The Nigerian Content Development and Monitoring Board (NCDMB) has secured approval to launch a US$50 million fund for NOGAPS Manufacturing Product Line. This fund would be dedicated to companies that would operate in the Nigerian Oil and Gas Parks and engage in the manufacturing of equipment components used in...
The Nigerian National Petroleum Company (NNPC) Limited posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021. A breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that export of crude...
The Senate Committee on Petroleum Resources (Upstream) has commended the Nigerian National Petroleum Company Limited (NNPC Ltd) for repositioning the Nigerian oil and gas industry into a competitive business environment. The Chairman of the Committee, Senator Bassey Albert Akpan, gave the commendation when he led members of the Committee on...
The Federal Government has announced the suspension of the planned removal of fuel subsidy until the time was ripe. Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed announced this shortly after a meeting with the Minister of Petroleum Resources, Chief Timipre Sylva and the leadership of the...
African Petroleum Producers Organisation (APPO) has said that the establishment of Dangote Oil Refinery will bring about a 36 per cent reduction in the importation of petroleum productions into the continent. Besides, the organisation expressed a belief that the success of Dangote Refinery project could incentivise the rise of similar...
As the Federal Government commenced full implementation of the Petroleum Industry Act (PIA) in earnest, the new legislation has been tipped to provide business opportunities that will enable the Nigerian National Petroleum Company Limited (NNPC) earn more revenue for the country. Chief Executive Officer (CEO) of the company, Mallam Mele...
The Centre for the Promotion of Private Enterprise (CPPE), an economic advocacy group, has identified Dangote Petroleum Refinery as one of the key expected drivers of growth that would impact positively on the downstream sector of the Nigerian economy in 2022. Likewise, Financial Derivatives Company Limited, a financial institution, in...
The Nigerian National Petroleum Corporation (NNPC) has confirmed that a minor fire incidence occurred at the Port Harcourt Refining Company (PHRC) today, Saturday, January 1, 2022. NNPC said, the incident, which was contained in less than two hours was caused by a spark while a 33,000 litre truck was discharging...
A total sum of ₦203.73billion was made on the sale of white products in the month of July 2021 by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd. This was contained in the July 2021 figures of the NNPC Monthly Financial...
The Nigerian National Petroleum Company Ltd has assured of fuel sufficiency through out the festive period, therefore, appealed to motorists not to engage in panic buying. NNPC while expressing its appreciation to Nigerians for always heeding its advisories not to engage in panic buying of petrol, assures that it has...