New Delhi-based petroleum company, Fox Petroleum Energy Trading Nigeria Ltd said it would soon commence its investment in the exploration and processing of crude oil in Nigeria. Mr. Kabo Sunday, the company’s Managing Director/Country representative (Nigeria), told the News Agency of Nigeria (NAN) in Abuja they would be investing billions of dollars in the Nigerian petroleum sector. Fox Petroleum, an oil company with keen interest in oil and gas sector, power generation and distribution, is in joint venture with Newpal Nigeria Ltd. He said the company, which has as its Chairman/Managing Director, Mr. Ajay Kumar, was already working with Federal…
Author: Pride Team
Global output growth remained weak in the second half of 2015 as evidenced by the decline in projected output growth to 3.1 per cent, lower than the 3.4 per cent recorded in 2014. The decline was attributed to the general slowdown in economic activities in emerging markets and developing economies, China’s rebalancing of economic activities away from investment and manufacturing to consumption and services, declining oil and other commodity prices and the gradual tightening of US monetary policy. Nigeria’s output growth declined to 2.47 per cent in the review period. Broad money supply increased, while the gross official reserves fell.…
Reprieve has come the way of importers whose containers were abandoned at the seaport as a result of Foreign Exchange challenges. The Central Bank of Nigeria (CBN) has consequently granted provisional approval for the clearance of the overdue containers at various seaports in the country. The overdue containers had been abandoned by their shippers due to forex issue. The CBN’s directive was sequel to a letter by the minister of Finance, Mrs. Kemi Adeosun dated March 18, 2016 and addressed to the Governor of the CBN, Godwin Emefiele, requesting for an approval by the apex bank to allow importers of…
Some roads in parts of Lagos state witnessed traffic snarl as Nigeria’s main trade union federation pressed ahead with a general strike, despite a court injunction against the action. The Nigeria Labour Congress (NLC) announced the strike after the government raised fuel prices by 67%. It is not immediately clear how widely the strike is being observed but public schools in Abuja and Lagos remained open. Banks, markets and many government offices were also open and there is heavy traffic on some roads in Abuja. Another union grouping, the Trade Union Congress, earlier said it was suspending strike action by its…
Unknown attackers have blown up a gas pipeline belonging to Italy’s ENI in the Niger Delta. Rueters reports that residents and the company confirmed the incident, which is the latest in a string of attacks on oil and gas facilities in the impoverished region. The attack occurred on Tuesday in Ogbembiri in Bayelsa state, residents said. A wave of attacks in the Delta, where many complain of poverty despite sitting on much of Nigeria’s oil wealth, has cut oil output to 1.4 million from 2.2 million barrels per day. “It is not clear if it is connected to militant activities…
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Lagos Chamber of Commerce and Industry (LCCI), has concluded plans to inaugurate its newly formed Mining and Solid Minerals Group. The inaugural meeting, which is scheduled to hold at the LCCI Conference and Exhibition Centre, is borne out of the urgent need to diversify the economy and encourage investment in the sector. Nike Akande, President of the Lagos Chamber of Commerce and Industry (LCCI) said: “the major reason for the creation of the LCCI Mining and Solid Minerals Group is to give operators in the sector a viable platform to engage the government and exchange ideas on the growth and…
Federal government plan concession arrangements with private investors to finance rehabilitation works in four of the country’s four major airports namely, Nnamdi Azikiwe International Airport, Abuja, Murtala Muhammed Airport, Lagos, Aminu Kano International Airport, Kano and the Port Harcourt International Airport. Also the Lagos-Calabar Railway project, which was at the centre of the face-off between the executive and legislative arms of government during the budget approval process, will be funded with N60 billion under the capital segment of the budget. Minister of budget and national planning, Senator Udoma Udo Udoma, gave the information while giving a breakdown of the 2016…
Iran has ramped up production quickly but the IEA still says the oil market is close to coming back into balance. The International Energy Agency said Thursday that higher than expected Iranian oil production has helped stabilize the global oil market by offsetting concerns generated by wildfires in Canada and violence in Nigeria. In its monthly report, the Paris-based IEA said oil output from OPEC countries rose to 32.7 million barrels a day in April, a figure boosted by Iran as its production increased faster than expected following the lifting of international sanctions earlier this year. The IEA is forecasting…
The Benin Electricity Distribution Company (BEDC) has introduced a new billing system and all customers under its network are being moved into the structure. The company in a statement made available to the Leadership at the weekend said that the new billing format had commenced for customers in Edo “effective March 2016,” for all Maximum Demand (MD) customers and all other categories of customers. BEDC said: “In order to provide better billing information to customers, BEDC has commenced migration to a new billing system named Electricity Billing Management System (EBMS). Effective March 2016, the new billing format commenced for all…