The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has forecast that Nigeria will emerge as a full-fledged petroleum exporting country within the next two years. This optimistic projection comes in the wake of the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) announcement of a significant milestone—the licensing of 83 refineries nationwide, boasting […]Read More
The newly appointed leadership of the Nigerian National Petroleum Company (NNPC) Limited has outlined an ambitious strategy to attract sectoral investments totalling $30 billion by 2027, with a long-term goal of reaching $60 billion by 2030. The state-owned energy giant is also setting its sights on increasing Nigeria’s crude oil output to over 2 million […]Read More
The Federal Government, through the Ministry of Finance, has confirmed that the Naira-for-crude arrangement with local refiners, including the Dangote Refinery, is still in place. The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters. In a statement […]Read More
President Bola Tinubu has sacked Mele Kyari as Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited and appointed Bashir Bayo Ojulari as his replacement in a sweeping overhaul of the state-owned oil company. In a related move, Tinubu also dissolved the NNPC Limited Board, removing Chairman Pius Akinyelure and all board […]Read More
President Bola Ahmed Tinubu has approved an extension of Mrs. Kemi Nanna Nandap’s tenure as the Comptroller-General of the Nigeria Immigration Service (NIS) through December 31, 2026. This was disclosed in a statement issued on Monday by Bayo Onanuga, Presidential Spokesperson, he said, “Mrs Nandap began her career in the Nigeria Immigration Service on October […]Read More
The price of Premium Motor Spirit (PMS) popularly known as petrol at the pump has reportedly risen to between N930 and N970 per litre in parts of Lagos and its outskirts, up from the previous rate of N865 per litre. It was observed on Sunday that filling stations around Lagos have changed their pump price […]Read More
Crude oil prices surged to a three-week high earlier today, driven by the latest U.S. oil inventory data from the American Petroleum Institute (API) and expectations of a tighter market due to Washington’s intensified sanctions on Iran and Venezuela. At the time of writing, Brent crude was trading at $73.13 per barrel, while West Texas […]Read More
With 585 GW of capacity additions, renewables accounted for over 90% of total power expansion globally in 2024. Â Â Renewable Capacity Statistics 2025 released by the International Renewable Energy Agency (IRENA) today shows a massive increase in renewable power capacity during 2024, reaching 4 448 gigawatts (GW). The 585 GW addition last year indicates a 92.5% […]Read More
The shutdown of Shell’s 147,000 barrels per day Wesseling refinery, coupled with a power unit failure at the Miro refinery, has intensified demand for oil product barges on the Rhine this week. However, low water levels have significantly increased freight rates. Heating oil prices in the Cologne region have been on the rise since mid-March, […]Read More
Nigeria, Africa’s most populous nation, became the continent’s fifth-largest solar installer in 2024, boasting a total installed capacity of 73 megawatts (MW), according to a recent industry report. This growth is attributed to the removal of petrol subsidies, which has accelerated solar adoption in a country where residential and off-grid systems are predominant. The Nigerian […]Read More
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