Benue tanker drivers begin strike over double taxation

01 May 2016, Makurdi -Members of the Petroleum Tanker Drivers Union in Benue State have embarked on an indefinite strike over alleged multiple taxation. This is as the Department of Petroleum Resources sealed up five filling stations for hoarding petroleum products and price fixing. When our correspondent visited the Nigerian National Petroleum Corporation depot at […] More »

We’re tackling pipeline vandalism, through SMART Agenda — Otuaro

01 May 2016, Asaba – Deputy Governor of Delta State, Deacon Kingsley Burutu Otuaro has assured that the state government was keeping faith with its electioneering campaign promises towards creating prosperity and hence dissuading pipeline vandalism in the state. Otuaro, who stood in for Governor Ifeanyi Okowa, gave the assurance during a courtesy call by […] More »

NEITI will run transparently under my watch — Adio

01 May 2016, Abuja – The Chief Executive of the Nigerian Extractive Industry Transparency Initiative, NEITI, Mr. Waziri Adio, has said that the agency will do all within its power to promote transparency and accountability in the extractive industry which is the staying power of the Nigerian economy. Adio, accompanied by two of his directors, […] More »

Talks on Uganda-Tanzania crude oil pipeline takes off

30 April 2016, Dar es Salaam- Officials from Uganda and Tanzania yesterday convened for the first time to discuss work plan for the development of the proposed 8.7 trillion/-crude oil export pipeline. The Ugandan Minister for Energy and Minerals Development, Eng Irene Muloni, told reporters in Dar es Salaam yesterday that the meeting held at Mwalimu Julius […] More »

Mass purge as Aero sacks over 100 workers

30 April 2016, Lagos – After struggling in the past four years to remain operational despite its financial challenges, one of Nigeria’s foremost airlines, Aero Contractors may have laid off about 100 workers. Inside sources said this may be one of the strategies to offload some of its financial obligations and reposition the airline, but […] More »

DPR impounds NNPC, Conoil trucks for fuel diversion

30 April 2016, Ilorin – The Kwara State Controller, Operations, Department of Petroleum Resources, Mr. Salvation Philips, on Friday said the department had confiscated scores of jerrycans filled with fuel by black marketeers. In an interview with journalists in Ilorin, he warned against patronising the black market, adding that petrol obtained from there could lead […] More »

Oil rally is not just about hedge funds

30 April 2016, London — Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts. “Even as oil rallies, analysts have barely nudged up their price forecasts as they worry that crude’s recent gains might not be sustainable,” notes the Wall […] More »

Refining’s silver lining loses luster at Exxon and Chevron

30 April 2016, Houston — Exxon Mobil Corp and Chevron Corp on Friday reported their most dismal quarterly results in more than a decade of low oil prices and an oversupplied fuel market that hurt what had been lucrative refining margins. As crude prices slid 60 percent from mid-2014, large integrated energy companies have touted […] More »

Buhari plans extradiction of Diezani, Mu’azu, Obanikoro, others

30 April 2016, Abuja  – The diplomatic process that will ensure the extradition of suspected looters who have fled the country will dominate President Muhammadu Buhari’s discussions with his counterparts when 60 world leaders meet in the United Kingdom next month. Saturday PUNCH learnt on Friday that the President would at the summit explore ways of […] More »

Ajaokuta steel company builder to return for completion

39 April 2916, Abuja – As the Federal Government intensify effort to diversify the economy, the original builder of Ajaokuta Steel Company Limited, TyazhPromoExport, TPE, have promised to come back to resuscitate the multi-billion complex. This was disclosed by Principal Geologist, Orbitwaves Geosciences Limited, Solomon Jerry, while expressing confidence that the Buhari-led administration could demonstrate the […] More »

Diezani: Okonkwo, Fidelity Bank MD, returns N40m to EFCC

Alison-Madueke was said to have invited Okonkwo to assist her in handling the said $115million which was distributed to certain INEC officials and groups during the build up to the 2015 presidential election. More »

Nigeria: Reps halt N309bn bond for electricity market, demand answers on CBN bailout

Leading the debate, Pwajok expressed concern that the planned massive borrowing was in spite of an intervention by Central Bank of Nigeria (CBN) in March 25, 2015, through the grant of a N213 billion bailout via the Nigerian Electricity Sector Intervention (NESI) facility. More »

