Category: Oil & Gas

NNPC, MOMAN, DAPMAN Team Up Against Fuel Queues

ADEOLA YUSUF

The Major Oil Marketers Association of Nigeria (MOMAN) has assured the Nigerian public that its members are working with the regulatory Authorities and the Nigerian National Petroleum Company Limited (NNPC) towards a resolution of the current fuel crisis. Platforms Africa reports that a statement signed by MOMAN Chairman, Olumide Adeosun, stated that MOMAN subject-matter experts are active contributors to the technical and commercial committees set up by the regulatory Authorities to re-stock fuel supplies, resolve the blending of contaminated products and identify losses suffered by customers, operators and third parties.…

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Why, How Test Did Not Discover Off-Spec Petrol At Nigerian Depots – NNPC

ADEOLA YUSUF

Kyari Assures Fuel Queues’ll Vanish in Few Days as House C’ttee Vows To Handle Erring PMS Suppliers   The Nigerian National Petroleum Company Limited (NNPC) has given reason the off-spec Premium Motor Spirit (PMS), also known as petrol, was not discovered through test at the depots. Platforms Africa reports that the Chief Executive Officer (CEO) of the NNPC, Mallam Mele Kyari, who said this during a meeting with the members of the House Committee on Petroleum (Downstream), maintained that the “reason why tests did not reveal methanol presence was because…

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Oil Price Charges at $100 Per Barrel, Rallies At 8-Year High

ADEOLA YUSUF

Oil prices rallied more than 2% on Wednesday, resuming its upward path as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine. On Monday, both benchmarks hit their highest since September 2014, with Brent touching $96.78 and WTI reaching $95.82. Russia’s threatening posture has dominated oil markets for several weeks, with concerns that supply disruptions from the major producer in a tight global market could push oil prices to $100-a-barrel. “The market remains extremely tight and prices had been on an upward trajectory prior…

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We Need N2.557trn For Fuel Subsidy in 6 Months, Buhari writes Senate

ADEOLA YUSUF

President Muhammadu Buhari has written the Senate, seeking approval of a supplementary budget of N2.557trn to cover subsidy on petroleum products from June to December 2022. Platforms Africa reports that President Buhari’s letter was read on Tuesday during plenary by the President of the Senate, Senator Ahmad Lawan. The amount approved for subsidy on Petroleum products from January to June was N443 billion and with the present request, the total amount stands at N3 trillion. Indications that the President would submit the supplementary budget emerged on Tuesday, January 25, when…

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Petrol Sells for N250 per litre As Scarcity bites Harder

ADEOLA YUSUF

. Succor Underway as 300 million litre petrol-laden Vessels commence product’s discharging in Lagos . Black marketers record business booms while filling stations ‘run out of fuel”   Two vessels laden with 300 million litres of Premium Motor Spirit (PMS), known as petrol, which arrived at Lagos ports, have started to discharge the product, Platforms Africa reports, just as hardship caused by off-spec product supply bite harder. The vessels, Platforms Africa gathered, arrived on Tuesday at ASPM jetty Ijora and Wednesday at Pinnacle jetty, Apapa, area of Lagos, Nigeria’s commercial capital.…

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‘Brittania-U, A Member of Our Consortium, Imported Off-Spec Petrol’ — Emadeb-led Group

ADEOLA YUSUF

A consortium led by Emadeb Energy Services Limited has said that its member, Brittania-U, is responsible for the recent importation of off-spec petrol in the country. The Nigerian National Petroleum Company (NNPC) had named the consortium among the suppliers that brought in methanol-blended petrol from Belgium. The consortium comprises four companies namely Emadeb, Hyde, Ay Maikifi and Brittania-U. However, in a statement on Thursday, three members of the consortium (Emadeb/Hyde/Ay Maikifi) said the importation was done solely by its fourth member — Brittania-U. The companies said they needed to provide…

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How Oando, MRS, Duke, Emadeb Imported adulterated Fuel From Belgium – NNPC

ADEOLA YUSUF

NNPC releases more damning data on the names of the vessels and load ports in Antwerp-Belgium from where the four oil trading firms shipped in contaminated fuel into the Nigerian Market. You lied, Oando, MRS fight back   The Nigerian National Petroleum Company (NNPC) Limited has given details of how four oil trading firms allegedly imported adulterated Premium Motor Spirit (PMS) also known as petrol from Belgium. Platforms Africa reports that the the affected suppliers accused of importation of the off-spec product under the Direct-Sale-Direct-Purchase (DSDP) are MRS, Oando, Duke…

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JUST IN: How NNPC Raked In $1.84bn From Oil, Gas Exports In One Year

ADEOLA YUSUF

The Nigerian National Petroleum Company (NNPC) Limited has given details of how it posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021. Platforms Africa reports that a breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that export of crude oil amounted to $7.77million while gas and miscellaneous receipts stood at $65.26 million and $151.26million respectively. Total crude oil and gas export receipt for the period of August 2020 to…

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EXCLUSIVE: Yes, Off-Spec Petrol In Circulation, Marketers Open Up

ADEOLA YUSUF

The oil marketers have exclusively confirmed to Platforms Africa that unspecified volume of off-spec Premium Motor Spirit (PMS) also known as petrol was imported into Nigeria. National Operations Controller of Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, who disclosed this in an exclusive interview with Platforms Africa, maintained that this off-spec product is being mopped-up and this effort has caused dislocation in the supply chain. Platforms Africa, known for its leadership in breaking news and investigative journalism, broke the news of fuel queues on Sunday, over 24 hours before…

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Meet Steven Fadeyi, Corporate Lawyer Pan Ocean Newly Appointed GMD

ADEOLA YUSUF

Dr. Festus Fadeyi becomes Chairman, Dr. Jason Fadeyi, the Group Vice Chairman as oil company unfolds succession plan Nigeria’s leading indigenous energy, oil & gas company, Pan Ocean Oil Corporation, has named a new Group Managing Director, Mr. Steven Fadeyi. Platforms Africa reports that the announcement was made in a statement signed by the Group Chairman, Dr. Festus Fadeyi who emphasised that the implementation of the succession plan is in line with Pan Ocean’s vision to deliver sustained returns to all stakeholders. READ ALSO: Oil Minister, Marketers Meet over N3trn…

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