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NNPC declares N12bn trading surplus

Mar 18, 2019

The Nigerian National Petroleum Corporation, NNPC, yesterday, declared a trading surplus of N12.13 billion in its financials for December 2018. In a statement on its Monthly Financial and Operations Report for December 2018, signed by its Group General Manager, Group Public Affairs Division, the NNPC said its positive financial performance in the month under review…

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Samsung has transformed Nigeria into FPSO construction hub – NCDMB

Mar 18, 2019

The Nigerian Content Development and Monitoring Board (NCDMB) has declared that Korean shipbuilding giant, Samsung Heavy Industries (SHI) has transformed Nigeria into a hub for fabrication and integration of Floating Production Storage Offloading (FPSO) unit in Africa. Speaking to journalists in Lagos on the local content milestones in Nigeria’s oil and gas industry, the Executive…

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Twelve ships berth at Lagos ports with petrol, others

Mar 16, 2019

Twelve ships carrying various products have arrived at Apapa and Tin-Can Island ports, waiting to berth, the Nigerian Ports Authority said in its daily publication on Wednesday in Lagos. The shipping position of the NPA is a document that shows the volume and types of cargoes that are brought into the country on a daily…

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One killed, five kidnapped in pirate attack offshore Nigeria

Mar 14, 2019

Pirates armed with machine guns attacked an offshore support vessel offshore Nigeria last Saturday, kidnapped five men, and escaped. A Nigerian navy guard was killed in the attack. According to a piracy report by ICC Commercial Crime Services (CCS), a division of International Chamber of Commerce, pirates armed with machine guns in two speed boats…

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Vetiva, CFAL, AGFWA partner to finance green energy projects in Nigeria

Mar 14, 2019

Vetiva Capital Management Limited has signed a Memorandum of Understanding(MoU) with Climate Finance Advisory Limited (CFAL) and the African Guarantee Fund West Africa (AGFWA) on the Green Energy Fund (GEF) Programme. The programme seeks to leverage available public and private sector credit funds to facilitate access to, and flow of, flexible funding / finance to…

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Eland Oil & Gas announces new accordion facility and increased borrowing base

Mar 14, 2019

AIM-listed Eland Oil & Gas, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has announced a new accordion facility and increased borrowing base. In November 2018, the Company announced that it had successfully refinanced its existing reserve-based lending facility (the ‘RBL Facility’) with a new…

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NIMASA seeks amendment to Nigeria’s crude oil trade terms

Mar 14, 2019

The Nigerian Maritime Administration and Safety Agency, NIMASA, said it is focused on ensuring that the nation’s crude oil trade terms are changed from the present Free on Board, FOB to Cost Insurance Freight, CIF. Disclosing this in Benin over the weekend, Director-General of NIMASA Dakuku Peterside, said in a bid to create enabling ground…

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Buhari declines assent to NOSDRA Amendment Bill

Mar 14, 2019

President Muhammadu Buhari has declined assent to the National Oil Spill Detection and Response Agency Amendment Bill 2018 recently passed by the national assembly. His decision to reject the bill was conveyed in a letter dated January 17 and addressed to Senate President Bukola Saraki, who read it at the start of plenary on Wednesday.…

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Sixteen LNG vessels to berth at Onne Port

Mar 12, 2019

No fewer than sixteen Liquefied natural gas (LNG) vessels are expected to berth in Onne Port Complex this week in Rivers State Ten of the vessels would discharge imported cargo – containers, general cargo, drilling fluid and inballast, while six vessels would export 364,000 tons of Liquefied Natural Gas (LNG) and Butane to other countries…

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FSDH calls on FG to remove subsidy, adjust electricity tariff to expand economy

Mar 12, 2019

Following the conclusion of the Presidential election, FSDH Research believes there are pressure points in the Nigerian economy that the Federal Government must quickly address in order to stimulate broad based and strong inclusive growth. At its monthly media briefing at the weekend, the Head of FSDH Research, Ayodele Akinwumi, notes that the Nigerian economy…

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