Oil & Gas

Kerosene subsidy: NNPC denies flouting presidential order

Feb 10, 2014

The Nigerian National Petroleum Corporation (NNPC) has absolved itself of blame for flouting any presidential directive to discontinue the subsidy on kerosene as alleged by the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi. THISDAY had exclusively obtained and reported the presidential directive given by the late President Umaru Musa Yar’Adua in…

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‘Why DPR can’t seal defaulting fuel outlets permanently’

Feb 9, 2014

The Department of Petroleum Resources (DPR) has explained its perceived inability to permanently seal off every filling station involved in sharp practices in the dispensing of petroleum products to their customers. The regulatory subsidiary of the Nigerian National Petroleum Corporation (NNPC) said despite having enough evidence that numerous filling stations often cheat unsuspecting customers through…

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Confusion over retention of kerosene subsidy

Feb 9, 2014

The failure by the Nigerian National Petroleum Corporation (NNPC) to implement a presidential directive removing the subsidy on kerosene has created confusion among the various stakeholders in the downstream sector, fueling suspicion over the continued retention of kerosene in the Petroleum Support Fund (PSF), THISDAY has gathered. During his presentation last Tuesday at the Senate…

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New directives stall fuel discharge at ports

Feb 9, 2014

Fears were raised at the weekend that the current bottlenecks faced by fuel importers at the point of products discharge at the port may lead to fuel crisis in days ahead. The development coincided with the warning of Major Oil Marketers Association of Nigeria (MOMAN) that the failure of the Ministry of Petroleum Resources to…

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FG to earn N2.7tn from oil blocks

Feb 9, 2014

Proceeds from the sale of oil blocks in the country are expected to hit $16.5bn (N2.7tn) by December as the International Oil Companies continue to divest their stakes of shallow water assets. Already, Shell, Chevron, Total and Agip have sold parts of their stakes in the Nigerian oil and gas industry, raking in $6.7bn. This…

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NNPC completes repairs of Escravos-Lagos gas pipeline

Feb 9, 2014

The Nigerian National Petroleum Corporation (NNPC) has completed repair of the Escravos-Lagos gas pipeline, ending almost seven months of gas supply outage caused by vandalisation of the pipeline in Delta State. According to a  statement  issued by the management of the corporation, almost 200mmcf/d of gas is now being re-instated into the grid. “This will…

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Angst as kerosene business booms in aviation fuel market

Feb 7, 2014

Indications emerged yesterday that some petroleum marketers have continued to sell Dual Purpose Kerosene (DPK) to airlines in Nigeria as aviation fuel, otherwise known as JET A1 despite warnings from the relevant authorities against such act. The illicit act has been identified as being responsible for the high cost of kerosene in the country and…

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Oando targets N100bn annual earnings

Feb 7, 2014

The Group Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, Thursday told stockbrokers on the trading floor of the Nigerian Stock Exchange (NSE) in Lagos that the ConocoPhillips (COP) Nigerian assets would boost its earnings before tax to N100 billion yearly. Giving an update on the Oando’s bid to acquire the COP assets in…

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NNPC contains fire outbreak at its Kaduna Refinery

Feb 7, 2014

The Nigerian National Petroleum Corporation (NNPC) Thursday said that a fire incident that earlier broke out at the truck park of its  Kaduna Refinery has been brought under control. It said in a statement in Abuja that the fire which consumed two tankers and also led to injuries for two persons was swiftly controlled, adding…

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Nigeria consumed 39.66m barrels of petrol in 2013 – PPPRA

Feb 7, 2014

The Petroleum Products Pricing Regulatory Agency (PPPRA) Thursday stated that the total amount of petrol consumed in Nigeria last year (2013) was 39.66 million barrels. PPPRA also noted that the consumption figure was a lot different from the 60.20 million barrels consumed in 2012 and which it paid out subsidies for in line with the…

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