Oil Company
NNPC selects 26 firms to lift Nigeria’s crude oil
The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...
NNPC seeks $1 billion funding to revive PHC refinery
The Nigerian National Petroleum Corporation, NNPC, is currently shopping for $1 billion to revamp Nigeria’s biggest refinery located in Port Harcourt, Rivers State. To realise its plans, the nation’s oil company is already in high-level discussion to raise the money via a prepayment deal with trading firms. If the financing is successful, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through deliveries of Nigerian crude and products from the refinery once the refurbis...
ICPC uncovers N5.17 billion fraud in education, agric ministries
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has uncovered diversion of part of the N2.67 billion payments made to some Federal Colleges for school feeding during lockdown. The Chairman of ICPC, Prof. Bolaji Owasanoye, who stated this at the 2nd National Summit on Diminishing Corruption with the theme: “Together Against Corruption and Launch of the National Ethics and Integrity Policy”, said preliminary investigation had indicated that part of the N2.67billion was diverted to private accounts. The event, presided over President Muhammadu Buhari, was held at the Council Chambers of the Presidential Villa, Abuja, on Monday. The ICPC boss said: “We observed that transfer to sub-Treasury Single Account was to prevent disbursement from being monitored. ...
