$280m solar projects: Investors mull 70% debt-financing

Seventy per cent of financing for $280 million solar power projects in Nigeria will be executed through debt. GreenWish Partners, a Paris- based independent power producer stated this. The company, according to its prospectus, is expected to start producing electricity in the first quarter of next year. Chief Executive Officer of the company, Charlotte Aubin- Kalaidjian, had earlier said that a plant in the southeastern state of Enugu would produce 100 megawatts, while the company will build two others of 50 megawatts each in the northern Kaduna and Jigawa states….

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Fuel price hike through back door?

Many Nigerians pay more than N145 per litre official price for premium motor spirit (PMS) also known as petrol. Adeola Yusuf reports how the Federal Government’s hide-and-seek game on full deregulation brought price hike in through the back door.     The National Bureau of Statistics (NBS), in its latest petroleum products price watch for last February did not only show disparity in prices of petrol across the states, it also revealed how the question: “How much is petrol sold in Nigeria?” is difficult to answer. Yobe, a state in…

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How Total, Chevron’s pull out grounds $12m project

The withdrawal of Total, Chevron and Addax has grounded exploration activities for over 500 million barrels of crude oil reserves stranded in the Nigeria – São Tomé and Príncipe Joint Development Zone (JDZ) project. Over the years, the venture has proved to be a drainpipe, as it said to be running a hefty yearly budget of $12 million. While Total pulled out from Block 1 in August 2013, previously abandoned by Chevron in 2010, another oil company, after drilling two new wells in 2013, announced in July 2013 that the…

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Firm plans to cut power supply deficit by 1,500MW

An indigenous firm, Century Power, has reaffirmed its commitment to boosting Nigeria’s electricity generating capacity by 1,500 megawatts (MW). This, the company said in a statement, was upon completion of its proposed power generation plant (Century Power Generation Plant) in Okija, Anambra State. The company added that the plant would be built in three phases, the first being 495MW, expected to be completed in 2020. The company quoted it’s Managing Director, Dr. Chukwueloka Umeh, to have averred in a panel discussion at the MIT Energy Conference in the United States,…

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Oil falls as investors cut bullish bets on worries over US output

Oil fell on Monday as investors continued to unwind bets on higher prices after record cuts last week because of concerns that growing U.S. oil output could hamper an OPEC-led deal on production reductions. Benchmark Brent crude futures were down 31 cents at $51.45 a barrel by 1409 GMT. U.S. West Texas Intermediate (WTI) crude futures fell by 52 cents to $48.26. “Speculative investors have thrown in the towel, it seems. We’ve got record selling in the week ending March 14 and the bleeding has not stopped yet,” said Carsten…

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FG seeks amendment of $406.8m suit against Shell

For the second time, the Federal Government, Monday sought for an amendment of a $406.8 million suit it filed against Shell Petroleum Development Company of Nigeria Ltd and its subsidiary, Shell Western Supply & Trading Limited over alleged crude oil theft at the Federal High Court in Lagos. In the suit marked FHC/L/CS/336/16, being handled by Justice Mojisola Olatoregun, the Federal Government through its lawyer, Prof. Fabian Ajogwu (SAN), is claiming the sum of $406.8 million from the defendants, representing the shortfall of money paid into its account with the…

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