A Danish shipping and logistics company, A.P Moller-Maersk, has pledged a $600 million investment to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
President Bola Tinubu secured the deal on the sidelines of the World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.
This disclosure was contained in a statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, on Sunday.… Read the rest
The Nigerian Ports Authority has secured a $700 million loan from Citibank and funded the United Kingdom Export Finance to rehabilitate the Apapa and Tincan Island Ports in Lagos.
The Managing Director of the NPA, Mohammed Bello-Koko, disclosed this in a statement on Wednesday, noting that the loan mandate letter would be sent to the Debt Management Office for final review and approval.… Read the rest
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.… Read the rest
Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, yesterday said the Final Investment Decision (FID) on the Nigeria-Morocco Gas Pipeline (NMGP) Project will be taken in December 2024.
Kyari also advocated a differentiated approach to attaining energy transition for the African continent.
He spoke during a leadership dialogue session at the ongoing CERAWeek Conference in Houston, United States.… Read the rest
Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility of additional attacks on Russian energy infrastructure was raising concerns
At the time of drafting this report, the May delivery of Brent crude oil futures increased by 40 basis points to $85.66 a barrel.… Read the rest
The Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, says the construction of the Nigeria-Morocco Gas Pipeline Project which aims to link European market is expected to begin in 2024.
Under this project, Gas is expected to be transported through the participating countries, including Nigeria, Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, The Gambia, Senegal, Mauritania, and Morocco.… Read the rest
Oil prices edged up on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook. At the same time, a last-minute deal that avoided a US government shutdown restored risk appetite.
According to Reuters, Brent December crude futures rose 25c, or 0.3%, to $92.45 a barrel by 4.15am GMT (6.15am) after falling 90c on Friday.… Read the rest