The 7th Nigeria International Energy Summit (NIES 2024) has begun in Abuja, with at least 6,000 foreign and local delegates, exhibitors and visitors participating.
The summit aims to chart a sustainable way forward to accelerate energy security, transition and finance.
President Bola Tinubu will officially open the summit at the State House Banquet Hall, Aso Villa, on Tuesday.
The global summit is being convened by the federal government as its official energy, oil and gas event, with the Nigerian National Petroleum Company Limited (NNPC Ltd) as the national host.… Read the rest
The International Transport Workers’ Federation UK (ITF-UK) said it has approved a grant to the Nigerian Maritime Industry through the Maritime Workers Union of Nigeria, (MWUN) for the construction of a Seafarers Recreation Centre in Lagos State.
The Head, ITF Seafarers Trust Fund, Katie Higginbottom, revealed this during a meeting with the Minister of Marine and Blue Economy, Adegboyega Oyetola; DG NIMASA, Dr.… Read the rest
Benedict Oramah, president of African Export-Import Bank (Afreximbank), has addressed the oil-for-cash loan agreement with the Nigerian National Petroleum Company (NNPC) Limited.
In an interview with Arise News posted on Sunday on X, Oramah said the $3.3 billion crude oil pre-payment loan obtained by NNPC will not be repaid with $12 billion.
Oramah, who doubles as Afreximbank board chairman, also said the loan has a 6 percent margin, which makes it one of the best-priced loans.… Read the rest
Modular refineries in Nigeria are currently facing the threat of shutting down operations following their inability to access foreign exchange for the purchase of crude oil, a commodity priced in United States dollars.
Nigeria has 25 licenced modular refineries with a combined capacity of producing 200,000 barrels of crude oil daily.
Although not all of the plants are currently operational, it was gathered that the functional ones were increasingly finding it difficult to purchase crude due to the worsening foreign exchange crisis in the country.… Read the rest
The Nigerian Navy has conducted a search and rescue simulation exercise aimed at reducing the rate of boat mishap casualties recorded with the nation’s maritime domain.
The exercise, which held at the Naval Shipyard Limited in Port Harcourt, Rivers State, was informed by the increasing rate of boat mishaps in the country.
It was organised in line with the directive from the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, with 10 other government agencies, including the Nigerian Air Force (NAF), the Nigeria Police and the Nigerian Security and Civil Defence Corps (NSCDC) as participants.… Read the rest
Shell Nigeria has started supply of crude oil to Nigeria’s Port-Harcourt refinery ahead of commencement of refining operations later this quarter.
The spokesperson for the company Bamidele Odugbesan relayed this information in an interview with Reuters where he stated that deliveries were made to the company this week.
- He stated, “Future supplies from Bonny oil and gas terminal would be guided by the demand for the product,”
In a separate statement, Shell’s Bonny oil terminal manager said a total said a total of 475,000 barrels of oil was delivered to the Port-Harcourt refinery around January.… Read the rest
The United States Coast Guard USCG, has offered Nigeria a three-year plan to work with the Nigerian Maritime Administration and Safety Agency, NIMASA for the removal of the Condition of Entry (CoE), placed on American-bound vessels from Nigeria.
Cdr. Juliet Hudson at the USCG headquarters in Washington DC disclosed this during a peer review visit by a delegation from NIMASA. Hudson announced a bi-annual assessment of compliance level with ISPS implementation at Nigerian Ports working with NIMASA.… Read the rest
The minister said the blue economy had always been there, but not as structured as to generate the kind of revenue a maritime nation like Nigeria should be earning.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, said this at the inauguration of seven patrol boats by the Nigerian Ports Authority (NPA) in Lagos on Thursday.… Read the rest
The Federal Government has banned the exportation of Liquefied Petroleum Gas, popularly called cooking gas, in a bid to increase its volume domestically to warrant a crash in price.
It stated on Thursday that LPG producers in Nigeria and key stakeholders in the industry had been told to stop exporting the commodity out of Nigeria, following the recent jump in the cost of cooking gas.… Read the rest
The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) on Tuesday decried the continued “dollarisation” of the Nigerian economy, including the collection of charges from operators by the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA).
Briefing the press on the harsh economic conditions that marketers have recently been subjected to, the National President of NOGASA, Benneth Korie, stated that aside rising diesel prices and bad roads, there was no sense in carrying out transactions in dollars within Nigeria.… Read the rest