Oil: Scheduled restart in Nigeria, others to boost production

Brent crude, the international benchmark, has gained over 22 per cent in April — up more than 70 per cent from its January lows. The US marker, West Texas Intermediate, has recorded a similar increase this month. More »

Power: House investigates Discos over N213bn intervention fund

Oscarline Onwuemenyi 28 April 2016, Sweetcrude, Abuja – The House of Representatives has said it will investigate the Nigerian Electricity Regulatory Commission (NERC) over the N213 billion intervention fund provided by the Central Bank of Nigeria (ÇBN) last year through the Nigerian Electricity Sector Intervention (NESI) facility. The investigation followed the opposition of the lawmakers […] More »

World Bank praises Kachikwu’s ‘reforms’ in oil industry

…To help Nigeria’s economy from oil price slump Oscarline Onwuemenyi 28 April 2016, Sweetcrude, Abuja – The World Bank yesterday said it was impressed with the reforms initiated by the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, at the state-run oil company […] More »

Kenya Power gets Sh42bn funding to light up homes

29 April 2016 Nairobi — Electricity distribution company Kenya Power says the government has already locked in Sh42 billion from donors to connect a million households to the national grid under the last mile project. An additional Sh13 billion is set to be secured this month subject to board approvals from respective donors. In a […] More »

Saudis to push oil output higher but won’t flood market

29 April 2016, Riyadh — Saudi Arabia’s oil output will edge up close to record highs in coming weeks to meet summer demand for power but is unlikely to be pushed to the limit and flood global markets, Saudi-based industry sources said. Production may rise to around 10.5 million barrels per day, b/d, during summer, […] More »

Financial market products & services update

29 April 2016, Sweetcrude, Houston — Local and international financial market products and services update. NIGERIA: Apprehension heightened in the equities market yesterday as the deadline for the withdrawal of Morgan Stanley Capital International, MSCI, foreign investment index from the Nigerian Stock Exchange, NSE, expires today. The US-based provider of equity, fixed income, and hedge […] More »

OPEC daily basket price close at $42.02/b

29 April 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $42.02 a barrel on Thursday, compared with $41.38 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas […] More »

Unsold crude at sea raises warning flag to oil price bounce

29 April 2016, London — Dozens of tankers with unsold crude have been amassing at sea in the past few weeks, vividly reminiscent of 2015 when a recovery in oil prices was scuppered by rising physical supply. Oil futures have rallied some 75 percent so far this year, reaching 2016 high above $47 a barrel, […] More »

Analysts grow more bullish on oil, OPEC poses no threat to rebalancing

29 April 2016, Singapore — Analysts are growing increasingly confident that a near-two-year rout in oil has ended, and raised their price forecasts for a second month running, as healthier demand and a drop in U.S. shale output balance the market by 2017. The inability of OPEC and non-OPEC producers to agree to limit oil […] More »

Ogoni clean-up begins June 2

29 April 2016, Abuja – The Federal government will on June 2 launch the kick-off of Ogoni clean-up programme as contained in the United Nations Environment Programme Report, UNEP. The Minister of Environment, Mrs Amina Muhammed, said this, Thursday in Port Harcourt during a visit to Governor Nyeson Wike of Rivers State. Represented by Minister […] More »

Oil theft: Multinational taskforce to patrol Gulf of Guinea – Buhari

29 April 2016, Abuja – President Muhammadu Buhari has revealed that a multinational taskforce would soon be established to patrol the waters of the Gulf of Guinea. He also stated that the troops from across the lake Chad basin were now combing the Sambisa Forest, a deadly den of the Boko haram insurgents. The president […] More »

‘Amendment of NLNG act unusual, will truncate investment’ – Omotowa

Kunle Kalejaye 29 April 2016, Sweetcrude, Houston — The Managing Director of Nigeria Liquefied Natural Gas, NLNG Mr. Babs Omotowa says the current move ‎by Nigeria legislator to amend the NLNG act will make it difficult to attract and retained foreign investment to the company and other sectors of the economy. Omotowa stated this at […] More »

Nigeria: World Bank backs Buhari on transparent budget

28 April 2016, Abuja — The World Bank Wednesday pledged to support President Muhammadu Buhari’s administration’s efforts towards a healthy and transparent budget. Addressing State House reporters after meeting with Buhari, World Bank Managing Director Ms. Sri Mulyani Indrawati said a transparent budget would help in tackling poverty and creating inclusive growth. “We would like […] More »

