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Sanusi justifies diversification of Nigeria’s reserves

Sep 10, 2013

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, Monday justified the central bank’s decision to diversify the country’s reserve base from the United States dollar by investing in China’s Renminbi, saying the move had paid-off two years after. He said Renminbi, also known as Yuan had since been appreciating in…

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PENGASSAN serves strike notice over insecurity

Sep 10, 2013

The Petroleum and Natural Gas Senior Staff Association of Nigeria has threatened to go on strike if the Federal Government does not intervene in the increasing level of insecurity in the Niger Delta. PENGASSAN, which condemned the recent killing and abduction of oil workers in the Niger Delta, wrote to President Goodluck Jonathan asking him…

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Brent falls by more than 1% as traders reclaim risk buy

Sep 10, 2013

Brent crude oil futures fell more than 1% on Monday as concerns of an imminent strike on Syria eased, and traders reduced positions taken amid fears of supply disruption in the Middle East. US President Barack Obama will give a televised address to the nation on Tuesday, making the case for intervention. “Brent is coming…

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OPEC daily basket price stood at $112.10/b on Friday 6th of September 2013

Sep 9, 2013

The price of OPEC basket of twelve crudes stood at 112.10 dollars a barrel on Friday, compared with $111.47 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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Former militant leader accuses JTF of having high stake in stolen crude

Sep 9, 2013

Ex – Niger Delta militant, Ebikabowei Victor Ben, aka Boyloaf has explained reason behind the unending oil theft in the Niger Delta region, alleging that between 75 and 80 per cent of  cases of stolen crude, especially in Bayelsa State were perpetrated by the Joint Task Force (JTF. He however justified the stealing of crude…

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Navy arrest suspected 10 oil thieves in Bayelsa, impound vessel

Sep 9, 2013

The Nigerian Navy on Sunday in Yenagoa announced that it has impounded an oil vessel with a 10-member crew, including a Cameroonian national over alleged oil theft. A statement by the Central Naval Command said the captain of the vessel could not tender relevant documents when he was apprehended. The vessel was impounded offshore Brass…

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SURE-P empowers 1,080 persons in Niger Delta – Coordinator

Sep 9, 2013

Zonal Coordinator, Delta South Senatorial District of the Subsidy Reinvestment Programme (SURE-P), Alhaji Isa Clark, says the programme has empowered 1,080 poor people in the Niger Delta. Clark said this in an interview with the News Agency of Nigeria (NAN) in Asaba. He said that the 1,080 persons were empowered under the Community Services Women…

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PENGASSAN petitions Jonathan over crude oil theft

Sep 9, 2013

Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has petitioned President Goodluck Jonathan, urging him to personally intervene in the alarming crude oil theft and pipeline vandalism in the country, to save the nation’s economy from collapse. PENGASSAN in the petition through its General Secretary, Bayo Olowoshile, said oil workers were becoming very…

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Oil theft, poor electricity supply hurt GDP growth in Q2 2013

Sep 9, 2013

Supply disruptions in the oil sector as a result of pipeline vandalism remained a significant challenge to the sector’s contribution to economic output in the second quarter of 2013. The non-oil sector also slowed as a result of poor electricity supply despite sustaining the nation’s economy in the second quarter. Data released by the National…

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Dangote’s oil refinery loan has seven-year tenor – Banking sources

Sep 9, 2013

The $3.3 billion syndicated loan secured by Dangote Industries last week to build a 400,000-barrel per day oil refinery and petrochemical plant is said to have a seven-year pay back period. A banker who was part of the negotiation disclosed this, saying that Dangote Group may have to work extra hard to meet the payment…

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