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, […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]