has capacity to create 20,000 jobs in the host community. The Brass Fertiliser plant is located in Brass Island, Bayelsa State.
Nigeria scales through EITI validation
The global Extractive Industries Transparency Initiative (EITI) has ranked Nigeria to have made meaningful progress in using the EITI Standard to improve the governance of its oil, gas and mining sectors.
Oil wells, Niger Delta and all that…
It is perhaps not entirely out of place to expect a government which came to power under the platform of “Change” in all aspects of our national existence to undertake comprehensive review and overhauling of erstwhile policies and approaches, especially to governance and development, that are demonstrably ineffectual.
OPEC Reports Slight Drop in Oil Glut, Flags Recovery of US Shale
The Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC) for the month of December 2016 has revealed there was a slight drop in the crude oil supply glut that saturated the global oil market a year ago and contributed to price drops.
Oil, gas-rich Ndokwa lament neglect, list demands to FG
A nine-point demand has been presented to the Federal Government by Ndokwa ethnic nationality of Delta State to appease the area while lamenting its marginalization and neglect.
Optimism over rising oil price
Firms in the upstream and downstream sector will bounce back if the price of crude oil continues to rise, stakeholders have said.
Again, Gas Shortages Cause Transmission System Collapse
There is no end in sight to the worsening electricity supply in the country as the transmission infrastructure yesterday suffered another collapse as a result of gas shortages to the power generating stations across the country, THISDAY has learnt.
Court Reprimands FG for Poor Handling of Cases against IOCs
Justice Mojisola Olatoregun of the Federal High Court in Lagos yesterday reprimanded the federal government for not diligently prosecuting its case against Shell and other oil companies.
Way out of joblessness for 27 million citizens
JOBLESSNESS is becoming a way of life in Nigeria. In its just-released report that covered the third quarter of 2016, the National Bureau of Statistics paints a grim picture: 27.1 million citizens are unemployed.
FG: We’ll use pension fund for infrastructure
The Federal Government is working on how to tap into the huge pension fund to finance infrastructure in the country, Vice President Yemi Osinbajo said yesterday.
N/Assembly approves Buhari’s N2.3tr loan
The National Assembly has passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2017 – 2019 and approved President Muhammadu Buhari’s borrowing plan of N2.3 trillion.
Pension assets rise to N6.02tn
Despite the impact of recession on the Nigerian economy, the total funds under the Contributory Pension Scheme rose to N6.02tn at the end of November 2016.
External reserves rise to $27.3bn
The country’s external reserves, which have been increasing significantly in recent weeks, rose to $27.3bn on January 17 from $26.9bn on January 13, the latest data from the Central Bank of Nigeria showed on Wednesday.
Ways to avoid unnecessary bank charges
With more than a third of bank customers struggling to pay debts, people need to watch their bank accounts closely for unnecessary charges.
FG launches economic recovery plan in February
Vice-President Yemi Osinbajo on Wednesday highlighted some of the plans being put in place by the Federal Government to revamp the nation’s economy currently in recession and reposition the country.
New guidelines raise upper hypertension limit for elders
NEW guidelines recommend that doctors use a less aggressive threshold for treating high blood pressure, or hypertension, in otherwise healthy adults aged 60 and above.
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