NNPC records N5.3bn trade deficit on environmental challenges
Obodo Ejiro
June 21, 2017
The Nigerian National Petroleum Corporation (NNPC) has reported a trade deficit of N5.27 billion as at April, 2017, which it attributed to environmental challenges. The deficit, which was revealed in NNPC’s report for the month of April, is an improvement on what was reported in March where the corporation reported a N5.62billion deficit. NNPC’s group operating […]
Indonesian firm to build refinery in Nigeria
Businessam StaffJune 21, 2017
The Federal Government’s plan to attract investment in modular refineries as part of efforts to boost local refining capacity has started gaining momentum with an Indonesian firm, PT Intim Perkasa Nigeria Ltd, a subsidiary of PT Intim Perkasa, Indonesia, indicating interest to build a refinery in Nigeria. Adi Hartadi, the Head of Investor Relations of […]
Oil price slumps to seven-month low as Saudi king unveils successor
Kelvin EgerueJune 21, 2017
A renewed slump in oil prices to seven-month lows dragged down world stocks and long-term bond yields on Wednesday, as bets that global inflation and interest rates will stay lower for even longer began to build again. Signs of a growing glut of supply sent Brent crude futures skidding back to $45.50 a barrel before […]
12% drop in oil pipeline vandalism increases Nigeria’s earnings
Kelvin EgerueJune 20, 2017
Baring major downward swing in the price of crude oil at the international commodities market or shift in OPEC’s support for a sustained increase in Nigeria’s contribution to global crude oil basin, the country will be way into achieving its earnings projections from oil. Nigeria recently resumed crude oil export from Focados export terminal after […]
Oil price hedging loses steam as low prices lure airlines, shippers
Businessam StaffJune 20, 2017
The past month’s plunge in oil prices has turned the market for hedging upside down. Oil producers have scaled back locking in future prices “considerably” since February, because of a shift in options pricing driven by consumer companies like shippers and airlines Bloomberg reports citing a report by Societe Generale. “This is a significant shift […]
Electricity companies intensify metering of households as NERC bare fangs
Obodo EjiroJune 19, 2017
Nigeria’s electricity distribution companies have stepped up efforts to meter over four million retail households in response to the Nigeria Electricity Regulatory Commission (NERC) directive that “no non-MD customer should henceforth be billed based on estimation to further validate the confirmation and assurance given by the DISCOs that all such customers are now metered.” Available […]
Oil’s gloomy summer triggers hedge fund doubts on gasoline amid high demand of product
Businessam StaffJune 19, 2017
Hedge-fund pessimism about crude prices is spilling into gasoline markets, even at the time of year when demand is highest. With the U.S. awash in gasoline, money managers for the first time on record were bearish on the fuel in the month of June, when the driving season is heading for its peak. At the […]
Global fund managers hold back investment in exploration as U.S. shale oil flood market
Kelvin EgerueJune 16, 2017
Concerned by an imminent crash in oil price following uncontrolled pumping of crude into an already saturated global market, investors in oil industry are now holding back investible funds in search of alternative ventures. Eight prominent hedge funds have reduced the size of their positions in ten of the top shale firms by over $400 […]
With innovative approaches to solar energy, Nigeria can outshine the world
Businessam StaffJune 11, 2017
The United Nations Sustainable Development Goals (SDGs) call for universal access to affordable electricity by 2030. While Morocco and South Africa approach this goal, in Nigeria, home to nearly 20 percent of Africans, households and businesses spend around $21.8 billion on generator fuel to bridge daily power cuts according to a study by German development […]
Nigeria’s power generation to increase by 340mw in December
Businessam StaffJune 9, 2017
The Federal Government’s planned addition of 20,000 megawatts of electricity to the national grid received a boost Thursday when Babatunde Fashola, minister of power, works and housing announced that about 340 megawatts of electricity would be added to the national grid by December, 2017. Fashola said this during his inspection tour of Afam Power Plant […]