NEWS REVIEW FOR THURSDAY, MARCH 23, 2017
Oil & Gas
Nigerian crude oil emerges from South Africa storage
Nigerian crude oil from South Africa’s Saldanha Bay storage site has come into the market, adding to the glut of the nation’s crude available in the April programme, according to trading sources.
Oil prices sink as US inventories swell
Oil prices slid to almost four-month lows on Wednesday, with Brent briefly falling below $50 per barrel, after data showed the United States’ crude inventories rising faster than expected, piling pressure on the Organisation of Petroleum Exporting Countries to extend output cuts beyond June.
How to end pipeline vandalism in Niger Delta, by expert
Former United States of America (USA) Air Force veteran, Tanwa Ashiru yesterday said the country must address the burden and the plight of the Niger Delta people to effectively tackle the challenges of securing the oil and gas industry.
NNPC, Fuel Marketers on Collision over Introduction of Bulk Purchase Agreement Fee
The Nigerian National Petroleum Corporation (NNPC) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) are heading for a collision over the introduction of Bulk Purchase Agreement (BPA) fee by the corporation.
Saudi Arabia may insist on Iran oil cuts
Geopolitical rivals, Saudi Arabia and Iran, may be headed for another showdown, as the Organisation of Petroleum Exporting Countries enters negotiations over extending oil production cuts in force since January.
Stop training oil workers abroad, OGTAN tells govt
The Oil and Gas Trainers Association of Nigeria has urged the federal and state governments to stop overseas training for workers in the oil and gas sector.
NCDMB seeks more local content in new projects
International oil companies and promoters of new deepwater projects in Nigeria must deliver Nigerian Content milestones that will exceed in-country integration of Floating, Production, Storage and Offloading platforms, the Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Simbi Wabote, has said.
NDDC to establish Niger Delta bank
THE Managing Director of the Niger Delta Development Commission, Mr. Nsima Ekere, said on Wednesday that plans were underway to establish a Niger Delta Development Bank.
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Nigerian banks’ll continue to face challenges –Fitch
Global ratings agency, Fitch Ratings, has said Nigerian banks will continue to face challenges this year, following the extreme difficulties of 2016..
External reserves drop for first time since December
The nation’s foreign exchange reserves, which had increased significantly in recent months to hit the $30bn mark, fell for the first time this year on Tuesday.
NASS approved Buhari’s request for $500m Eurobond in the overall interest of Nigerians
THE two arms of the National Assembly, NASS, yesterday approved President Muhammadu Buhari’s request to raise additional $500 million eurobond from the international capital market to fund the 2016 Budget deficit.
Policy issues: CBN, Finance Ministry rift deepens
HOPES of unanimity of positions and harmony of fiscal and monetary policies appear dim following an alleged demand for a review of the powers of the Central Bank of Nigeria, CBN, by the Ministry of Finance.
FG unveils power sector recovery programme
The Federal Executive Council (FEC) yesterday approved a power sector recovery programme comprising policy actions, operational and financial interventions to improve transparency and service delivery.
Drama as unions picket Arik Air
Aviation unions have made good their threat to shut down Arik Air over labour related issues with members barricading the headquarters of the airline at the Murtala Muhammad Airport (MMA), Lagos as early as 4:00 a.m in the morning.
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