Marketers continue imports as Dangote petrol arrives US –

The Dangote Petroleum Refinery last week made its first Premium Motor Spirit (petrol) shipment to the United States, while local marketers insisted on fuel importation. This confirmed earlier reports that the refinery is exporting more fuels following the shutdown of some foreign refineries for maintenance. According to S&P Global, 300,000 barrels of petrol left Nigeria on August 26, with an expected arrival at New York and New Jersey on September 12. This is even as fuel marketers in Nigeria still import more petrol into the country, ignoring the 650,000-barrel-per-day refinery in Lekki, Lagos……(Read More)

 ‘How new exploration licences will improve Nigeria’s oil production’ –

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently concluded the execution of the Production Sharing Contract (PSC) of the Oil Prospecting Licence (OPL) 2001 and 2002. The licences are for offshore exploration in the Deepwater West Delta basin and is 2,000 square kilometres. The licence was awarded to TotalEnergies which owns 80% and South Atlantic Petroleum with 20% in 2024…….(Read More)

Tariff war: Respect state electricity regulators, FG warns Discos –

The Federal Government, through the Nigerian Electricity Regulatory Commission, has told electricity distribution companies to treat state regulators with respect. The Vice Chairman of NERC, Musiliu Oseni, stated this at the commission’s quarterly stakeholders meeting, which ended in Lagos on Tuesday. Power distributors had repeatedly countered state regulatory commissions on matters of electricity tariffs, a development that consistently pitched the two groups at opposing ends…..(Read More)

CNG price hits N450/SCM as FG withdraws subsidies –

Amid long queues and insufficient refilling stations, the cost of one standard cubic metre of Compressed Natural Gas has jumped from N230 to N450. Our correspondent gathered from retailers that the government reviewed the price recently to N450, reducing its subsidies. However, while trucks pay N450/SCM, car drivers and commercial drivers still enjoy some subsidies, as they pay N380 for one standard cubic metre of what the government calls a cheaper alternative to petrol and diesel…..(Read More)

‘$3.5bn brass fertiliser, petrochemical project to commence in october’ –

The Managing Director of the Brass Fertiliser and Petrochemical Company, Chief Ben Okoye, has stated that work on the $3.5 billion project would start in October this year. Chief Okoye explained that the 10,000 metric tonnes of methanol per day project was delayed as there was no agreement reached on the gas component but that  President Tinubu last October directed the Minister of State for Petroleum (Gas) to get it started and that the agreement was signed in January this year……(Read More)

Despite dip in China’s exports to Russia, new deals show ‘room to grow’ amid US pressure –

Despite a slowdown in automotive shipments from China to Russia, there is room for them to advance trade settled in yuan and roubles as both countries continue to be pressured away from the US market, analysts said on Tuesday during Russian President Vladimir Putin’s visit to the world’s second-largest economy. Russians want consumer goods, personal electronics and common machinery that are difficult to import from the West because of trade sanctions…..(Read More)