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The Lagos-based Dangote Refinery has started processing premium motor spirit (PMS), commonly known as petrol, as the Nigerian National Petroleum Company (NNPC) Limited is set to become the initial exclusive buyer of its products. This is according to a report by American media outlet, Reuters, on Monday. The report confirmed that the refinery is ready to roll
Nigeria was awash with news recently about the quantum leap in the quantity of fuel imports from Malta after revelations by Aliko Dangote, chairman of Dangote Petroleum Refinery. In 2023, Nigeria’s petroleum importation from Malta surged significantly to $2.08 billion, compared to zero between 2017 and 2022, and a mere $13.32 million in 2016.
The Port Harcourt Refining Company, a refinery under the management of the Nigerian National Petroleum Company Limited in Rivers State, has again failed to commence operations after about six postponements, The PUNCH reports. It was observed that promises made to Nigerians by the Federal Ministry of Petroleum Resources and NNPC about the refinery have continued to
Expose is trending because NNPC’s CEO Mele Kyari , who was accused of corrupt practices has hinted that when the time is right “they” will expose the people sabotaging Nigeria’s oil industry. Following Aliko Dangote brief exposé, Mele Kyari testified before a Senate ad-hoc committee investigating alleged economic sabotage in the oil and gas industry. Kyari
The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that the Nigeria National Petroleum corporation, NNPC limited no longer owns a 20% stake in Dangote Refinery. Dangote disclosed this during a media parley at the refinery on Sunday. The business mogul revealed that the Nigerian oil company now owns only 7.2% of
PRESS RELEASE NNPC Ltd Declares State of Emergency on Crude Oil Production …Calls for Collaboration to Reduce Production Cost In a move towards increasing Nigeria’s crude oil production and growing its reserves, NNPC Ltd has declared a state of emergency on production in Nigeria’s oil and gas industry. Group Chief Executive Officer of NNPC Ltd,
The delivery date for the completion of the $700m Obiafu-Obrikom-Oben gas pipeline project, popularly called OB3, has been shifted from March 2024 to August, as the Nigerian National Petroleum Company Limited announced its readiness to complete the facility. On February 28, 2024, The PUNCH reported that the Federal Government had declared that the project would
Alhaji Atiku Abubakar has demanded that Bola Tinubu’s administration owes Nigerians explanation to the NNPC emergency loan. Read his statements below : “Tinubu’s administration owes Nigerians an explanation for the NNPC $3.3bn emergency loan. In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August
The continuous upward climb of the foreign exchange in the country is heavily impacting on the downstream oil sector with many major marketers shutting down their fuel filling stations because of their inability to import the product. The Nigerian Midstream Downstream Regulatory Authority (NMDPRA) Chief Executive, Mr Farouk Ahmed, last week at the Oil Trading
So, according to the report, NNPC has secured a $3 billion loan from Afreximbank to stabilize the naira and support the foreign exchange market. The loan is said to be repaid with crude oil at an interest rate of 8-11%. They claimed that it will help Nigeria avoid seeking loans from the IMF and improve