A group of energy advocates and socio-economic activists has condemned the collapse of the Port Harcourt Refining Company, just weeks after the Nigerian National Petroleum Company Limited (NNPCL) claimed it had been restreamed. Eko Hot Blog reports that the Energy Reforms Advocates and Socio-Economic Activists, led by Dr. Thomas Zion Godknows, at a press conference … Read more
Ondo South Senator, Jimoh Ibrahim, has revealed that President Bola Tinubu is poised to integrate Artificial Intelligence (AI) into Nigeria’s security framework in 2025 to combat rising insecurity. Speaking on Channels Television’s Politics Today on Wednesday, Senator Ibrahim emphasized that AI and advanced technology would bolster efforts to track and neutralize criminals, including bandits, kidnappers, … Read more
Crude oil refiners and Operators in Nigeria’s downstream sector have pointed to dollar-denominated charges on locally refined petrol as a major factor behind the higher cost of locally produced fuel compared to imported Premium Motor Spirit (PMS). Data from the Major Energies Marketers Association of Nigeria (MOMAN) revealed that as of December 5, 2024, the … Read more
The House of Representatives on Wednesday directed its Committees on Finance and Petroleum (Upstream and Downstream) to investigate reports from the Revenue Mobilisation Allocation and Fiscal Responsibility Commission alleging that the Nigerian National Petroleum Company Limited (NNPCL) withheld ₦8.48 trillion as claimed subsidies for petrol. EDITOR’S PICKS Japa: Russia Opens Doors to Migrants Amid Workforce … Read more
The Nigerian National Petroleum Commission (NNPC) has attributed the delay in the much-anticipated take-off of the Port Harcourt Refinery to unforeseen challenges encountered during its rehabilitation, describing the project as a complex brownfield operation. EKO HOT BLOG reports that speaking on Monday, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, stated that the company had achieved … Read more
Oil marketers disclosed on Friday that the Dangote Petroleum Refinery’s price for Premium Motor Spirit (PMS), commonly known as petrol, is between N1,015 and N1,028 per liter, depending on purchase volume. In response, marketers announced plans to import petrol and sell it at a lower price than both the Dangote Refinery and the Nigerian National … Read more
President Bola Ahmed Tinubu convened with the implementation committee for crude oil and refined products sales in local currency to evaluate the progress of using the naira for crude sales to local refineries. The committee, led by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, held a strategic review meeting at … Read more
The National Petroleum Authority of Ghana (NPAG) has announced plans to import refined petroleum from Nigeria’s Dangote Refinery to bolster energy security and strengthen regional cooperation. Speaking at the 2024 OTL Africa Downstream Energy Week in Lagos, Dr. Mustapha Abdul-Hamid, CEO of NPAG, said this collaboration would reduce Ghana’s dependence on higher-cost imports from Rotterdam, … Read more
The Dangote Petroleum Refinery has received four cargoes of crude oil from the Nigerian National Petroleum Company Limited (NNPCL) under a naira-for-crude agreement, according to both refinery officials and the Federal Government. These deliveries, made over the past three weeks, are part of a larger initiative where NNPCL supplies crude to local refineries in exchange … Read more
Nigerian oil company Oando Plc has been shortlisted by the Trinidad and Tobago government as one of three finalists to acquire the state-owned Petrotrin refinery. The announcement was made by Trinidadian Finance Minister Colm Imbert during the presentation of the national budget on September 30, 2024. The defunct Petrotrin refinery, located in Pointe-a-Pierre, has … Read more
The landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has significantly decreased to N981 per litre, as reported by the Major Energies Marketers Association of Nigeria (MEMAN) on Thursday. This reduction marks a substantial drop from the previous price of around N1,130 per litre observed in recent weeks, reflecting a decline of … Read more
The Nigerian National Petroleum Corporation (NNPC) Limited has requested dedicated office space for around 10 of its employees at the Dangote Refinery as part of an agreement related to crude oil supply. During a Twitter Spaces event titled “Unlocking How Dangote Refinery Shapes Price,” Devakumar V.G. Edwin, Vice President of Oil & Gas at Dangote … Read more
Assuming no unforeseen circumstances, Dangote Refinery is expected to make its first delivery of refined premium motor spirit, pms, to the Nigerian market by September 2024. The Federal Government has also announced that sales of crude oil to Dangote and other local refineries will begin on October 1, 2024. To address concerns about pump prices … Read more
Wale Edun, the Minister of Finance and Coordinating Minister of the Nigerian Economy, has announced that the federal government will start selling crude oil to Dangote and other local refineries in Naira beginning October 1, 2024. Edun revealed this at the second meeting of the implementation committee on the transition to Naira-based crude oil sales, … Read more
EKO HOT BLOG reports that the Nigerian government aims to save $7.32 billion annually following President Bola Tinubu’s directive that the Nigerian National Petroleum Company Limited (NNPC) sell crude oil to local refineries in Naira. This announcement, made by Zacch Adedeji, Special Adviser on Revenue, came after the Federal Executive Council (FEC) meeting chaired by … Read more
President Tinubu is in Saudi Arabia where he has met with global business leaders. Some of the leaders he met were two Samsung bosses. The Nigerian leader pitched Nigeria as the best destination in terms of value for money. Eko Hot Blog reports that President Bola Tinubu says Nigeria’s investment environment operates on the principle … Read more
Eko Hot Blog reports that Crude oil price on Monday increased to $87 per barrel — highest since October 2023. Brent crude increased by 0.56 percent to $87.54 a barrel while US West Texas Intermediate (WTI) crude rose 0.79 percent, to $83.83 percent, at 20.00 WAT. Editor’s Picks Naira Maintains Streak, Appreciates To 1,250/$ JUST … Read more
Federal Government explores new methods for crude oil transport, opting for trucks and barges over pipelines. Aim is to reduce delays and losses from pipeline disruptions and theft. Upstream Petroleum Regulation stresses collaboration to ensure safe operations. EKO HOT BLOG reports that the Federal Government is exploring innovative methods to transport crude oil, opting for virtual … Read more
Eko Hot Blog reports that President Bola Tinubu has approved the appointment of Dennis Otuaro as the Administrator of the Presidential Amnesty Programme (PAP). The President made the appointment known in a statement issued by his spokesman, Ajuri Ngelale, in Abuja on Thursday. According to the statement, the President hopes that Otuaro will bring … Read more
EKO HOT BLOG reports that President Bola Tinubu has ordered the Central Bank of Nigeria (CBN) to take over the responsibility for crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL). This online media platform gathered that the move was to show transparency and accountability as NNPCL over the years has maintained sole control … Read more