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FG may have raked in N358.04bn from PHCN asset sales

Aug 22, 2013

All things being equal, the Federal Government may have raked in about $2.238 billion or N358.045 billion from the sale of 15 Power Holding Company of Nigeria, PHCN, successor companies, which transaction deadline ended, Wednesday. The amount represents 7.18 percent of the national budget of N4.987 trillion in 2013, making it the biggest privatisation sales…

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Crude oil trade movements for North Sea, Mediterranean and West Africa

Aug 22, 2013

Royal Dutch Shell Plc, Gunvor Group and Vitol Group failed to sell North Sea Forties crude for a second day. Total SA (FP) bought Russian Urals at a discount to Dated Brent, the first trade below the benchmark since June 7. Nigeria raised its September official selling price for all grades, the Nigerian National Petroleum…

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OPTS disputes Nigeria’s daily crude oil theft figures

Aug 22, 2013

Members of the Oil Producers Trade Section (OPTS) have said the current figures bandied around as Nigeria’s daily crude oil loss to theft, owing to illegal bunkering activities in the Niger Delta region was inaccurate. It said  Wednesday in Abuja that Nigeria’s actual crude oil loss to theft had for a while hovered around 49,000…

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OPEC daily basket price closed at $107.06/b on Tuesday 20th August 2013

Aug 21, 2013

The price of OPEC basket of twelve crudes stood at 107.06 dollars a barrel on Tuesday, compared with $107.83 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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Nigeria’s debt/GDP ratio moves to 35%, edges closer to fiscal ceiling

Aug 21, 2013

Following the upsurge in borrowings by the federal and state governments, the Asset Management Corporation of Nigeria (AMCON) and public agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria’s public debt to GDP ratio has moved to 35 per cent, only 5 per cent short of the fiscal ceiling of 40 per cent, a…

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Alison-Madueke, Nebo, others to meet on Thursday, August 22, over PIB

Aug 21, 2013

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, Minister of Power, Prof. Chinedu Nebo, lawmakers, top officials and regulators in the oil and gas industry will converge on Lagos on Thursday to chart course for the passage of the Petroleum Industry Bill (PIB) and other issues. The event, which is the yearly August conference of the National…

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Oando reduces total debt by 18%

Aug 21, 2013

Oando Plc  has  announced an overall debt reduction  in the last twelve months from N289 billion to N236 billion, indicating a difference of N53 billion. According to a statement by  the company, the reduction was achieved through the active restructuring activities the Group has embarked on over the last 12 months, even as it has…

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Conoil Plc records profit of N1.6 Billion at half year

Aug 21, 2013

Conoil Plc has said it recorded 255 per cent increase in profit after tax from N450.9 million in 2012 to N1.6 billion at as half year-ended June 30, 2013. The company added the performance demonstrated its resilience to overcome the overwhelming challenges in the downstream oil sector. It declared a whopping N1.98 billion as profit…

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Navy parades four suspected pirates in Lagos

Aug 21, 2013

The Nigerian Navy on Tuesday paraded four suspected sea robbers who had allegedly hijacked a barge (huge boat) MV Crow, on August 14, 2013 at Escravos River located on the Gulf of Guinea. The PUNCH had reported that the men of the Nigerian Navy killed some sea robbers during a 30-minute gun duel on August…

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RMAFC Commissioner wants states, LGs to diversify revenue base

Aug 21, 2013

A Commissioner in the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Alhaji Saidu Fawu, has urged states and local governments to diversify their resource bases to reduce over-dependence on federal allocations. Fawu, who represents Gombe State at the commission, said this when he addressed newsmen in Gombe on Saturday.He spoke on the forthcoming August 19,…

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