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SWF to invest in capital market, aviation sector

Sep 15, 2013

Managing Director of the Nigerian Sovereign Investment Authority, NSIA, Mr. Uche Orji, has said that the authority was looking at investing in Monoline insurance, securities, health and aviation sectors of the economy. Speaking at the Securities and Exchange Commission, SEC, Eminent Speakers’ Series held in Abuja on Friday, he said each of the components which…

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EFCC arrests oil subsidy fraud suspect on court premises

Sep 15, 2013

The Economic and Financial Crimes Commission (EFCC) yesterday in Lagos arrested a fuel subsidy fraud suspect, Seun Ogunbambo, who was recently declared wanted by the commission after failing to appear for his trial. He was picked up at the premises of a Lagos High Court in Igbosere where he was to appear before Justice Olabisi…

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Oil spill: Bodo community reject Shell settlement offer

Sep 15, 2013

Negotiations between Shell and Nigerian residents affected by two oil spills in 2008 failed to reach a compensation deal Friday, with residents’ lawyers calling the oil giant’s settlement offer “insulting.” Talks began on Monday in Port Harcourt, the oil hub in southern Nigeria’s Niger Delta region, with representatives of about 15,000 residents from Bodo, a…

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Federal Government inaugurates subsidy payment committee

Sep 15, 2013

The Federal Government has constituted a seven-member Pan-industry Committee to explore ways of resolving the lingering dispute between the Ministry of Finance and petroleum products marketing and trading companies over delays in payment of subsidy reimbursements. The Committee which represents different players in the downstream petroleum industry, is to be chaired by the Executive-Secretary of…

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Trade Minister inaugurates oil, gas forum committee

Sep 15, 2013

Minister of State for Industry, Trade and Investment , Dr Samuel Ortom has inaugurated the technical committee for the 2013 oil and gas trade and investment forum billed for October at the Onne Oil and Gas Free Trade Zone. The minister disclosed that the Federal Government is committed to the principles of the free trade…

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$10bn investments opportunities exist in oil, gas sector yearly – GM Brass LNG

Sep 15, 2013

Over $10 billion worth of investments opportunities exist for young professionals in the midstream Nigeria’s oil and gas sector, the General Manager, Public Affairs, Brass Liquefied Natural Gas, BLNG, Lawrence Cobham, has said. Speaking during the first Oil and Gas Retreat in Lagos with the theme: ‘Opportunities for Indigenous Youth Entrepreneur in the Oil Sector,’…

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Midwestern Oil condemns attack on its facilities in Delta

Sep 13, 2013

The management of Midwestern Oil and Gas has condemned the attack on its facilities earlier in the month by armed youths in the host community of Umusadege Commnity in Ndokwa West Local Government Area of Delta State. In a statement signed by the company secretary, Mr Chris Omoru, the company lamented the inhuman treatment meted…

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OPEC daily basket price stood at $109.40/b on Wednesday 11th September 2013

Sep 12, 2013

The price of OPEC basket of twelve crudes stood at 109.40 dollars a barrel on Wednesday, compared with $109.26 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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Oil price: Brent steady after two-day fall

Sep 12, 2013

Brent crude futures held steady above $111 per barrel on Wednesday, after falling more than four per cent  in the past two days as fears eased of an imminent strike against Syria, www.upstreamonline reported. The United States President Barack Obama vowed on Tuesday to explore an initiative from Russia to neutralise Syria’s chemical weapons, but…

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OPEC daily basket price stood at $109.26/b on Tuesday 10th September 2013

Sep 11, 2013

The price of OPEC basket of twelve crudes stood at 109.26 dollars a barrel on Tuesday, compared with $111.39 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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