The Republics of Benin and Niger have paid $10.1m as electricity bill to Nigeria to avert being disconnected from their power source in Nigeria after the Federal Government threatened to disconnect debtors. It was also learnt that the countries made the payment through their respective power firms, with NIGELEC of the Republic of Niger paying…
Kaduna Electric says it lost over N50 million worth of equipment and installations to the activities of vandals across its franchise states between January and June 2018. Over 150 attacks were carried out within the period. A statement signed by the Head, Corporate Communication, Abdulazeez Abdullahi, said vandalism of their equipment and installations pose a…
The Bureau of Public Enterprises has invited Expressions of Interest from prospective investors who are interested in purchasing 60 per cent stake in Afam Power Plc and Yola Electricity Distribution Company Plc. The Head of Public Communications at the privatisation agency, Mrs. Amina Othman, confirmed this in a telephone interview in Abuja on Thursday. Othman…
In Nigeria the country’s Council of Ministers voted draft orders authorizing the ratification of two financing agreements; a loan and donation amounting to 24 billion FCFA in total. The financing is for the construction of a 330 kV and 33 kV interconnection line between Nigeria, Niger, Benin, and Burkina-Faso. The funding is made up of…
Power distribution companies say they have capacity to take and distribute 6,288.96 megawatts of electricity, refuting the Federal Government’s claim that the Discos can only handle 5,000MW. According to them, the capacity of Discos to distribute about 6,300MW was confirmed in a study conducted by the country’s power System Operator, an arm of the Transmission…
Nigeria’s oil and gas sector is set to record another milestone as the $3.3 billion Floating Production Storage Offloading (FPSO) unit built by Samsung Heavy Industries of Korea (SHI) for the 200,000 barrels per day capacity Egina oilfield will sail away in the early hours of today (Sunday) from LADOL Free Zone in Lagos to…
Oil production is set to relaunch in blocks 1, 2 and 4 with a ceremony on August 25, 2018, at Toma South The licences are operated by South Sudanese joint operating company Greater Pioneer Operating Company (GPOC) Fields where production is to resume include: Toma South, El Mar, El Toor, Manga and Unity….
Ukraine, which wants to resume cooperation with the International Monetary Fund, may need to increase household gas prices, Prime Minister Volodymyr Groysman was quoted as saying on Thursday. Earlier this month the government extended a freeze on gas prices until at least Sept. 1, reducing its prospects of securing more money from the IMF which…
World stocks came under pressure on Thursday as new tariffs took effect in the U.S./China trade war and markets speculated about U.S. President Donald Trump’s position following legal rulings against two former advisers. The MSCI world equity index, which tracks shares in 47 countries, was 0.1 percent lower by 1116 GMT, while a rise across…
Total’s $3.3 billion Floating Production Storage and Offloading vessel, the Egina FPSO will depart from the Lagos Deep Offshore Logistics Base, LADOL Free Zone this week SweetcrudeReports has learned. The 200, 000 barrels per day capacity production vessel which arrived in January from South Korea, ought to have left LADOL’s yard since June however, according to…
