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
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
…As Partners Eye JV’s 165,000 bopd Oil Production Target by Dec 2024 In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd. and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its […]Read More
The Organization of Petroleum Exporting Countries and Allies (OPEC+) will begin adding supply to the market in 2025, for the first time since 2022, Jim Burkhard, vice president of research at S&P Global Commodity Insights, said at the Asia Pacific Petroleum Conference (APPEC) on Monday. “We think in 2025 for the first time in a […]Read More
Japan’s Toyota Motor Corporation has drastically cut its electric vehicle production target by 30 percent compared to previous plans, on the back of the slower EV uptake globally, Nikkei reported on Friday. Toyota, one of the world’s biggest car manufacturers, now aims at rolling out 1 million EVs in 2026, down by 30 percent compared […]Read More
The Nigerian National Petroleum Company (NNPC) Limited has stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA). Speaking on TVC News’ “Journalists’ Hangout” show on Thursday, […]Read More
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