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FG signs N78bn MoU with Chinese firm

Aug 28, 2013

The Federal Government on Tuesday signed a N78bn ($500m) Memorandum of Understanding with the Xian Electric Engineering Company Limited of China for the execution of transmission projects in the power sector. The N78bn, a loan obtained from the China Exim Bank, will be used for the construction of power transmission infrastructure across the country. The…

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Dangote’s plans for financing refinery, petrochemical project

Aug 28, 2013

Dangote Industries Limited (DIL) is set to sign a $3.3 billion term loan agreement with a consortium of local and foreign banks on September 4 in Abuja for the construction of a 400,000 barrels per day (b/d) refinery, petrochemical and fertiliser complex that will cost the Nigerian conglomerate $9.05 billion to construct. Confirming this Tuesday,…

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Federal Government makes N304bn from sale of power assets

Aug 28, 2013

An estimated N304.82 billion ($1.957 billion) was paid into the coffers of the federal government last week when 14 of the preferred bidders who won the bids for the successor generation and distribution companies created from the unbundling of Power Holding Company of Nigeria, PHCN, finally paid up 75 per cent of the transaction value…

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Nigerian Navy kills 6 pirates, injures one

Aug 28, 2013

The Commander, NNS Jubilee, Akwa Ibom, Commodore Isaac Ogbole, on Tuesday said the joint patrol teams of Nigerian Navy – NNS Jubilee and NNS Victory, Calabar,  killed six pirates and injured one . Ogbole said this in Ikot Abasi, Akwa Ibom while briefing newsmen on the activities of the command. He said that local fishermen…

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DESOPADEC has failed us – Itsekiri group

Aug 28, 2013

Itsekiri, under the aegis of Save Itsekiri Group, SIG, have alleged that Delta State Oil Producing Areas Development Commission, DESOPADEC, has failed them. The group said that although the Itsekiri nation received the highest allocation among the oil-producing areas, based on oil production quota, it was the least developed. In a statement by Mr. Johnson…

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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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Nigeria incurs huge costs on imported oil equipment

Aug 27, 2013

Nigeria is spending a fortune on the importation of oil and gas equipment because of the poor state of local market. At an energy forum in Lagos last week, participants said the country spends billions of dollars on the importation. Among the participants are Executive Secretary, Nigerian Content Development and Monitoring Board, Ernest Nwapa, the…

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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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NNPC confirms petroleum spillage in Lagos suburb

Aug 27, 2013

Nigerian National Petroleum Corporation, NNPC, yesterday, confirmed the oil spillage at Ejigbo area of Lagos State which occurred in the early hours of Saturday, saying two samples of the leakage had been taken for laboratory test to ascertain the true nature of the spill. The spillage was discovered in a well belonging to one Mr.…

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NCDMB fund hits $200m, commits N2bn to construction of fabrication yards

Aug 27, 2013

The Nigeria Content Development and Monitoring Board, NCMDB, said it currently has over US$200 million in its Fund, to promote the execution of projects in the oil and gas sector in areas such as fabrication, manufacturing, and training of local talents. The Executive Secretary of the Board, Mr. Ernest Nwapa, who disclosed this also, hinted…

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