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PIB: Jonathan, Diezani should not award oil blocs – El-Rufai

Jul 12, 2013

Former Federal Capital Territory ,FCT, Minister, Malam Nasir Ahmed El-Rufai, yesterday, said the powers of the President and Minister of Petroleum to award oil blocs should be curtailed. El-Rufai, who spoke at the final public hearing on the Petroleum Industry Bill, PIB, organised by the House ad hoc Committee on the PIB, said Nigerians should…

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NEITI, OPTS push for better PIB

Jul 12, 2013

The Nigeria Extractive Industry Transparency Initiative (NEITI) and the Oil Producers Trade Sector (OPTS) of the Lagos Chamber of Commerce and Industry Thursday threw their weights behind the Petroleum Industry Bill (PIB). The two critical stakeholders in the oil and gas industry hailed the bill as a step in the right direction, but picked holes…

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NLNG/NIMASA face-off: Depots run out of cooking gas

Jul 12, 2013

Major Liquefied Petroleum Gas (cooking gas) depots in Lagos, from where the product is loaded and transferred to other parts of the country, are now empty due to the lack of supply from the Nigerian Liquefied Natural Gas Limited. NLNG’s inability to supply cooking gas to the domestic market is because of the blockade of…

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Shell shuts down 150,000bpd Trans Niger Pipeline again

Jul 12, 2013

The Shell Petroleum Development Company of Nigeria Limited (SPDC) operated Joint Venture Thursday night said it had shut in the 24-inch Trans Niger Pipeline (TNP) as a result of a confirmed leak on the line at the Bomu-Bonny section at Owokiri. With the 28-inch TNP already shut for the removal of illegal oil theft connections,…

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SURE-P must produce practical result of subsidy money – Mark

Jul 12, 2013

Senate President, Senator David Mark, Thursday challenged the Subsidy Re-investment Programme (SURE-P) to produce what he described as practical evidence of the money realised from the part removal of subsidy in January 2012. Mark who made this statement Thursday while inaugurating an ad hoc committee on SURE-P in the National Assembly, said: “Anything short of…

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Naira gains marginally on NNPC Dollar sale

Jul 12, 2013

The naira advanced slightly against the United States dollar Wednesday due to the sale of the greenback by the Nigerian National Petroleum Corporation (NNPC). According to the Financial Market Dealers Association (FMDA), the naira leapt by 69 kobo to close at N161.1 to a dollar on the interbank market, slightly above the N161.80 to a…

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Court rules on NLNG/NIMASA case today, July 12

Jul 12, 2013

A Lagos Federal Court has fixed July 12 for ruling on the ongoing row between the Nigeria Liquefied and Natural Gas (NLNG) Limited and the Nigerian Maritime Administration and Safety Agency (NIMASA) over alleged failure to pay some statutory charges to the Federal Government. Justice Mohammed Idris will rule on two preliminary objections filed by…

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Why we can’t remit revenue to consolidated fund – NNPC

Jul 11, 2013

The Nigerian National Petroleum Corporation (NNPC) Wednesday said it had been unable to remit revenue to the Consolidated Revenue Fund (CRF) in the last four years because the corporation had suffered heavy losses during the said period. The corporation claimed it incurred operational losses to the tune of N384.9 billion between 2009 and 2011. But…

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FG seeks investors for $5bn East-North gas pipeline

Jul 11, 2013

The Federal Government is seeking for investors for the $5bn East-North gas pipeline transmission systems. The Nigerian National Petroleum Corporation, on behalf of the government, invited interested investors through an Expression of Interest to partake in the project. The NNPC Management, which signed the EOI document published in national dailies on Wednesday, said the project…

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Why Delta can’t claim Ibori’s $15m bribe – FG

Jul 11, 2013

The Federal Government on Wednesday gave reasons why the Delta State Government should not claim the $15m said to have been received by the Economic and Financial Crimes Commission from an  agent of  former  Governor James Ibori in 2007 as a bribe . The   Government said the state  had once   distanced itself from the sum …

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