Business & Finance

Investors to take over NDPHC plants by June 2014

Jun 21, 2013

Successful investors will take over the 10 National Integrated Power Plants in June 2014, the Bureau of Public Enterprises has said. The Director-General, BPE, Mr. Benjamin Dikki, said this to prospective investors at a roadshow in Hong Kong, according to a statement on Thursday by the Head of Public Communication at the privatisation agency, Mr.…

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FEC approves N420bn contract for development of Onne Port

Jun 21, 2013

The Federal Executive Council (FEC) has approved a 2.8 billion dollars (about N420 billion) contract for the development of the Onne Oil and Gas Free Zone in Port Harcourt, through concession. The Minister of Information, Labaran Maku, made this known when he briefed State House correspondents on the outcome of the Council’s meeting presided over…

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WorleyParsons shares rise on Nigerian oil deal

Jun 19, 2013

Shares in mining engineer WorleyParsons are up three per cent after a South Korean shipbuilding giant awarded it a $US100 million ($A105.97 million) offshore oil and gas contract in Nigeria. The news comes a month after a profit downgrade saw its shares plunge to a four-year low. Samsung Heavy Industries (SHI) awarded WorleyParsons a design…

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FG inaugurates GE’s $1bn power facility in Cross River

Jun 19, 2013

The Federal Government, Tuesday, flagged-off the construction of the General Electric’s (GE’s) $1 billion (about N160 billion) multi-model power manufacturing and services facility in Calabar, Cross River State. Specifically, the investment, which involved $250 million capital expenditure and over $800 million incremental spending on local sourcing of goods and services, would create 2,300 jobs and…

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Lekoil plots offshore OML 113 acquisition

Jun 18, 2013

Junior explorer Lekoil announced Tuesday that it is planning to acquire a 6.5-percent participating interest in the OML 113 block, offshore Nigeria, for $30 million. The OML 113 block is located in the Benin Embayment along the West African Transform Margin adjacent to the OPL 310 block, in which Lekoil has a 30-percent economic interest.…

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Local banks determined to fund investors on power projects

Jun 17, 2013

Banks in Nigeria have resolved to join in funding interested local investors of the 10 National Integrated Power Projects (NIPP) when the privatisation exercise commences by federal government . The banks made the resolve at the last Bankers’ Committee meeting that took place at the Central Bank of Nigeria (CBN) headquarters in Abuja, last week.…

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Shell laments inability of Nigerian banks to finance major oil transactions

Jun 17, 2013

The Shell Nigeria Exploration and Production Company (SNEPCO) has lamented that all companies that purchased its recently divested interests in the country drew funds from banks abroad to pay for their transactions. Commercial Integration and Business Value Manager at SNEPCO, Mr Taaj Shobayo, disclosed this at an interactive Deepwater Workshop with energy correspondents in Lagos,…

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Samsung Heavy wins $3bn FPSO platform order from Nigeria

Jun 13, 2013

South Korean shipbuilder Samsung Heavy Industries said Thursday it had won a $3.0 billion order to build a giant offshore oil storage platform in Nigeria. Under the deal, the shipbuilder will construct the floating platform used to store and process oil, which will begin operations in 2017, Samsung said in a statement. The Floating Production…

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FG Woos European Investors on 80% Interest in NIPP Plants

Jun 13, 2013

The federal government Wednesday wooed European investors to acquire 80 per cent stakes in 10 power stations built under the National Integrated Power Project (NIPP), assuring them of maximum support in ensuring the success of electricity business in the country. The Road Show to kick-start the international investment drive for the divestment of government stakes…

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Jonathan orders recovery of $9.6bn underpayment from oil companies

Jun 12, 2013

President Goodluck Ebele Jonathan has directed all agencies affected by the audit reports of Nigerian Extractive Industries Transparency Initiate (NEITI) to recover the outstanding $9.6 billion uncovered by the audit exercise in the oil and gas sector. The President, who gave the directive during a visit by the board and management of NEITI at the…

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