The Nigerian Electricity Regulatory Commission has imposed a fine of ₦1.69 billion on Abuja Electricity Distribution Company (AEDC) for overbilling customers. According to NERC, the fine is based on AEDC’s non-compliance with the commission’s previous order on capping estimated billing for electricity consumers. The penalty was contained in documented ‘Order NERC/2024/114’ issued by the commission. […]Read More
Libya’s crude oil exports are projected to fall by at least 300,000 barrels per day (bpd) in September, despite a modest recovery in production. Analysts at FGE have reported that Libya’s crude production has risen by around 200,000 bpd since the beginning of the month, now standing between 650,000 and 700,000 bpd. However, exports from […]Read More
Nigeria’s importation of Premium Motor Spirit (PMS), commonly known as petrol, reached an unprecedented N3.22 trillion in the second quarter of 2024, the highest figure ever recorded in the nation’s history. This information was revealed in the foreign trade report published by the National Bureau of Statistics (NBS). Petrol imports accounted for 25% of Nigeria’s […]Read More
The Grangemouth refinery, Scotland’s only crude processing facility, is set to close in the second quarter of 2025, its owners confirmed on Thursday, as the refinery has struggled to compete with the new complex facilities in Asia, Africa, and the Middle East. The Grangemouth refinery, which was opened by the predecessor of BP in 1924, […]Read More
The Nigerian National Petroleum Company (NNPC) Limited has sought a permanent presence at the Dangote Refinery as part of their ongoing crude supply agreement with the facility. This was disclosed by Devakumar V.G. Edwin, Vice President (Oil & Gas) of the Dangote Group, during an X Space yesterday. “NNPC has informed us that they intend […]Read More
President Bola Tinubu has approved N108 billion for the 36 states of the federation to tackle flooding, erosion and other natural disaster. This was made known on Wednesday by Vice President Kashim Shettima at the State House in Abuja, the nation’s capital. Receiving the Speaker of the House of Representatives Speaker Abbas Tajudeen, the Vice […]Read More
Germany’s power market is in the midst of a significant transition. Demand continues to fall despite normalizing prices, and retired coal and nuclear capacity mean the European giant is now heavily reliant on imports from its neighbors. But it’s not all bad news for the sector. Rystad Energy projections show Germany will surpass its policy […]Read More
For the first time since December 2021, Brent crude oil futures have slipped below $70 per barrel, marking a significant downturn driven by increased supply, declining demand, and a surge in speculative selling. Brent, the global oil benchmark, fell by 2.8%, while US West Texas Intermediate (WTI) crude also suffered a setback, down 42 cents, […]Read More
Nigeria’s average daily crude oil production saw a slight increase in August, rising to 1.352 million barrels per day (bpd), according to the Organisation of the Petroleum Exporting Countries (OPEC). This represents a modest gain of 45,000 bpd from the 1.307 million bpd recorded in July, based on direct communication with Nigerian authorities. However, data […]Read More
Dele Alake, Solid Minerals Development Minister, has hailed the $1 billion (N1.6 Trillion) new iron ore-to-steel project planned for Kogi State as a breakthrough in the Federal Government’s campaign to make local value addition the model of development in the solid minerals sector. Addressing the promoters- Chart and Capstone Integrated Limited of Nigeria and Sinomach-He […]Read More
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