Crude supply: N’Assembly probes $10bn oil theft, summons NNPC, Dangote In a significant move to combat the rampant issue of oil theft, the Nigerian National Assembly has launched a comprehensive investigation into the illegal lifting of crude oil in the country. This initiative comes after the House of Representatives revealed that Nigeria lost approximately $10…
Oil Prices Drop 1.5% Amid Concerns Over Chinese Demand and Middle East Tensions. Oil futures fell approximately 1.5% on Friday, ending the week on a lower note due to declining demand from China and optimism surrounding a potential ceasefire in Gaza, which could ease Middle East tensions and alleviate supply concerns. Brent crude settled down…
Shell Commits to 100MW Electrolyser Project in Germany. Shell has made a final investment decision (FID) to advance a 100MW proton-exchange membrane (PEM) hydrogen electrolyser project at the Shell Energy and Chemicals Park Rheinland in Germany. The project, known as REFHYNE 2, will use renewable electricity to produce up to 44,000 kilograms of renewable hydrogen…
NNPC Attributes Fuel Scarcity in Lagos and Abuja to Vessel Discharge Hitch. The Nigeria National Petroleum Corporation (NNPC) Limited has identified a “hitch” in the discharge operations of vessels delivering petrol to filling stations as the cause of the ongoing fuel scarcity in Lagos and Abuja. NNPC spokesperson Olufemi Soneye made this announcement on Saturday…
Cross River Assembly Seeks Prosecution of Illegal Miners. The Cross River State House of Assembly has urged the state government, through its relevant agencies, to halt the activities of Fulani migrants engaged in illegal mining in Boki Local Council. The miners are reportedly operating in Okwa 1 and 2, as well as Ukwango communities….
Former Lawmaker Urges FG to Adopt Policies to Attract Refinery Investors. Dr. Dakuku Peterside, former Chairman of the House of Representatives Committee on Petroleum (Downstream), has called on the Federal Government to implement policies that attract investment in local refinery capacity. In an interview with Business Intelligence (TBI AFRICA) in Lagos, Peterside emphasized the need…
ECU Worldwide to begin first LCL shipment to Antwerp on August 6. The first shipment will move from Apapa Port to ECU Worldwide’s Antwerp hub via Hapag-Lloyd shipping line service. FMA-Line Nigeria Limited, a 100 percent subsidiary of ECU Worldwide in Nigeria, has started accepting consignments from the exporters at the Ijora Bonded Terminal of…
Oil Prices Finish Higher as U.S. Oil, Fuel Inventories Ease. Oil prices closed higher on Wednesday due to significant declines in U.S. crude and fuel stocks, despite concerns over weak global demand. This rise ended three consecutive sessions of decline, influenced by falling U.S. crude and fuel inventories and increasing oil supply risks from Canadian…
Expert Urges FG to Invest in Refinery Infrastructure Development. Emmanuel Iheanacho, Chairman of Integrated Oil and Gas Ltd., has called on the Federal Government to invest in refinery infrastructure development through private-sector partnerships. In an interview with news men on Tuesday in Lagos, Iheanacho emphasized the importance of building new refineries and upgrading and expanding…
Oil Prices Fall 2% to Six-Week Low on Ceasefire Talks, Demand Concerns. Oil prices dropped approximately 2% to a six-week low on Tuesday, driven by rising expectations of a ceasefire in Gaza and growing concerns about demand in China. Brent futures decreased by $1.39, or 1.7%, settling at $81.01 per barrel, while U.S. West Texas…
