Siemens to invest $2.2bn to Ramp up Global Production Siemens (SIEGn.DE) will spend 2 billion euros ($2.16 billion) on a new global investment plan, the German engineering and technology group said on Thursday, as it gears up to meet increased demand triggered by global stimulus packages. Siemens will build new factories, research and development centres…
Olu Verheijen is Nigeria’s Energy Adviser Prior to her appointment as Special Adviser on Energy by President Bola Ahem Tinubu, Olu A. Verheijen was an Advisor for the Energy for Growth Hub. She has nearly 20 years’ experience in the gas and renewables sectors across Sub-Saharan Africa, and is Managing Director at Latimer Energy, a…
China Boosts Crude Oil Import Quotas by 20% from Last Year Chinese authorities have issued a third batch of crude oil import quotas to refiners for 2023, with overall allowances up by 20% in the first half of this year compared to the same period of 2022. China issued 62.28 million tons of import quotas…
Most Complex Bypass in the World
JP Morgan Slashes Oil Price Forecast to $81 in 2023 JP Morgan has significantly reduced its forecast for Brent Crude prices for this year to $81 per barrel, down from $90 a barrel expected earlier, Forexlive reports. As early as February this year, JP Morgan said that Brent Crude prices were not expected to reach…
U.S. Sanctions Iranian and Chinese Companies over Ballistic Missiles The United States has sanctioned seven individuals and six entities from Iran, China, and Hong Kong who the U.S. Treasury Department says have helped Tehran get key technology for ballistic missile development. In a statement on June 6, the department’s Office of Foreign Assets Control (OFAC)…
OPEC Lowers Nigeria’s 2024 Production Quota to 1.38mbpd Following a weekend of intense oil meetings in Vienna, the Organization of Petroleum Exporting Countries and other OPEC+ members have reached an agreement to maintain their current supply curbs until the end of 2024. In a move to address production concerns, quotas for 2024 have been lowered…
Subsidy Removal: Tackle Fraudulent Regime in the Fuel Pricing, CISLAC Insists Despite being a crude oil-producing State, Nigeria does not – mainly due to maladministration of her refineries – refine the crude oil she produces into its component products, like the petrol she consumes. Instead, Nigeria exports its crude oil and imports the refined products…
Tanzania to Review Approval of $42bn LNG Project in June Tanzania’s government said on Wednesday it had completed negotiations with the investors of its $42 billion liquefied natural gas (LNG) project, with the agreements set to be reviewed for approval next month. Energy minister January Makamba said the agreements for the approval of the long-delayed…
Nigerian Navy Releases Norwegian Vessel, MT Heroic Idun Convicted of Oil Theft The Nigerian Navy on Sunday returned a Norwegian-registered vessel, MT Heroic Idun, caught attempting to steal Nigeria’s crude oil in August 2022. The navy arrested the oil tanker and its 26 Indian, Pilipino, Sri Lankan and Polish nationals in August 2022, and later…
