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PIB: NNPC faults Mitee on 13% derivation

Jul 8, 2013

The Petroleum Industry Bill (PIB) team of the Nigerian National Petroleum Corporation (NNPC) has faulted recent comments credited to the Chairman of the Nigerian Extractive Industries Transparency Initiative (NEITI), Mr. Ledum Mitee, that the PIB would deny oil-producing states the 13 per cent derivation they currently enjoy if the bill is passed into law. The…

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Why Nigerian banks are reluctant to finance oil projects – Expert

Jul 5, 2013

The Managing Director, Intelligent Flow Stations Limited, Babs Oyeneyin, has explained why banks are reluctant to finance oil and gas projects. Their reluctance is informed by the lack of meaningful structure or business framework to guarantee safety of funds for execution of such projects, he said. Oyeneyin, who spoke at a forum in Lagos, said…

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N’Delta may no longer enjoy 13% derivation – Mitee

Jul 5, 2013

The Chairman, Nigeria Extractive Industries Transparency Initiative, Mr. Ledum Mitee, has said the Niger Delta region will no longer enjoy the 13 per cent derivation that accrues from Company Income Tax if the current Petroleum Profit Tax is replaced with the Nigerian Hydrocarbon Tax as proposed in the Petroleum Industries Bill. He also said the…

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FG, oil sector stakeholders resolve to prevent future strikes

Jul 5, 2013

In a move aimed at promoting industrial harmony, the federal government and stakeholders in the oil and gas sector have adopted a 12- point resolution to address issues which led to the recent strike and forestall future occurrences. The meeting which held at the NNPC Towers Wednesday, was jointly conveyed by the ministers of petroleum…

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Oil theft: Unions give FG 60-day ultimatum

Jul 5, 2013

Workers in the oil and gas industry have issued a 60-day ultimatum to the Federal Government to ensure security for all oil and gas installations, especially product pipelines in the country. The workers, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria and Nigerian Union of Petroleum and Natural Gas…

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Heritage Oil refinances Nigerian oilfield

Jul 5, 2013

Shoreline Natural Resources Limited, a special purpose private Nigerian company formed between a subsidiary of Heritage Oil Plc, listed in the United Kingdom, and a local Nigerian partner, Shoreline Power Company Limited, has successfully completed the refinancing of its existing bridge loan facility for Nigerian Oil Mining Lease (OML) 30. Heritage Oil, an independent upstream…

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ExxonMobil, IPEA partner on environmental awareness

Jul 4, 2013

The Ibom Programme on Environmental Awareness, an initiative of the Akwa Ibom State Ministry of Environment & Mineral Resources in partnership with ExxonMobil, has held a training workshop for advocacy team members in Uyo, Akwa Ibom State. The one-day training was designed to empower IPEA personnel to enlighten people at motor parks, schools, abattoirs, restaurants…

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NEITI lauds judgment ordering Mobil to pay $83.4m tax

Jul 4, 2013

The Nigeria Extractive Industries Transparency Initiative on Sunday praised the recent judgment by the Tax Appeal Tribunal ordering Mobil to pay $83.4m as tax to the Federal Inland Revenue Service. The tribunal recently ordered the oil giant to pay its Education Tax liability to the federation for the year 2008. A statement by the Director,…

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Expert flays oil sector’s $680bn loss to corruption

Jul 4, 2013

The Chief Executive Officer, BOk Development Limited, Mr. Adekunle Disu, has condemned the loss of $680bn annually to corruption in the oil and gas sector due to sharp practices. Disu, who described the situation as appalling, however, expressed optimism that the colossal loss could be effectively checked if government imbibed the political will to tackle…

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India now Nigeria’s biggest crude oil buyer

Jul 4, 2013

India High Commissioner in Nigeria, Mr Mahesh Sachdev, on Wednesday,  said that the Indian government now leads the United States  in the purchase of crude oil from Nigeria. He disclosed this during a courtesy call on Niger State Governor, Babangida Aliyu, at the government house in Minna. He said  recent statistics showed that India had…

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