New owner mulls Mobil’s re-entry into aviation fuel business

New owner of 60 per cent shares in Mobil Producing Nigeria (MON), NIPCO Plc, is mulling the re-entry of the company into aviation fuel business. Group Managing Director, NIPCO Plc, Mr Venkataraman Venkatapathy, who declared this during the closing gong ceremony organised by the Nigerian Stock Exchange (NSE) at the weekend, maintained that the deal would also increase production of Mobil brand of lubes. This came as Chief Executive Officer, Nigeria Stock Exchange (NSE), Mr Oscar Onyema, stated that investors’ confidence has received a boost by the N90 billion acquisition…

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FG shifts Forcados, Bonga’s re-opening date to June, July

The Federal Government has announced new dates for re-opening of two major oil and gas installations in Nigeria-Bonga Floating Production Storage and Offloading (FPSO) and Forcados line. Minister of State for Petroleum resources, Dr. Ibe Kachikwu, who said this in a report, stated that Forcados would reopen in June and Bonga in July. Shell, operator of Bonga, had earlier said that the facility would re-open by April. The shutdown of these facilities have impacted the crude production in Nigeria as over 225, 000 barrels of oil is shut-in on Bonga…

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NIPCO reviews business models for $90bn MON deals

Indigenous firm, NIPCO Plc has reviewed business models for Mobil Oil Nigeria (MON), a company it now has 60 per cent stake in through the N90 billion acqusisition of ExxonMobi downstream assets. This, spokesperson for the company, Lawal Taofeeq said in a statement, formed part of the board meeting of the company in Lagos, where vital business and strategic decisions were taken. The N90 billion deals on NIPCO’s takeover of ExxonMobil downstream assets in Nigeria had last Monday led to the re christening of over 250 Mobil filling stations nationwide….

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Q1 : Corruption, epileptic power taint sector

Nigeria’s energy space was still rattled by old ugly incidents of corruption allegations, production deficit and power epilepsy in the first three months of 2017, reports ADEOLA YUSUF     The last couple of statements issued by the Nigerian National Petroleum Corporation (NNPC) showed that all is not yet well with the Nigeria’s energy industry. From the discovery of missing millions of petrol litres worth N11 billion allegedly at the depot of the Capital Oil and Gas Limited to the caveat emptor issued by the corporation on imminent explosion and…

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How to solve power challenges, by KD Electric

Managing Director of Kaduna Electric, Garba Haruna, has listed ways to address multifaceted challenges confronting power sector. He advocated reductions in the cost of electricity generation through reduction in the cost of gas; Central Bank of Nigeria (CBN)’s intervention through provision of low interest finance to the participants in the Nigerian Electricity Supply Industry and subsidising of electricity to residential customers. Haruna gave these suggestions while granting audience to the House of Representative Committee on privatisation and commercialisation during the latter’s oversight visit to the company in Kaduna . A…

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High revenue : IEA dashes Nigeria’s hope

The International Energy Agency (IEA) has dashed hope of high crude price by Nigeria, declaring that the glut in the global market would neutralise supply cut by the Organisation of Petroleum Exporting Countries (OPEC). Nigeria, Africa’s biggest crude exporter, is banking on supply cut by OPEC for its members as one of the factors needed to push oil price out of its low marks. The IEA does not, however, expect a major increase in global oil prices despite efforts by OPEC and non-OPEC members to reduce output.Executive Director of the…

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