Oil loses commodity trade crown to unlikely challenger: rebar

28 April 2016, Singapore — Crude oil futures, long the king of commodity trading, have lost their dominant position as the world’s most traded and valuable derivative in the resources sector to an unlikely challenger: Chinese rebar. Soaring volumes as well as a price jump since the beginning of the year have seen Shanghai rebar […] More »

Maritime security: NIMASA seeks military led patrol to curb piracy

Kunle Kalejaye 28 April 2016, Sweetcrude, Houston —The Director-General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dakuku Peterside has once more reiterated his desire for a military-led patrol of the Nigeria maritime domain to curb the rising incidences of piracy in the Gulf of Guinea. The DG maintained that the rising issues […] More »

Crude oil prices ease after hitting 2016 highs

28 April 2016, London — Oil futures slid after setting a 2016 high on Thursday as traders locked in profits, though analysts said supply disruptions, strong investor appetite, and a weakening dollar could push prices higher soon. Brent crude futures were trading at $47.05 per barrel at 1129 GMT, down 13 cents from their last […] More »

Nigeria: Buhari seeks World Bank’s help on $320m Abacha loot

28 April 2016, Abuja — President Muhammadu Buhari has asked the World Bank to help Nigeria recover N102.4 billion ($320 million) allegedly looted and hidden in Swiss bank accounts by the late military dictator, General Sani Abacha. Buhari made the appeal, yesterday, during a visit by the World Bank’s Managing Director, Sri Mulyani Indrawati, to Abuja, […] More »

China Sinopec’s first-quarter net profit jumps 266 percent

28 April 2016, London — Sinopec Corp’s net profit jumped to almost $1 billion in the first quarter on improved refining margins, Asia’s biggest oil refiner said on Thursday. The Chinese state-owned firm’s net profit rose to 6.19 billion yuan ($955.65 million) from 1.69 billion yuan a year earlier, it said. Lower oil prices cut […] More »

EFCC arrests Fidelity Bank MD for receiving Diezani’s $115m

28 April 2016, Abuja — The Economic and Financial Crimes Commission has arrested the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, and some officials for allegedly receiving $115m from a former Minister of Petroleum Resources, Diezani Alison-Madueke. The EFCC also arrested the bank’s Head of Operations, Mr. Martins Izuogbe, […] More »

OPEC daily basket price close at $41.38/b

28 April 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $41.38 a barrel on Wednesday, compared with $39.88 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas […] More »

Financial market products & services update

28 April 2016, Sweetcrude, Houston — Local and international financial market products and services update. NIGERIA: The Central Bank of Nigeria’s (CBN) Consolidated and Separate Financial Statements for the year ended 2015 released on Wednesday showed that its net income for the year was N108.530 billion while its Group net income was N123.074 billion. The […] More »

Nigeria: 13 reasons fuel crisis persists in Nigeria

27 April 2016, Abuja — Nigeria’s perennial fuel crisis has defied all solutions by successive governments. The problem is not a creation by witches from outer space, but an entirely Nigerian problem by Nigerians. Business & Economy Editor, Bassey Udo, who has reported several cycles of fuel crises in more than two decades, x-rays reasons […] More »

Nigeria: N150bn debt hampering availability of fuel – Marketers

27 April 2016, Lagos — Marketers of petroleum products said, yesterday, that non-payment of N150 billion outstanding debt owed them by the Federal Government was also hampering the availability of products nationwide. Their position came as the Independent Petroleum Marketers Association of Nigeria, IPMAN, said the ongoing fuel scarcity might linger as marketers face the […] More »

Nigeria: PDP Senators halt debate on PIB

27 April 2016, Abuja — The Senate yesterday suspended the second reading of the Petroleum Industry Bill, PIB, when senators of the Peoples Democratic Party, PDP, objected to it. The bill to provide for the governance and institutional framework for the petroleum industry and other matters was sponsored by Senator Omotayo D. Alasoadura (APC, Ondo […] More »

Nigeria: Only 50 of Nigeria’s 140 turbines generate power now – Fashola

27 April 2016, Abuja — The Minister of Power, Works and Housing, Mr. Babatunde Fashola, said on Tuesday that only 50 of Nigeria’s 140 power generating turbines are currently working and generating electricity because there is no gas to power some of them that use gas. Fashola spoke on Tuesday on a Channels Television Talkshow, […] More »

