Minister of Power, Works and Housing, Raji Fashola, on Thursday, said that the ministry recovered 690 out of 800 containers of electricity equipment abandoned at the port for 10 years by previous administrations. Fashola said this at the commissioning of 2×100MVA – 132/33kv power transformers at Ejigbo Transmission Substation in Lagos. Fashola said that the…
Over $104 billion was lost by the Federal Government for its refusal to implement the Deep Offshore and Inland Basin Production Sharing Contract Act. This was disclosed by the Lagos-based legal luminary, Mr. Femi Falana (SAN), Thursday in Abuja. According to Falana, who stated this at the 40th anniversary of the Petroleum and Natural Gas…
Nigeria’s Excess Crude Account has continued to appreciate and according to government the fund is currently standing at over 2.09 billion dollars as at October 16. According Bauchi State Governor, Mohammed Abubakar, who briefed State House correspondents after the National Economic Council, NEC, meeting on Thursday at the Presidential Villa, Abuja, the Minister of Finance,…
State-run Polish gas firm PGNiG has agreed to buy Equinor’s 42.38 percent stake in the Tommeliten Alpha gas and condensate field in Norway for $220 million, as part of its plan to diversify supplies, PGNiG said on Thursday. Poland uses around 17 billion cubic metres (bcm) of gas a year and imports more than half…
Exxon Mobil Corp has signed a framework agreement to supply liquefied natural gas to Zhejiang Provincial Energy Group, a senior executive said on Thursday, marking Zhejiang Energy’s first long-term supply deal. The company said in a statement the deal is for 20 years. Peter Clarke, president of Exxon Mobil gas and power marketing, was speaking…
Egypt’s public prosecutor has charged three executives from a private petroleum company with embezzling nearly $1 billion from corporate funds, state news agency MENA and a judicial source said on Thursday. The firm’s former deputy chairman, Mohammed Mahfouz al-Ansari, and two other officials face a criminal trial on charges that they manipulated the company’s books…
Rising U.S. crude oil exports to Europe and Asia have had a knock-on effect in the futures market, turning the U.S. West Texas Intermediate contract into a near-24 hour benchmark, exchange operator CME Group said. Owain Johnson, managing director for energy research and development at CME, said the shift has also led CME to introduce…
ABB is exploring a sale of its Power Grids business, people familiar with the matter told Reuters, representing a U-turn by Chief Executive Ulrich Spiesshofer who defied activist shareholders to keep the unit two years ago. ABB is examining various options for Power Grids, its second-largest but lowest-margin business, three sources said, with a decision…
*To save $16bn forex revenue per year *Another saving of $10 billion a year through domestic supplies of petroleum products The President, Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Paul Ruwase has described as magnificent and spectacular the impact the Dangote Oil Refinery project would have on Nigeria’s downstream petroleum sector. Ruwase, who led members…
The 25 megawatts independent power project, IPP being developed by the Nigerian Agip Oil Company, NAOC in partnership with the Board in Bayelsa State would be commissioned in December. The Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Engr. Simbi Wabote made this known in a statement on Thursday. When completed, the IPP…
