Business & Finance

Eni sees profits drop during first half of the year

Aug 2, 2013

Italian company Eni saw profits drop during the first half of the year as lower oil prices and production hit revenue. Eni posted a net profit of €1.8 billion ($2.4 billion) for the first half of the year, down 52.7% on the €3.8 billion booked during the first six months of 2012. The fall in…

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OPEC daily basket price closes at $104.97/b

Aug 1, 2013

The price of OPEC basket of twelve crudes stood at 104.97 dollars a barrel on Wednesday, compared with $104.92 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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Shell profits eroded by rising costs, oil theft in Nigeria

Aug 1, 2013

Rising costs and a surge in oil thefts in Nigeria, among other factors, hit Royal Dutch Shell’s second quarter profits, a result that outgoing chief executive Peter Voser called “disappointing”. Shell said it took a $700 million hit for Nigeria thefts – which it said cost Nigeria itself $12 billion a year – and for…

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OPEC daily basket price closes at $104.92/b

Jul 31, 2013

The price of OPEC basket of twelve crudes stood at 104.92 dollars a barrel on Tuesday, compared with $105.21 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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NNPC’s Duke Oil records 290% increase in crude revenue from trading

Jul 31, 2013

The Nigerian National Petroleum Corporation, NNPC’s, involvement in international crude trading has over time recorded substantial increase in volume and revenue, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said. Alison-Madueke disclosed at the 2013 ministerial platform to underscore the ministry’s scorecard as part of the mid-term achievement of President Goodluck Jonathan administration, that…

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FG set to begin online registration of businesses; expands 24 hour business registration across country

Jul 31, 2013

The Ministry of Industry, Trade and Investment  has said it has concluded plans to ensure that Nigerians in Diaspora and foreigners planning to register their businesses in the country can do so online from any part of the world in the next two months. The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said…

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New oil discoveries threaten Nigeria’s revenue, LCCI warns

Jul 30, 2013

The Lagos Chamber of Commerce and Industry (LCCI) has warned that new oil discoveries across various countries pose threats to the nation’s revenue. The President, LCCI, Mr. Goodie Ibru, explained that the United States of America, which is a major importer of Nigeria’s crude oil, is already devising means and methods towards becoming a net…

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OPEC oil export revenue hit $982bn in 2012 – EIA

Jul 30, 2013

Members of the Organisation of Petroleum Exporting Countries (OPEC), excluding Iran, recorded about $982 billion, or five per cent increase in net oil export revenue in 2012, according to recent estimates of the United States Energy Information Administration (EIA). The Western energy watchdog noted that the amount was estimated to be the largest level over…

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Okonjo-Iweala queries NNPC GMD over unremitted funds• As NEITI presents oil, solid minerals audit report

Jul 30, 2013

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Monday verbally queried the Group Managing Director, Nigerian National Petroleum Corporation, Mr. Andrew Yakubu, over the non-remittance of over $8bn into the Federation Account. The minister, who was the keynote speaker at the public presentation of the 2009 to 2011 oil and gas physical and process audit…

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OPEC daily basket price close at $105.10/b

Jul 29, 2013

The price of OPEC basket of twelve crudes stood at 105.10 dollars a barrel on Friday, compared with $105.28 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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