Eni Records $14.1bn Net Profit, Highest Annual Earnings in Over a Decade Oil Major Eni (NYSE: E) has reported its highest annual net profit in over a decade, joining other international oil majors in reporting high or record earnings for 2022 on the back of soaring oil and gas prices. Eni’s adjusted net profit surged…
Germany Plans to Have the World’s Fourth Largest LNG Import Capacity By 2030 Germany plans to have as much as 70.7 million tons per year of LNG import capacity by 2030, which will make Europe’s biggest economy the fourth-largest LNG import capacity holder in the world by the end of this decade, Argus reports, citing…
Transportation Minister Meets Bank CEOs on Quick Disbursement of CVFF The Minister of Transportation, Mu’azu Jaji Sambo has called for a concerted effort by key stakeholders to make quick disbursement of the Cabotage Vessel Financing Fund (CVFF) a reality. The Minister made the call in Abuja at a meeting with representatives of of the Primary…
Hefty Hike awaits UK Energy Consumers despite falling Gas Prices Independent energy research, analytics and consulting firm, Cornwall Insight predicts that households in the United Kingdom (UK) would face a hefty hike to their energy bills in April, with the price cap not falling below the reduced subsidy rate in time for Ofgem’s next update…
MAN to establish Solid Mineral Plants in Six Geo-Political Zones The Miners Association of Nigeria (MAN) has said that it would establish solid mineral plants in the six geopolitical zones of the country. The Acting President of the association, Alhaji Musa Muhammad, disclosed this recently to the News Agency of Nigeria (NAN) in Abuja. Muhammad…
India Invokes Emergency Law to Force Coal-Based Power Plants to Up Output India has invoked an emergency law to force power plants that run on imported coal to maximise output ahead of an expected record surge in power usage this summer. This is according to an internal power ministry notice seen by Reuters. Many of…
Commodity Market Concentration Poses Threat To Wider Economy – FSB The pandemic and war in Ukraine highlighted weaknesses in commodity markets where a ‘significant’ concentration of firms, banks, exchanges and clearing houses threatens to transmit losses to the wider economy, the Financial Stability Board (FSB) has stated. G20’s financial watchdog, FSB, noted that a deep…
Nigeria records lowest Oil GDP since 2015 Data from the National Bureau of Statistics (NBS) shows that the 2022 oil GDP is the lowest since 2015. This comes even as oil prices trading at an average of $101 per barrel, the decline in oil production in 2022 exposed the fragile state of Nigeria’s oil sector,…
Mainstream Energy Solutions named Winner of 700MW Zungeru Power Plant Concession The Federal Government of Nigeria, has announced Mainstream Energy Solutions Limited as the preferred bidder for the concession of the 700 megawatts Zungeru Hydroelectric Power Plant for a fee of $70,000,251 per year for a period of 30 years. It also disclosed the approval…
Ghana Gold for Oil Programme: Only OMCs with 45 Outlets will benefit from Oil Consignment Ghana’s National Petroleum Authority (NPA) has stated that the second consignment of petroleum products that have arrived in the country under the government’s Gold for Oil programme will be sold to Oil Marketing Companies (OMCs) that have not less than…
