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Oil gains more than $2 on possible Syria strike, Brent above $117

Aug 28, 2013

Oil rose more than $2 a barrel on Wednesday, with Brent pushing above $117 and the U.S. benchmark soaring to its highest in over two years, amid worries a possible military strike by Western powers against Syria could hit Middle Eastern crude supply. The United States and its allies have told the Syrian opposition to expect…

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Tanker explosion kills three in Ibadan

Aug 28, 2013

A tanker carrying petroleum product caught fire at Orogun junction along Iwo road-Ojoo expressway in Ibadan, the Oyo State capital on Tuesday, killing three people and injuring five others. The incident happened as the tanker was trying to off-load petroleum into another tanker near a filling station. It exploded after spilling petrol on the main…

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Federal Government, IOCs still at loggerheads over PIB

Aug 28, 2013

Stakeholders in the oil and gas industry were full of optimism when President Goodluck Jonathan presented the repackaged Petroleum Industry Bill, PIB, to the National Assembly in July 2012 at least for some reasons. First, the presentation made it for the nation to have only one authentic copy of the PIB in circulation. Before then,…

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Oil theft knocks Nigeria’s oil output to four-year low

Aug 28, 2013

Nigeria is suffering the worst wave of oil production disruptions in four years, with output falling to levels last seen before the government’s amnesty programme ended militancy in the Niger Delta, the Financial Times reported on Tuesday. Industrial scale oil theft, sabotage and technical problems, according to the report, have caused crude output to drop…

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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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