Business & Finance

OPEC daily basket price stood at $108.36 a barrel Monday, 26 August 2013

Aug 27, 2013

The price of OPEC basket of twelve crudes stood at 108.36 dollars a barrel on Monday, compared with $108.25 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 (Iraq),…

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Nigerian naira flat, oil firm dollar sales support

Aug 27, 2013

Nigeria’s naira closed broadly flat against the U.S dollar on the interbank market on Monday as two multinational oil companies sold about $107 million to some lenders. The unit ended flat at 161.48 naira to the greenback on the interbank, after weakening to 162 naira during intra-day trade. It closed at 161.45 naira on Friday.…

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AFC, Nigerian banks provide funds for N34bn Ughelli plant acquisition

Aug 27, 2013

Africa Finance Corporation and three Nigerian banks — United Bank for Africa Plc, First City Monument Bank Plc and Fidelity Bank — yesterday, stated that they committed a total of US$ 215 million (N34.4 billion) in form of a debt financing facility, for the acquisition of Ughelli Power Plc. Ughelli Power Plc is a gas…

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FG risks $185bn loss over the next 10 years from PIB – Exxon Mobil boss

Aug 26, 2013

Nigeria risks losing $185bn within 10 years as higher taxes proposed by a new law will deter investments in the country’s oil industry, an association of energy companies including Exxon Mobil, has said. The nation’s oil production may slump by 25 per cent from 2.4 Million barrels a day if the Petroleum Industry Bill is…

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Oil theft, other factors lead to revenue shortfall in July

Aug 23, 2013

The Federation Account Allocation Committee Thursday deducted N115 billion from the Excess Crude Account (ECA) to make up for revenue shortfall for July. The withdrawal leaves the ECA at about $5.1 billion. Also, a total statutory revenue of N715.84 billion was shared among the three tiers of government for July. This came as the federal…

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How $1bn power sector Eurobond will be spent – DMO

Aug 23, 2013

The $1billion Eurobond meant for public power supply stabilisation in Nigeria will not only be tied to the envisaged projects, but also closely monitored to win investors’ confidence. This was disclosed yesterday, by the Director General of Debt Management Organisation (DMO), Dr. Abraham Nwankwo, in Calabar, the Cross River State capital. In an interview shortly…

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FG may have raked in N358.04bn from PHCN asset sales

Aug 22, 2013

All things being equal, the Federal Government may have raked in about $2.238 billion or N358.045 billion from the sale of 15 Power Holding Company of Nigeria, PHCN, successor companies, which transaction deadline ended, Wednesday. The amount represents 7.18 percent of the national budget of N4.987 trillion in 2013, making it the biggest privatisation sales…

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Crude oil trade movements for North Sea, Mediterranean and West Africa

Aug 22, 2013

Royal Dutch Shell Plc, Gunvor Group and Vitol Group failed to sell North Sea Forties crude for a second day. Total SA (FP) bought Russian Urals at a discount to Dated Brent, the first trade below the benchmark since June 7. Nigeria raised its September official selling price for all grades, the Nigerian National Petroleum…

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OPEC daily basket price closed at $107.06/b on Tuesday 20th August 2013

Aug 21, 2013

The price of OPEC basket of twelve crudes stood at 107.06 dollars a barrel on Tuesday, compared with $107.83 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…

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Nigeria’s debt/GDP ratio moves to 35%, edges closer to fiscal ceiling

Aug 21, 2013

Following the upsurge in borrowings by the federal and state governments, the Asset Management Corporation of Nigeria (AMCON) and public agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria’s public debt to GDP ratio has moved to 35 per cent, only 5 per cent short of the fiscal ceiling of 40 per cent, a…

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