Business & Finance

OPEC daily basket price stood at $106.76 a barrel Monday, 21 October 2013

Oct 22, 2013

The price of OPEC basket of twelve crudes stood at 106.76 dollars a barrel on Monday, compared with $106.54 the previous Friday, 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), Iran Heavy (Islamic Republic of Iran), Basra Light…

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How volatile oil prices hinder Nigeria’s rating-Fitch report

Oct 22, 2013

Global rating agency, Fitch Ratings said at the weekend that Nigeria’s chances of a rating upgrade are constrained by weak governance, low per capita income and vulnerability to oil price volatility. However, Fitch, in its latest report, affirmed Nigeria’s long-term foreign and local currency, Issuer Default Ratings, IDR, and senior unsecured bond ratings at ‘BB-’…

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As GE’s investment showcases US interest in Nigeria

Oct 22, 2013

With General Electric now playing a major role in the advancement of Nigeria’s Industrial sector and the overall economy, Crusoe Osagie writes that the United States now appears ready to contend with nations like China and India in reaping the attractive returns in Nigeria’s difficult operating environment Apart from the major oil companies Mobil and…

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Forte Oil records N3.2bn profit in nine months

Oct 22, 2013

Forte Oil Plc (formerly African Petroleum Plc), one of Nigeria’s foremost indigenous major marketer of refined petroleum products has declared profit before tax of N3.2 billion for the nine months ended September 30, 2013, showing an increase of  258 per cent above N900 million in the corresponding period of 2012. The unaudited results showed a…

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Fidelity Bank supports FG’s power reforms

Oct 22, 2013

Fidelity Bank Plc has said it will continue to support the federal government’s power sector reforms by being actively involved in the financing of various Independent Power Projects (IPPs) in the country. The bank said the decision came out of the realisation that millions of lives were usually touched by the success of any power…

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Naira firms up on moderate Dollar demand

Oct 22, 2013

The naira firmed against the United States dollar at both the bureaux de change (BDC) and parallel market segments Monday as a result of moderate demand for the greenback. The nation’s currency maintained its worth at the BDC and parallel markets where it closed at N162 to a dollar and N163 to a dollar respectively.…

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OPEC daily basket price stood at $106.54 a barrel Friday, 18 October 2013

Oct 21, 2013

The price of OPEC basket of twelve crudes stood at 106.54 dollars a barrel on Friday, compared with $107.02 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), Iran Heavy (Islamic Republic of Iran), Basra Light…

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We did not seize Capital Oil – AMCON

Oct 21, 2013

The confusion that followed the takeover of Capital Oil and Gas Industries Ltd by the Asset Management Corporation of Nigeria (AMCON) has been laid to rest with the clarification on the issue by Mustafa Chike-Obi, the Managing Director/CEO of AMCON. The AMCON MD “AMCON has not taken over Capital Oil but is managing it for…

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Investors scramble for oil stocks

Oct 18, 2013

Investors returned to the stock market yesterday with renewed optimism about the prospects of quoted equities. Trading resumed yesterday at the Nigerian Stock Exchange (NSE) after a two-day public holiday to celebrate Eid-ul-Kabir, Muslim’s largest festival. The market mood was bullish as investors scrambled for petroleum-marketing stocks and other highly capitalised stocks. Four out of…

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FG generated N6.6 trillion in 8 months

Oct 18, 2013

The federal government generated a total of N6.611 trillion between January and August 2013, a report has shown. However, the amount represented a decline by 12.5 and 10.7 per cent below the budget estimate for the period and the receipts in the corresponding period of 2012, respectively. Of this amount, oil receipts represented 71.9 per…

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