Oil To Hit $200 Per Barrel Soon: SEB Group

“Why G7’s price capping proposal is a “recipe for disaster”   Oil prices are likely to soar past $200 per barrel if G7 manages to cap the price of Russian crude oil, according to chief commodities analyst at Swedish bank SEB Group. Bjarne Schieldrop, SEB analyst, said on Wednesday in no uncertain terms that the G7’s price capping proposal was a “recipe for disaster” given the current stress that the oil market is under. The G7 leaders agreed on Tuesday to study ways to cap the price of Russian oil…

Read More

BREAKING: Bridging Payment To Fuel Marketers Hits N74bn in 7 Months

Here, according NMDPA, is the breakdown of how much MOMAN members, IPMAN members, NNPC Rwtails and DAPPMAN members collected.   Payment of bridging claims to fuel marketers in Nigeria has hit N74 billion in just seven months Platforms Africa reports that the Nigeeia Midstream and Downstream Petroleum Regulatory Authority (NMDPA), which declared this in a statement maintained that so far, the Authority paid N71,233,712,991 bridging claims and another N2,736,179,950.84 freight differentials to the Marketers as at 6th June, 2022. READ ALSO: BREAKING: Buhari Hikes Fuel Freight Rate, Worsens Subsidy Burden…

Read More

All Nigeria’s Refineries Producing Zero Litre of Fuel – NNPC

Nigeria now depends 100% on crude swap + why no refinery functional in Nigeria at the moment, NNPC GMD opens up   Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Ltd, Mele Kyari, has said that no single litre of product is being produced from Nigerian refineries as no single refinery working at the moment in the country. Platforms Africa reports that Nigeria has four refineries with 445, 000 barrels daily cumulative capacity. Kyari disclosed the status of the refineries when he appeared before the House of…

Read More

Real Reason Cooking Gas Price Hits N12,000 Per 12.5kg – Marketers

Marketers absolve selves of blame, open up on what potfolio investors have to do with skyrocketing gas prices   The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has blamed ‘portfolio investors’ for the high cost of cooking gas. READ ALSO: Savannah Energy Begins First Gas Sales To Central Horizon Gas Company OML 21: Nivafer Delivers HP Skid For Shell Asa North Gas Project Cooking Gas Price Skyrockets To N12,000 Per 12.5Kg NNPC, Sahara Group invest $300m in gas The president of the association, Oladapo Olatunbosun, disclosed this on Tuesday…

Read More

Lagos Blames Eko DisCo Power Surge As Fire Guts Storey Building

The Lagos State government has blamed the power surge for the fire outbreak at 118 Broad Street, CMS area of the state. Speaking through the Parmanent Secretary, Lagos State Emergency Agency (LASEMA), Dr Olufemi Damilola Oke-Osanyintolu, the government said that a warehouse in the building was gutted by the fire “ignited as a result of power surge when electricity was restored.” Platforms Africa reports that the facility is being supplied by the Eko Electricity Distribution Company (EKEDC). In a statement made available to Platforms Africa, Oke-Osanyintolu added that Fortunately there…

Read More

Nigeria Dwarfs Education, Health Budget, Blows N2.84trn On Petrol Subsidy

INVESTIGATION: N2.84 trn spent on subsidy in 17 months doubles the N1.45 trn allocated for infrastructure in 2022 budget. It is over N700 bn higher than N2.1tr total budget for health and education. Here is Platforms Africa exclusive report on fuel subsidy and an economy in reverse gear   The Nigerian government has dwarfed the budget for three critical sectors of the economy – Education, Health and infrastructure – in 2022 fiscal year with the N2.84 trillion already spent on petrol subsidy in the last 17 months, investigation by Platforms…

Read More

Sahara Power Deepens Environmental Sustainability With gree’n’lectric

The launch of gree’n’lectric, a wholly digital publication dedicated to promoting environmental sustainability in the power sector, will bolster Sahara Power Group’s resolve to seeking environmentally relevant options and solutions in its operations, Ejiro Gray, Director, Governance and Sustainability, Sahara Group has said. Speaking at the launch of the publication at Egbin Power Plant, Gray said Sahara Power, a Sahara Group company which connects over 30 million homes to power in the nation, considers access to clean, safe, and reliable energy as critical goals of the organization. According to Gray,…

Read More

B’Haram: Over 10-Year Power Outage In Borno To End In 6 Weeks -Minister

    The Minister of Power, Engr. Abubakar Aliyu has stated that power supply will soon be restored to Maiduguri, Borno State, Northeast Nigeria. Platforms Africa reports that the state has, for over 10 years, been rocked by outage buoyed by attacks on power installations by Boho Haram terrorists. READ ALSO: I Am Angry With State of Nigeria’s Power Sector – Buhari Nigeria President Buhari Fires Power Minister, Mamman, over ‘inefficiency’ Multi-million dollars NNPC Maiduguri Power Project’s construction begins You’ll Enjoy Improved Power Supply From July 1, NERC Assures Nigerians Aliyu…

Read More

Major Marketers Open Up on Real Cause of Fuel Scarcity

MOMAN expresses fears over end to crisis, insists current supply framework cannot guarantee steady, consistent supplies to the country   The Major Oil Marketers Association of Nigeria on Wednesday opened up on the real cause the fuel scarcity rocking Nigeria just as it empathized with its customers as they continued to grapple with recurrent scarcity of Premium Motor Spirit (petrol) in various parts of the Country. Platforms Africa reports that Chairman of MOMAN, Olumide Adeosun, and the CEO/Executive Secretary of the group, Clement Isong, stated during a virtual press conference…

Read More

OML 21: Nivafer Delivers HP Skid For Shell Asa North Gas Project

Nigeria matching forward in local content development, NCDMB boss, Simbi wabote, pours eulogies on Nivafer over unveiling, load out of in-country fabricated High Pressure fuel gas skid for Shell Asa North gas project   Nivafer Engineering and Construction Limited on Wednesday delivered an in-country fabricated High Pressure Fuel Gas Skid for Asa North gas project, one of the largest greenfield gas condensate development projects being undertaken in Nigeria. The skid, which was unveiled, loaded out and delivered to Shell Petroleum Development Company (SDPC) at the Nivafer fabrication yard in Lagos,…

Read More