The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024.
The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational.
The Maritime Workers Union of Nigeria, MWUN, has rejected plans by the Federal Government to re-float the Nigeria National Shipping Line, NNSL, 28 years after its liquidation by the government of Olusegun Obasanjo.
The Union argued that, besides not carrying organized Labour along, the benefits of disengaged and other former employees of the defunct NNSL are yet to be paid by the same government that liquidated the national carrier 28 years ago.… Read the rest
The Nigerian National Petroleum Company Limited has expressed its capacity to supply petroleum products to last beyond this year’s months and the New Year.
The NNPCL said the supply of petroleum products, especially the Premium Motor Spirit, known as petrol, would last beyond the Yuletide and New Year.
The Group Chief Executive Officer, NNPCL, Mallam Mele Kyari, said this when he led a delegation on a courtesy visit to the President of the Senate, Senator Godswill Akpabio, on Wednesday in Abuja.… Read the rest
For the first time since payment of subsidies became a nightmare, the Nigerian National Petroleum Company (NNPC) Limited has announced it has started paying dividends to shareholders, starting in July 2023.
Mele Kyari, NNPC Group Chief Executive Officer (GCEO), made this known when he led an NNPC delegation on a courtesy visit to Godswill Akpabio, the Senate President, at the National Assembly in Abuja, on Wednesday.… Read the rest
Nigeria and Germany have agreed on a deal for Africa’s largest oil producer to supply more gas to Germany while Berlin will also invest $500 million in renewable energy projects, Nigeria’s presidency has said.
Since he came to office in May, Nigerian President Bola Ahmed Tinubu has been courting foreign investors to Africa’s largest economy pointing to his reforms on fuel subsidies and currency controls as incentives.… Read the rest
The Federal Government is working towards the re-establishment of a National Shipping Line through a strategic Public Private Partnership arrangement, the Minister of Marine and Blue Economy, Gboyega Oyetola has said.
The minister also noted that the government has created a roadmap towards a sustainable blue economy.
Speaking in Lagos on Tuesday at a stakeholders’ roundtable engagement on advancing sustainable development in Nigeria’s marine and blue economy, Oyetola explained that the roadmap will advance the industry’s potential, promote sustainable blue economy investments, and ensure global competitiveness within the sector.… Read the rest
Stakeholders in the maritime industry have lauded the creation of the Ministry of Marine and Blue Economy and called for the involvement of more experts in its management to meet its targets.
They stated this at the 14th Annual General Meeting and Lecture of the Nigerian Maritime Law Association (NMLA), which also elected a new leadership for the association.
Delivering the keynote address in Benin City, capital of Edo State, titled “Urgent Regulatory Reform in the Maritime Industry: Setting the Agenda for the New Administration,” the Chairman of NMLA, Mr.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday warned players in the oil and gas industry against frustrating the Nigerian Gas Flare Commercialisation Programme (NGFCP) which aims to achieve zero routine burning of gas in the country.
The Chief Executive of NUPRC, Mr Gbenga Komolafe, during a meeting with chief executives of producers operating assets under the NGFCP in Abuja, stated that the programme must not be allowed to fail, given the local and international attention it has attracted.… Read the rest
Eni has temporarily paused arbitration proceedings over an oilfield dispute with the Nigerian authorities, reported Reuters, citing sources.
The oilfield, called oil prospecting licence (OPL) 245, is at the centre of the issue and is believed to be possibly the largest oil block in Nigeria.
The Italian oil and gas company has confirmed the suspension of the arbitration at the World Bank’s dispute settlement agency.… Read the rest
The former president of Poland, Bronisław Komorowski, will in December visit Nigeria for the African Industrial and Development Conference 2023.
The summit with the theme, ‘Energy and Sustainable Development in Africa,’ is organised by Dotmount Communications in collaboration with Yahoo Finance.
In a statement signed and made available to BusinessDay by the President of Dotmount Communications, Adedotun Olaoluwa said the conference will profile renewable energy opportunities available in Nigeria and Africa to producers of renewable power as their next investment destination.… Read the rest