Oil Prices Show Modest Rebound as OPEC+ Holds Firm on Output Cuts Oil prices experienced a modest uptick during early trading, partially recovering from significant losses in the previous session. This rebound followed a decision by an OPEC+ panel to maintain oil output cuts, aiming to keep the supply tight amid concerns about a potential…
TCN Warns Nigerians not to Expect Grid Stability after Vandalising Installations The Transmission Company of Nigeria (TCN) has warned Nigerians that they should not expect a stable electricity grid after vandalising the company’s installations. The caveat for forgoing a stable grid was contained in the TCN Twitter handle, which noted that the spate of stripping…
Nigerian Shippers’ Council Decries Depreciation of Naira The Nigerian Shippers’ Council (NSC) has decried the sharp fall of the naira, saying the sure way to strengthen the currency is to focus on exports, especially of non-oil commodities. NSC Executive Secretary, Emmanuel Jime, stated this in Benin City at a one-day enlightenment seminar on ‘Best practices…
New Study Claims Europe Could Wean itself off Fossil Fuels With $2.1 Trillion A study commissioned by a low-carbon investment company has claimed Europe can wean itself off oil, gas, and coal and go full wind and solar for a total price of some $2.1 trillion, equal to 2 trillion euros. According to the authors,…
TotalEnergies and Borealis start up Baystar JV Polyethylene unit TotalEnergies and Borealis celebrate the start-up of their Baystar joint venture’s new 625,000 metric ton-per-year Borstar® polyethylene (PE) unit, which more than doubles the current production capacity at Baystar’s site in Bayport, Texas. The new USD 1.4 billion unit completes the partners’ integrated petrochemicals venture, which…
Oil Prices Slide amidst Strong Dollar and Profit-Taking by Traders In early Asian trading on Tuesday, oil prices experienced a decline due to the strengthening U.S. dollar and profit-taking by traders, following a period of substantial gains in the last quarter. Brent futures for December delivery dropped by 0.4%, or 34 cents, to reach $90.37…
Overall Economic Benefit Of Lekki Port to Reach $361bn Over the Next 45 Years The overall economic benefit of Lekki Port will reach $361 billion over the next 45 years. This is according to a document from the Chinese embassy in Abuja, on Monday. Lekki Port, which is located in Lagos State, is the first…
Saudi Aramco Enters International LNG Market Saudi Aramco is entering the global LNG business by signing a deal to buy a minority stake in LNG company MidOcean Energy, which is in the process of acquiring interests in four Australian LNG projects, the Saudi state oil giant said on Thursday. Aramco has signed the definitive agreements…
NLC, TUC Begin Indefinite Strike over Subsidy Removal The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) will commence their indefinite strike action on October 3. The decision is due to the Federal Government inability to meet the unions’ demands, four months after the removal of fuel subsidy. It was gathered that the…
TotalEnergies to Sell Stake in UK North Sea Natural Gas Fields TotalEnergies SE is looking to sell its remaining stake in UK North Sea natural gas fields within the Greater Laggan Area, according to people with knowledge of the matter. The move follows TotalEnergies’ sale of a 20% share in the Greater Laggan Area to…
