An Italian judge sentenced two defendants in a Nigerian corruption case to jail on Thursday in the first ruling on one of the oil industry’s biggest graft scandals. Nigerian Emeka Obi and Italian Gianluca Di Nardo were found guilty of international corruption and each given four-year jail sentences, three sources with knowledge of the ruling […]
By Foster Obi Management of the Nigerian Ports Authority (NPA) on behalf of the Federal Republic of Nigeria and the Guangzhou Port Authority, the largest comprehensive hub Port in Southern China has entered into a sister Port Memorandum of Understanding (MoU) concerning greater efficient port operations. A press statement signed by Isah Suwaid, NPA AGM […]
The Central Bank of Nigeria (CBN) and the Bureau of Public Enterprises(BPE) have signed an agreement for the sale of the Federal Government’s 12.4 billion shares in Nigerian Security Printing and Minting company (NSPM) to CBN. The ceremony was chaired by the Vice President, Prof. Yemi Osinbajo, who is the Chairman, National Council on Privatisation […]
By Foster Obi President of the Federal Republic of Nigeria, President Muhammadu Buhari has advocated the effective deployment of improved port infrastructure across all countries within the continent in order to maximize maritime potentials within the territory. Addressing participants at the Conference of the International Association of Ports and Harbours (IAPH) holding at The Transcorp […]
Oil majors Shell and Eni will be carefully monitoring a first ruling this week by a Milan judge in one of the energy industry’s biggest corruption scandals for clues to what might be round the corner for them. The two companies are embroiled in a long-running graft case revolving around the purchase in 2011 of […]
Oil prices were little changed on Monday as market participants weighed potential supply cuts from U.S. sanctions on Iran with deepening trade tensions between the United States and China that could dent global crude demand. Brent crude futures rose 13 cents to $78.22 a barrel by 11:12 a.m. EDT (1512 GMT), while U.S. West Texas […]
Oil major BP has clashed with rival Vitol in the once-languid West African crude market, buying up cargoes and taking a big derivative position that may have raised costs for European refiners. The West African crude market typically sees cargoes of Nigerian and Angolan change hands in back-to-back deals outside the Platts window, a system […]
US media giant, Meredith Corporation, has agreed to sell Time Magazine for $190 million, according to a report in The Wall Street Journal. Marc Benioff, co-founder of the cloud computing company Salesforce.com, and his wife Lynn Benioff are purchasing the publication, they confirmed to the Journal. The proposed sale to the Benioffs is expected to […]
The oil market is in a state of flux. While demand continues to grow at a brisk pace, supplies hit a record 100 million barrels per day (BPD) in August, according to the latest oil market report from the International Energy Agency (IEA). That’s after Iraq delivered record-setting production while supplies from Libya rebounded. Because […]
As crucial mid-term congressional elections in November draw near, the Trump administration is feeling the heat over higher oil prices. London-traded global oil benchmark Brent breached the $80 per barrel price point on Wednesday, its highest level since May 2. NYMEX-traded U.S. oil benchmark West Texas Intermediate Crude (WTI) reached over $70 per barrel on […]