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Oil price drops from 2019 high on slow economic growth

Feb 20, 2019

The price of crude oil yesterday, dropped from its 2019 high of almost $67 a barrel as experts attribute it to concerns about the progress of U.S.-China trade talks and slowing economic growth. Supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) have helped crude to rise more than 20 per cent…

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Banks yet to honour FG’s promissory notes as subsidy arrears payments linger

Feb 20, 2019

Two months after the Federal Government the first tranche of N236 billion out of an estimated N800 billion subsidy arrears owed oil marketers, indications have emerged that Deposit Money Banks (DMBs) have yet to honour the financial instrument. A promissory note, often referred to as a note payable, is a legal instrument (particularly, a financial…

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Atiku restates plan to privatise NNPC if elected president

Feb 20, 2019

Atiku Abubakar, the presidential candidate of the Peoples Democratic Party on Wednesday in Kaduna reiterated his plan to privatise the Nigerian National Petroleum Corporation (NNPC), if elected president on February 23. Mr Abubakar spoke at a town hall meeting with ward, local government and state party leaders in the state at the Kaduna Trade Fair…

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Locally-trained welders adding value to Nigeria’s refineries -WRPC, PHRC

Feb 19, 2019

Management of the Port Harcourt and Warri refineries have commended the Petroleum Technology Development Fund, PTDF, for its welders’ training programme, stating that the welders had added significant value to the operations of the country’s refineries. In a statement in Abuja, Head, Press and External Relations of the PTDF, Mr. Kalu Otisi, said some oil…

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Axxela receives positive credit rating

Feb 19, 2019

Axxela Limited, sub-Saharan Africa’s power company has been assigned national scale issuer ratings of BBB+ (NG) and A2 (NG) in the long term and short term respectively by Global Credit Ratings (GCR). The company was also accorded stable outlook even as the ratings is valid till September 2019. The ratings are integral to Axxela’s strategic…

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Oil hits 3-month high on OPEC cuts, U.S. sanctions on Iran, Venezuela

Feb 18, 2019

Oil prices rose to their highest levels since November 2018 on Monday, lifted by OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela. U.S. West Texas Intermediate (WTI) crude oil futures pushed through 56 dollars per barrel for the first time this year, hitting 56.13 dollars a barrel before edging back to 56.02 dollars…

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NERC orders DisCos to complete customers’ survey in 42 days

Feb 18, 2019

The Nigerian Electricity Regulatory Commission (NERC) has directed all Distribution Companies (DisCos) to complete the enumeration of their customers by March 31, 2019. The Commission also urged all electricity consumers to cooperate with the DisCos in this exercise within the 42 day period that is left from today. In a publication directed at the DisCos,…

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Niger Delta militants allege attack on oil pipeline near Warri

Feb 18, 2019

A new militant group calling itself the Niger Delta Avengers has claimed on Twitter that it attacked a gas and crude oil pipeline belonging to state oil firm NNPC despite the presence of government troops guiding the facilities. “At 11:45pm on Thursday @NDAvengers blew up other #NNPC Gas and Crude trunkline close to Warri,” Niger…

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DPR seals 10 illegal LPG gas plants in Abuja, environs

Feb 18, 2019

The Abuja zonal office of Department of Petroleum Resources (DPR) has commenced a crackdown of plants illegally selling liquefied petroleum gas (LPG) commonly called domestic or cooking gas within the Federal Capital Territory (FCT) and its environs as part of efforts to reduce the incident of gas explosion. LEADERSHIP Sunday can authoritatively report that at…

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Tender for NLNG Train 7 out in April – NCDMB

Feb 18, 2019

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said the Nigeria Liquefied Natural Gas Limited(NLNG) will issue Invitation to Tender (ITT) for the NLNG Train 7 project in April. In an interview, he said: “Efforts of NCDMB in ensuring that other projects come stream are ongoing. Total is…

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