PORT-HARCOURT REFINERY IS 50% COMPLETE AND TO BEGIN OPERATION IN MARCH 2023, NNPC ASSURES.
The Nigerian National Petroleum Company Ltd has said that the Port-Harcourt refinery is 50 percent complete and will begin operation by the end of the first quarter of 2023. The Chief Finance Officer of the Company, Umar Ajiya, made the revelation on Wednesday during an interview on Arise Newsnight. The NNPC Ltd secured a facility from the African Import-Export Bank in November 2021 to rehabilitate the 210,000 barrels per day Port-Harcourt Refinery. The project is expected to gulp $1.5bn as the state-owned company will also provide its equity …
FUEL QUEUES IN ABUJA AND LAGOS TO DISAPPEAR BY THE WEEKEND AS NNPC INTERVENES.
Whistler has intervened by providing marketers relief through affordable diesel. This is expected to cushion the negative impact of the challenges and ensure the supply of petrol into Lagos and Abuja. Findings also revealed that the NNPC has also extracted commitments for increased supplies into Abuja and Lagos, which would ease the queues within the next few days. The NNPC’s Executive Vice President, Downstream, Mister Adeyemi Adetunju, while speaking on the recent fuel queues at a news conference in Abuja on Tuesday, said “The recent queues …
FUEL CRISIS MAY LINGER TILL CHRISTMAS - IPMAN.
PMS popularly called petrol is usually on the rise during the Yuletide. He said people engage in a lot of intra and inter-state travels during this period, saying any slight hiccup in supply will lead to fuel scarcity. Adigun added that the shortage of daughter vessels was adversely affecting the turnaround time of petrol evacuation. Adigun explained that due to the shortage of the daughter vessels, it takes about one week for such a vessel to make a trip, thus compounding the challenges around petroleum distribution and evacuation. The IPMAN …
FEDERATION ACCOUNT ALLOCATION COMMITTEE (FAAC): RESILIENT AMID ZERO REMITTANCE FROM NNPCL.
Despite the zero revenue contribution of Nigeria National Petroleum Company Limited (NNPCL) into FAAC’s purse, the three tiers of government still had enough to share in the last eight months, Abdulwahab Isa reports. The Nigerian federation could flourish independent of oil revenue after all. Glimpses into the federation revenue basket, with nearly one year of Nigeria National Petroleum Company Limited, NNPCL, not remitting oil revenue to the Federation Account Allocation Committee (FAAC) proves a possibility of a flourishing economy devoid of…
NIGERIA TO FAST-TRACK THE COUNTRY'S INDUSTRIALISATION THROUGH GAS | Chief Timipre Sylva
The Minister of State Petroleum Resources, Chief Timipre Sylva has reiterated Nigeria’s readiness to use gas to help fast-track the country’s industrialisation agenda. Speaking at a dinner with the diplomatic community in Abuja, Sylva said that gas was the only single energy source that could help Nigeria diversify the economy. Sylva, in a statement on Wednesday by his Senior Adviser, Media, and Communication, Horatius Egua also said that gas was the sure way for Nigeria to bridge its energy gap. He said Nigeria had a proven gas reserve of 206…
ANXIETY OVER SACKING IN NNPC AS COMPANY DENIES MOVE.
The Nigeria National Petroleum Company (NNPC) Limited, yesterday, insisted that the company will not take the law into its hand by sacking staff. There were indications that thousands of staff at the newly transited company were being sacked, especially those who are redundant. NNPC spokesperson, Garba Deen Muhammad, told The Guardian last night that provisions of the Petroleum Industry Act (PIA) insisted that people will not lose their jobs as a result of the law, adding that the new company would not tamper with the law. He, however, hinted …
