Category: Energy

7 major oil marketers secure approval to sell Dangote fuel

Emporium Reporters

Dangote Refinery crude oil tank Seven major oil marketers have enrolled with the Dangote Petroleum Refinery to purchase and distribute refined petroleum products from the refinery. The marketers under the aegis of the Major Oil Marketers Association of Nigeria (MOMAN) confirmed on Sunday that with the registration, they would commence the distribution of fuel produced from the facility once the commercial terms are sorted. The MOMAN members poised to distribute petroleum products from the Dangote Petroleum Refinery include 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy…

NNPCL speaks on plan to increase price of petrol to N1200 per litre

Emporium Reporters

The Nigerian National Petroleum Company (NNPC) Limited has reacted to a media report alleging fresh plans to increase the price of petrol to N1,200 per litre. Recall that social media on Wednesday was awash with rumours of a new increase in the price of fuel across the country. A report had it that fuel prices may go up after NNPC and fuel marketers clashed on Tuesday over prices of the commodities The naira’s recent downward trend against the dollar has reignited the debate, with economists and marketers claiming a resurgence…

Port-Harcourt Refinery resumes operation

Emporium Reporters

The Port Harcourt Refining Company in Rivers State has officially resumed operations in accordance with the Federal Government’s vow to ensure the facility’s production of refined products by December 2023.   This followed a $1.5 billion rehabilitation project initiated to restore its capacity to 210,000 barrels per day, aiming to enhance domestic refining and reduce reliance on imported petroleum products   Initially shut down in 2019, the combined processing capacity of Nigeria’s four refineries in Port Harcourt, Warri, and Kaduna stood at 445,000 barrels per day (bpd).   However, the…

Functionality of Refineries doesn’t dictate Petrol Pump Price – Kyari

Emporium Reporters

Forty eight hours after being summoned by the Senate, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has now appeared before the joint committee on appropriations.   The Senate had issued a 24-hour ultimatum on Wednesday to the NNPCL boss after an observations that he had in previous occasions, shunned summons by the Senate to appear before its ad-committee probing over 11 trillion naira expenditure on turn around maintenance of refineries in the country between 2010 and 2023.   Responding to questions…

NNPCL,Stakeholders partner to reconcile NEITI 2021 report

Emporium Reporters

The Nigerian National Petroleum Company, NNPC Limited, has said it is collaborating with the Nigeria Extractive Industries Transparency Initiative, NEITI, and the committee set up by President Bola Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the federation by the company and the Federation Accounts Allocation Committee, FAAC. NNPCL in a statement by its Chief Corporate Communications Officer, Mr. Olufemi Soneye, on Monday, said its clarification was coming on the heels of calls by a non-governmental organisation for a probe of several monies allegedly owed…

Former Minister of Power names cabal benefitting from poor electricity supply in Nigeria

Emporium Reporters

A former minister of Power, Barth Nnaji has disclosed that fuel suppliers and generator sellers are sabotaging efforts to ensure that Nigerians have consistent access to power.   He made this known while featuring on a radio programme, captioned: “The South East Political Roundtable” by Flo FM, Umuahia on Wednesday.   The former minister said the endless breakdown of the national grid had remained a significant concern among Nigerians.   According to him, this is despite the Federal Government’s claim of spending N7 trillion as direct interventions in the power…

NNPC sacks all management staff with less than 15 months to retirement

Emporium Reporters

The Nigerian National Petroleum Company Limited (NNPCL) has sent all management staff with less than 15 months to statutory retirement on compulsory early retirement.   A statement signed by management of the oil company on Monday, September 18, 2023, and posted on its X handle (formerly Twitter) early Tuesday morning stated that the early retirement takes immediate effect from Tuesday, September 19, 2023.   It added that the decision became imperative in order to pursue effective organisational renewal to support the delivery of NNPCL’s strategic business objectives.   “In our…

JUST IN:FG increases price of electricity meters amid economic hardship

Emporium Reporters

The Nigerian government has approved an upward increase in the price of pre-paid electricity meters in the country. This was contained in a circular dated Tuesday, September 5, 2023, and issued by the Nigerian Electricity Regulatory Commission (NERC). The circular signed by the commission’s Chairman and Commissioner Legal, Licencing and compliance, Sanusi Garba and Dafe Akpeneye, respectively, stated that a single phase pre-paid meter would now cost N81,975.16k from the N58,661.69k while three phase pre paid meters is increased to N143,836.10k from N109,684.36k. The circular said the new price was…

Oil theft: FG hails Tantita for efficient pipeline protection

Emporium Reporters

by Kazeem Biriowo     The Federal Government on Saturday expressed gratitude to the management of private security services, Tantita Security Services Limited, for their efforts in pipeline protection in the Niger Delta region. The Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, gave this commendation while answering questions from reporters during his tour of oil facilities in the Niger Delta. Lokpobiri, who was accompanied on the tour by the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, among other Government officials, said the…

BREAKING: NNPC secures N2.3trn loan to stabilise Naira against Dollar

Emporium Reporters

The Nigerian National Petroleum Corporation (NNPC) Limited has secured a N2.3trn ($3 billion) crude repayment loan to support the naira and stabilise the foreign exchange market. NNPC in a terse statement on Wednesday, August 16, 2023, said the loan was secured from the AFRIEXIM bank headquarters in Cairo, Egypt. The statement reads; “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan. “The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide…