Amid revamp delay, refineries lose N105.6bn in 10 months

It emerged recently that the Nigerian National Petroleum Corporation and prospective private investors were in disagreement on financial terms over the revamp of the refineries, after over one and half years of negotiation.

~ Punch

Related Articles

100%

Crude oil production by NPDC increases by 57,000bpd

The corporation’s Group Managing Director, Maikanti Baru, who disclosed this to employees of the oil firm in Abuja, stated that with the development, the NNPC was well on its way to meeting the 500,000bpd target by 2020.

Punch , Nigeria Feb 5, 2019
99%

Privatise refineries and face mass revolt, Labour tells political class

Recall that the People’s Democratic Party, PDP, Presidential Candidate, Alhaji Abubukar Atiku, has made it clear that if elected President, privatisation of the public refineries would be his priority.

Vanguard News , Nigeria Feb 5, 2019
97%

FG disagrees with IMF on economic growth forecast

The IMF, in its World Economic Outlook Update, said in January that Nigeria’s economy would expand more slowly in 2019 than previously predicted against the backdrop of the recent drop in global crude oil prices.

Punch , Nigeria Feb 5, 2019
94%

Venezuela:The paradox of petro statehood

In an afflicted country, a resource boom attracts large inflows of foreign capital, which leads to an appreciation of the local currency and a boost for imports that are now comparatively cheaper.

Vanguard News , Nigeria Feb 1, 2019
90%

FUEL SUBSIDY: Stakeholders agitate for downstream sector liberalization

THE Federal Government has been called upon to liberalise the downstream sector of Nigeria’s oil and gas industry in order to eliminate subsidy, currently incurred in the process of massive fuel importation.

Vanguard News , Nigeria Feb 6, 2019
89%

Businesses groan as Lagos roads suffer despite high IGR

Last week, a petrol tanker was reported to have fallen at a bad portion of the Lagos-Badagry Expressway at Ojo Barracks Bus-Stop, leading to an explosion that killed two persons and destroyed six vehicles, including a truck conveying generators to...

Punch , Nigeria Feb 5, 2019
88%

Uncertainties, security, price to affect Nigeria’s oil sector | The Guardian Nigeria Newspaper - Nigeria and World News

“Prudent investors in the sector will naturally want to act cautiously by consolidating ongoing projects and awaiting post-election signals before embarking on ambitious upstream investments,” he said.

The Guardian , Nigeria Feb 5, 2019
87%

Don’t expect early discovery of oil in northern Nigeria, NNPC cautions

Nigerian National Petroleum Corporation, NNPC, weekend, issued a caveat against heightened expectations of an early find of crude oil and gas in the north, warning that discovery of hydrocarbons in the region might not be immediate, as it might ta...

Vanguard News , Nigeria Feb 4, 2019
87%

US emerges UK’s biggest oil supplier, overtakes Nigeria, others

That has allowed Washington to pursue a policy that the Trump administration has dubbed “American energy dominance”, with the country overtaking Russia and Saudi Arabia as the world’s largest oil producer, as well as becoming a major gas supplier.

Punch , Nigeria Feb 6, 2019
85%

FG should recover $60 billion lost oil revenues

Just how unserious the Nigerian government can be is underscored by the fact that it took a Supreme Court judgement last October ordering it to recover all the revenues lost to the IOCs due to the failure to update the PSCs to finally move it to a...

Punch , Nigeria Feb 10, 2019
84%

Bauchi, Gombe to join oil producing states

Buhari while inaugurating the project on Saturday reiterated his administration’s commitment to intensify oil explorations in the country’s frontier basins for a prosperous economy and balanced resources distribution of the nation’s wealth.

Vanguard News , Nigeria Feb 3, 2019
83%

Oil firms get 12,383 service permits in one year

In a document detailing some of its achievements in 2018, which was obtained by our correspondent from the agency in Abuja on Friday, the DPR outlined the categories as general, major and special.

Punch , Nigeria Feb 9, 2019
83%

Total E&P to take up a stake in oil refinery

But now, The Observer has seen a copy of an internal memo to Total E&P Uganda staff, where Pierre Jessua, the general manager of the company, says the “discussion between Patrick Pouyanne and President Museveni was warm and fruitful and has led to...

The Observer , Uganda Feb 1, 2019
82%

Nigeria’s oil revenue rises by 129% to N9.4tr in 2018

“It is evident that significant progress has been made towards the goal set at the 4th OPEC and non-OPEC Ministerial Meeting of 23 June 2018, whereby countries agreed to strive to adhere to the overall conformity level, voluntarily adjusted to 100...

Vanguard News , Nigeria Feb 4, 2019
82%

FG to complete OB3 pipelines project 2nd Qtr 2019 – Baru | The Guardian Nigeria Newspaper - Nigeria and World News

Dr Maikanti Baru, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), says the the Federal Government’s “OB3” gas pipelines project will be completed in the second quarter of 2019.

The Guardian , Nigeria Feb 7, 2019
81%

NUPENG, PENGASSAN urge Buhari to accelerate PIB assent | The Guardian Nigeria Newspaper - Nigeria and World News

The oil workers argued that the bill, when passed into law, would end unnecessary political interference in the sector and optimise value chain in the upstream, midstream and downstream of the petroleum industry.

The Guardian , Nigeria Feb 4, 2019
79%

2019 Election: Why would anyone vote for Buhari?

Wednesday, February 6, 2019, the Leadership newspaper reported that, the Central Bank of Nigeria Governor, Godwin Emefiele, cautioned that the nation’s debt profile has risen to an alarming rate near the pre-2005 Paris Club levels: N22.43 trillion...

Vanguard News , Nigeria Feb 8, 2019
79%

VAT up 16pc after petrol levy boost

The enforcement of the standard 16 percent VAT levy on petroleum products from September 1 after a five-year suspension caused a countrywide uproar in an economy that largely runs on diesel and petrol.

Business Daily Africa , Kenya Feb 8, 2019
79%

BREAKING: I Came Into Office In 2005, Says Buhari [VIDEO]

President Muhammadu Buhari on Tuesday made another gaffe, something fast becoming a trademark of the presidential campaign rally of the All Progressives Congress (APC).

Sahara Reporters , Nigeria Feb 5, 2019
78%

Will Emefiele get second chance at CBN?

The claim by the CBN governor jolted the Jonathan government who was desperately seeking a second term in office while the opposition party then was lashing at the negative news of the missing money to sell itself to Nigerians as a better alternat...

Punch , Nigeria Feb 5, 2019