Iran Summons Swiss Diplomat over U.S. Seizing Oil Tanker in Texas Iran has summoned the chargé d’affaires of the Swiss Embassy in Tehran to voice its “strong objection” over the U.S. seizing an Iranian oil tanker that has been sitting for months offshore Texas, the AP reported on Monday. Since the 1979 crisis with U.S….
UK Households to Pay Lower Energy Bills in Q4 2023 UK energy markets regulator Ofgem lowered on Friday the country’s energy price cap for the fourth quarter of 2023, which means that millions of households will see their energy bills fall at the start of the upcoming heating season. The UK has a so-called Energy…
The Market Thinks There Will Be a Sanctions-Easing Deal with Iran Prospects of reviving the Iran nuclear deal have swung dramatically, from near certain in March 2022 to almost nil by the end of the year and somewhere in the middle currently. Although prospects of a deal being signed any time soon appear dim, relations…
Petroleum Minister Says Port Harcourt Refinery to be Back on Stream by December …Says FG Committed to Ending Fuel Importation The Federal Government has reiterated its commitment to ending petroleum product importation soon, as efforts are being redoubled to restore the nation’s local refining capacity. This was made known by the Minister of State for…
NCDMB Unveils 17 Innovative Energy Startups from Technology Incubation Centre The Nigerian Content Development and Monitoring Board (NCDMB) on Thursday unveiled 17 portfolio companies that have successfully concluded research- and innovation-based training at its Technology Incubation and Innovation Centre (TIIC), signalling intensification of its capacity-building initiatives that birthed its Project 100 companies a few years…
Oil and Gas Sector’s Contribution to Nigeria’s GDP Falls to 5.34% In Q2 2023 Nigeria’s oil and gas sector’s contribution to the Gross Domestic Product (GDP) diminished to a mere 5.34% in Q2/2023. This figure is lower than the corresponding period of 2022 and the preceding quarter, where it had contributed 6.33% and 6.21% respectively….
Nigeria’s GDP Growth Slows to 2.5% y/y in Q2 Nigeria’s annual economic growth rate slowed to 2.51% in the second quarter, data showed on Friday, hurt by a fall in oil production amid a series of reforms by new president Bola Tinubu aimed at reviving Africa’s largest economy. The data, which marks the 11th consecutive…
Saudi Arabia Weighs China Bid to Build Nuclear Power Plant Saudi Arabia is considering a bid from a Chinese state firm to build a nuclear power plant, which could give the Kingdom leverage in possible talks for U.S. assistance for establishing a civil nuclear industry, The Wall Street Journal reported on Friday, quoting Saudi officials…
Dangote beats MTN, Globacom, banks to emerge Most Valuable Brand in Nigeria for 6th Consecutive Years Dangote Industries Limited has emerged as Nigeria’s most valuable brand for the sixth consecutive year. This achievement was confirmed by the brand and marketing firm, TOP 50 BRANDS NIGERIA, as part of its comprehensive 2023 Top Brands perception assessment. Winning…
FG Reiterates Commitment to Bring Back on Stream Port Harcourt Refinery December The Federal Government has reiterated its commitment to bring back on stream the Port Harcourt Refinery by December 2023 This is part of measures being taken by President Bola Tinubu’s administration to end petroleum product importation into the country, by restoring the nation’s…
