As part of efforts to expand the nation’s refining capacity, the federal government has licensed 10 more modular refineries, making it 32 so far licensed. As at end of first quarter of last year, 22 modular refineries had been licensed by the Department of Petroleum
In spite of the Federal Government’s push for foreign exchange through the non-oil export, Nigeria’s major export products are losing steam in the global market, according to BusinessDay analysis of data from the International Trade Centre (ITC). According to the data, Nigeria exported oil seeds,
The French Government has said that it has set aside about one billion euros to be invested in the Nigeria oil and gas industry, stating that Nigeria remains her first economic trading partner in Africa. The France Ambassador to Nigeria, Denys Gauer, said this when
A TOTAL of 44 vessels are expected to sail into the country with various items before the end of the month. Shipping position made available to newsmen showed that eight of these vessels are carrying over 233,000 metric tonnes of petroleum products some of which include Premium
A Senate panel has uncovered secret operation of subsidy regime by the Nigerian National Petroleum Corporation (NNPC), despite its cancellation by the present administration. A ranking senator told our correspondent that the Senate Committee on Petroleum (Downstream) uncovered the development weeks ago and it has
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu yesterday said the Federal Government needs about $1.2 billion to repair and bring the three refineries in Port Harcourt, Warri and Kaduna to full capacity. He also said the refineries have neither been concessioned nor disposed
Qatar and Saudi Arabia square off in a major diplomatic feud. Suicide bombers strike at the heart of the Iranian capital. Kurdistan moves toward independence, and war rages on in Syria and Yemen. And in the oil market? Prices just kept sliding. Only a few years ago, bad
Iraq, the world’s third-biggest crude exporter, plans to triple refining capacity by 2021 to shake off its reliance on refined-product imports. Processing capacity will increase to 1.5 million barrels a day from just over 500,000 now, not including Iraq’s semi-autonomous Kurdish region, Deputy Oil Minister Fayyad
OPEC crude output in April averaged 31.85 million b/d, flat from March, an S&P Global Platts survey found, with the bloc still showing high compliance with its production cut agreement, as increases in Angola and Nigeria were offset by declines from Libya and Iraq.
The Federal Government has reached an agreement with Agip to build a refinery in Nigeria, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. The minister said the 150,000 barrels capacity refinery will be located in Port Harcourt, the Rivers State capital.