July, 2015

Providing incentives for the construction of private greenfield refineries in Nigeria

Professor Chijioke Nwaozuzu 07 July 2015, Sweetcrude, Port-Harcourt – Nigeria has been particularly dependent upon imports for light products (petrol, diesel and dual- purpose kerosene aviation kerosene), and long on dark products (fuel oils, etc) for nearly two decades. An estimated $12-15 billion per annum is expended on importing light petroleum products at present. Meanwhile, […]

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Why Nigerian vessels cannot lift petroleum products midstream

Managing Director of Union Admiralty Ltd, UAL, Ibi Seddon, has blamed the dominance of lifting of refined petroleum products from mother ships offshore to the storage facilities to the fact that the Nigerian owned ships are not sea-worthy. Seddon explained that despite the Cabotage Act which restricts trade within the nation’s coastal waters for Nigerian […]

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Govt loses $7bn to Deep Offshore, Inland Basin Act, says Falana

A constitutional lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, has stated that the fiscal incentives given to the oil companies operating in Nigeria in the Deep Offshore and Inland Basin Production Sharing Contract Act of 1999 have led to the loss of $7 billion by the federal government. Falana in a statement […]

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Ayade, Okowa inaugurate Fynefield’s N3bn oil deport in Calabar

Cross River State Governor, Prof. Ben Ayade and his Delta State counterpart, Dr. Ifeanyi Okowa, have inaugurated Fynefield Petroleum FZE’s ultra-modern 40 million-litre capacity petroleum product depot located at the Calabar Free Trade Zone in Cross-River State. Inaugurating the deport, Ayade, expressed  his excitement about the investment  which he described as a significant milestone and […]

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Fuel scarcity persists as banks deny marketers credit

The scarcity of refined petroleum products, especially petrol, may continue across the country for the unforeseeable future because marketers have stopped importing the product due to the reluctance of the banks to provide them with credit. It was also learnt that as of May 29, 2015, the amount being owed all the oil marketers by […]

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Shell, partners campaign against crude theft in Ogoniland

The Shell Petroleum Development Company of Nigeria Limited and its Joint Venture partners have commenced the second phase of the grass roots campaign against crude oil theft and illegal refining activities in Ogoniland. The first phase of the campaign in 2014 reached over 7,000 community people, according to a statement by the firm on Sunday. […]

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Nigerian LNG cargo heads for Altamira in Mexico

Mexico’s Altamira liquefied natural gas terminal is to get a cargo of LNG on July 12, LNG World News reports. The 126,530 cbm LNG Edo is sailing from Nigeria’s 22 Mtpa export terminal on Bonny Island. Enagás of Spain is the Altamira plant operator and holds a 40% stake. The remaining 60% is held by the Dutch company […]

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Buhari advised by Transition Committee to set up joint Energy Ministry for oil, gas and power

A reform proposal document of a ‘transition committee’ set up by Nigerian President Muhammadu Buhari has recommended a massive overhaul of Africa’s biggest oil industry and increased borrowing to help pay off $20 billion of government arrears in the form of salaries and subsidies, Reuters reports. Among the committee’s recommendations were slashing the size of the […]

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