Refineries
NNPC commits to ensuring energy sufficiency, wealth creation for Nigerians
The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to ensuring effective stewardship of the nation’s hydrocarbon resources to guarantee energy security and drive wealth creation in Nigeria. The Group Managing Director of NNPC, Mallam Mele Kyari, made this assertion while delivering the keynote address at the 2021 Nigeria Oil and Gas Conference and Exhibition (NOG 2021) on Tuesday in Abuja. Speaking on the topic: “Vision and Priorities for Nigeria’s Energy Transformation,” Mallam Kyari stated that for a nation with a teeming youth and a developing economy, Nigeria needed the right policies to unlock its huge economic potential, stressing that NNPC was working towards bridging the energy gap to multiply wealth for its varied stakeholders. “We see a nation that m...
NLC urges National Assembly to transform NNPC to public liability company
The Nigeria Labour Congress has cautioned the National Assembly to handle with utmost care what it described as the very sensitive issue of the unbundling of the Nigeria National Petroleum Corporation. It urged the lawmakers to transform the NNPC to a public liability company as part of the reforms of the oil and gas sector captured in the Petroleum Industry Bill. The NLC President, Ayuba Wabba, said this on Tuesday, in a statement lauding the passage of the PIB titled, ‘Congress commends the national assembly for passing the petroleum industry bill – demands that the NNPC be transformed into a public liability company.’ It stated, “We know that the process of making the PIB a law has not been completely consummated as the passed bill would still need to be harmonized by a conference of th...
Presidency: Niger Delta Avengers’ threat unnecessary
File Photo The Presidency on Sunday reacted to the threat by the Niger Delta Avengers to bomb oil installations if some demands were not met by federal government, saying the recent threat of force by the Avengers is unnecessary. It, however, said it was curious that the threat was coming barely 48 hours after President Muhammadu Buhari met with the leadership of the Niger Delta and Ijaw National Congress (INC), at the State House, Abuja and the germane issues, especially call for restructuring of the federation, and the inauguration of a Board for the Niger Delta Development Commission (NDDC), had been thrashed out. A release on Sunday by the Media Adviser to the President, Femi Adesina, stressed that the media was Sunday awash with threats and demands by a group, Niger Delta Avengers, to...
Customs arrests six for smuggling adulterated diesel in polythene bags
The Nigeria Customs Service (NCS) on Friday paraded six suspects who smuggled 45,000 litres of adulterated diesel contained in 750 giant polythene bags, which were carefully concealed among sacks of sawdust to deceive security operatives. The seized product has an estimated value of N21,920 million. Also seized were 237 bags of 50kg foreign rice hidden in a petrol tanker. The Controller Enforcement at the Customs headquarters, Kayode Olusemire while parading the smugglers said that the Customs officers on patrol intercepted the smugglers in Suleja, who immediately declared that they were conveying sacks of sawdust from Port Harcourt to Kaduna State. “But the officers perceived unusual odour despite concealing it in sawdust, prompting them to dig further. “That was when they discovered dies...
PDP tasks federal government on Dangote refinery shares
The Peoples Democratic Party has advised the Federal Government to ensure transparency in its planned acquisition of 20 per cent shares in Dangote refinery. The PDP said this in a statement by its National Publicity Secretary, Kola Ologbondiyan, in Abuja. Ologbondiyan said: “The PDP has nothing against any genuine and honest incentives for private refineries, but we insist that such must not be used as avenues for siphoning funds from national treasury. “The transaction must be made completely open, in terms of conditions for crude barter trade, duration, equity sharing and signatories among other things.” Ologbondiyan urged the National Assembly to take advantage of its oversight power on the Nigerian National Petroleum Corporation to ensure that the deal was transparent. “The PDP insists...
NNPC begins work on Port Harcourt refinery
The Nigerian National Petroleum Corporation (NNPC) has kicked off construction work in the Port Harcourt Refinery rehabilitation project with a firm commitment not to fail Nigerians. A statement on Friday by the Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru, quoted the NNPC Chief Operating Officer, Refineries & Petrochemicals, Engr Mustapha Yakubu, as saying that everything was being done to ensure that the project is delivered hitch-free and on schedule. Speaking at the Technical Kick-off Meeting for the project held at the Port Harcourt Refinery Complex, Alesa Eleme, Rivers State, Engr Yakubu said everything about the project had been carefully worked out to ensure that the target of at least 90% refining capacity is achieved when operational. “I...
House minority caucus flays $1.5 billion approval for rehabilitation of Port Harcourt refinery
The Minority Caucus in the House of Representatives Tuesday described the approval of $1.5 billion for the rehabilitation of the Port Harcourt refinery as a huge scam and a ploy by unscrupulous elements to siphon public funds. The Federal Executive Council (FEC) had recently at its virtual meeting presided over by President Muhammadu Buhari approved $1.5 billion for the rehabilitation of the refinery. But, the caucus in a statement by its Leader, Hon. Ndudi Elumelu, while rejecting the amount, said the figure is outrageous and heavily inflated, demanding an immediate review of the cost. The lawmakers noted that while they are in support of any genuine effort to bridge energy deficit in Nigeria, such should not be used as a ploy by corrupt individuals to fleece the nation. The caucus called...
TUC opposes sale of Port Harcourt refinery
File Photo The Trade Union Congress (TUC) is opposed to the sale of the Port Harcourt Refinery as canvassed by many Nigerians, its secretary-general, Musa Lawan, has said. The Federal Executive Council last week approved $1.5 billion (about N600 billion) for the rehabilitation of the 210,000 barrels per day refinery. The FEC approved the amount at its virtual meeting presided by President Muhammadu Buhari. The approval came amidst a controversial price increase in the pump price of petrol that was later reversed. Although Nigeria has four refineries, all government-owned, it currently imports virtually all its refined petroleum products. The approval for the Port Harcourt Refinery was greeted with mixed feelings as the country in the past spent billions of dollars on refinery maintenance w...
Lagos chamber projects positive economic recovery by Q2
The Lagos Chamber of Commerce and Industry (LCCI) has projected a return to positive growth path for the Nigerian economy in the second quarter of 2021. Mrs Toki Mabogunje, President, LCCI, addressing journalists at the first edition of the chamber’s quarterly news conference, said the projection was subject to the absence of major economic shocks. Mabogunje, however, said that the projected recovery was expected to be subdued within the region of one per cent. “Projections by the World Bank and the International Monetary Fund put Nigeria’s annual average growth for year 2021 at 1.1 per cent and 1.5 per cent, respectively. “Expectation of slow growth momentum reflects the lingering effects of the pandemic on the Nigerian economy and prospects of stricter containment measures considering th...
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...
DPR shuts down seven filling stations in Rivers
File Photo The Department of Petroleum Resources (DPR) says it has closed seven Liquefied Petroleum Gas (LPG) retail outlets in Rivers for operating without valid licences. Bassey Nkanga, Zonal Operations Controller of the agency, made the disclosure during a meeting with Petroleum Products Marketers Association and Petrol Tankers Drivers Union (PTD) on Friday in Port Harcourt. Mr. Nkanga said the enforcement of safety requirements/sanction against violators became necessary to support effective regulation in the downstream sector. “We are in a very peculiar season, the harmattan season when fire incidents usually occur at filling stations. This challenge had, in most cases, occurred as a result of avoidable mistakes, hence, the need to step up safety consciousness amongst stakeholders in ...
Labour denies endorsing petrol price hike
Labour unions are demanding a reversal of recent hike in the petrol price and did not endorse deregulation that is anchored on price hike. The post Labour denies endorsing petrol price hike appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
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