£2m wristwatches seized from Diezani, Omokore’s wife -EFCC

27 April 2016, Lagos — The Economic and Financial Crimes Commission has said it seized wristwatches worth £2m from the wife of the Chairman of Atlantic Energy Drilling Concepts Nigeria Limited, Mr. Jide Omokore, and a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke. The anti-graft agency seized a wristwatch worth £1.4m from Omokore’s wife, […] More »

Nigeria: Again, nationwide power generation grops by 1,585.7MW

27 April 2016, Lagos — Total power generated by Nigeria’s power stations for transmission and distribution to homes has again dropped by 1,585.7 megawatts (MW) from 3,701.7MW that was achieved as peak generation last Monday evening. It was gathered from the daily generation report of the Nigerian System Operator which was published yesterday that as […] More »

Kenya Power secures transformers with live wires to check vandalism

27 April 2016, Nairobi — Kenya Power is now placing transformers above live wires to curb their theft, which has exposed the utility to losses of hundreds of millions of shillings. Geoffrey Kigen, the Kenya Power security chief, says the new strategy will deny vandals easy access to the power equipment. Vandals eye toxic oil […] More »

Nigeria: World Bank raises 2016 oil price forecast to $41/b

27 April 2016, Lagos — Amid improving market sentiment and a weakening dollar, the World Bank has raised its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook, stating that oversupply in markets is expected to recede. Brent crude futures were up $1.30 or […] More »

Falling output and weaker dollar push oil to 2016 high

Oil hit its highest level of 2016 on Wednesday, driven by a falling dollar and evidence of declining U.S. supply, putting the price on course for its strongest monthly performance since last April. The prospect of an agreement among the world’s largest exporters to limit production, which had provided the catalyst for a 55 percent […] More »

Eastern Libya ships first oil cargo in defiance of Tripoli

27 April 2016, Benghazi, Libya — A government based in eastern Libya has shipped its first cargo of crude in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that have brought chaos since the fall of Muammar Gaddafi. The Tripoli authorities asked the U.N. Security Council on Tuesday […] More »

OPEC daily basket price close at $39.88/b

27 April 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $39.88 a barrel on Tuesday, compared with $39.40 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas […] More »

Saudis open new phase in Asia oil market turf war with China spot sale

27 April 2016, Singapore — Saudi Arabia’s sale of a spot crude cargo to an independent Chinese refiner marks a new phase in the turf war for dominance over Asia’s oil market and sends a strong message to its rivals Russia and Iran: the fight for market share is on. State-owned Saudi Aramco, the world’s […] More »

Nigeria’s fuel diverted to Chad, Cameroun – Kachikwu

*Fuel subsidy payment drops to zero *Ministers defend Buhari’s govt, urge patience 27 April 2016, Lagos — From the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, came yesterday a pathetic revelation that over 30 per cent of Premium Motor Spirit (PMS) otherwise known as petrol is being diverted to neighbouring countries, including Chad […] More »

JTF pledges to crush oil thieves

Mkpoikana Udoma 27 April 2016, Sweetcrude, Port Harcourt – The Joint Military Taskforce operating in the Niger Delta region, operation Pulo Shield, has warned that anybody or group masquerading as militants are criminals and will be crushed in line with the mandate of the Joint TaskForce in the region. The JTF restated that the Federal Government […] More »

Extractive industry: NEITI restates commitment to transparency

26 April 2016, Abuja – The Nigerian Extractive Industry Transparency Initiative, NEITI, yesterday, reiterated its commitment to ensuring transparency and accountability in the extractive industry which had over the years become a major mainstay for the Nigerian economy. Speaking during a courtesy visit to Vanguard Newspaper in Abuja, the Executive Secretary of NEITI, Mr. Waziri […] More »

NSE market capitalisation rebounds by N20bn

26 April 2016, Lagos – The market capitalisation of the Nigerian Stock Exchange (NSE) on Tuesday rebounded by N20 billion due to moderate gains posted by some blue chips. The News Agency of Nigeria (NAN) reports that the market capitalisation, which opened at N8.518 trillion inched N20 billion or 0.23 per cent to close at N8.538 […] More »

Kachikwu blames fuel crisis on diversion to Cameroon, Chad

26 April 2016, Abuja – As the scarcity of Premium Motor Spirit continues to take a toll on motorists and other consumers in most parts of the country, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday said the trucks conveying the product were being diverted to Cameroon and Chad. Kachikwu, who stated […] More »