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Nigerian oil sales slow as uncertainty surrounds DSDP.

May 12 2017
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Nigerian oil sales slow as uncertainty surrounds DSDP. Punch Online

Trade of Nigerian crude oil has slowed with offers not meeting buying interest and uncertainty remains over the nation’s direct sale of crude oil and direct purchase of products’ programme for 2017.


A short-list of winners emerged for the swaps but final contracts have yet to be signed, Reuters quoted sources as saying.


Total was said to have sold a cargo of Bonga to Cepsa loading at the end of May, while ExxonMobil was still offering a cargo of Usan loading at dated Brent minus 50 cents, loading June 25-26. It originally offered the cargo last week.  Read more


Some power firm managers award inflated contracts to relatives –Fashola. Punch Online

The Minister of Power, Works and Housing, Mr. Babtunde Fashola, on Monday alleged that the managers of some power distribution firms were awarding inflated contracts to their relatives.


He also threatened to sanction the firms for their continued inability to deliver on agreed terms.


While condemning the recent statements by the firms, a visibly angry Fashola declared that the power firms had failed in many aspects.  Read more


FG: Discos Don’t Have Exclusivity Over Distribution Areas. Says it can invoke its rights as shareholder, blacklists ANED. Thisday Online

The federal government on Monday said that it did not grant exclusive operational rights to the 11 electricity distribution companies (Discos) in their areas of operation when it privatised the distribution assets in 2013.


It also said that none of the Discos could claim such exclusive rights on any of the distribution areas, except they can guarantee their ability to consistently provide electricity services to the areas.


Following from this, the government, which also accused the Discos of frequently instigating industrial disharmony in the country’s electricity sector, stated that their opposition to “eligible customers” clause declaration was unlawful and unfair.  Read more


TCN gets $1.5bn to finance power transmission projects.  Vanguard Online

The Transmission Company of Nigeria (TCN) has secured about $1.5 billion dollars from donor agencies to finance power transmission projects in Ogun State and other parts of the country.


The Managing Director of the company, Mr. Usman Gur Mohammed, disclosed this during a courtesy visit to the state Governor, Senator Ibikunle Amosun, in his office in Abeokuta.


According to him, “TCN would require land in places, such as, Lukosi, in Abeokuta; Redemption Camp and Mountain of Fire Ministries area, along the Lagos-Ibadan Expressway corridor as well as Ajegunle, very close to Agbara and Arigbajo axis.  Read more


OPEC engages non-OPEC members, consumers to stabilise oil market. as oil prices leap to $49 per barrel.  Vanguard Online

The Organisation of the Petroleum Exporting Countries (OPEC) has opened discussions with non-OPEC members as well as consumers to achieve stability in the global oil market.


The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, disclosed in an interview with Bloomberg Television that OPEC has started to engage non-OPEC members, including the United States to stabilise the market.


He also said that it would be impossible for OPEC to achieve stability in the world market without the cooperation of other stakeholders.  Read more


FG to Unveil New Investors for NNPC’s Refineries. Thisday Online

The federal government will in September this year, reveal the new investors that will manage the state-owned refineries – Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemicals Company (WRPC), and Kaduna Refining and Petrochemicals Company (KRPC), the Minister of State for Petroleum, Dr. Ibe Kachikwu has said.


Speaking recently in Houston, Texas, Kachikwu explained that the country now has sizeable willing investors for the refineries, adding that by September 2017, the successful investors would be made public.


“When we came on-board, the refineries were not working but as we speak, we have sizeable investment portfolio for them to an extent that we don’t know who to partner with for the investment. By September, we will unveil the investors for the refineries,” the minister said.  Read more

Last changed: May 12 2017 at 4:08 PM