Despite workers’ insistence on proceeding on a nationwide strike, there will not be scarcity of petroleum products, the state oil firm, NNPC, has said. The NNPC on Sunday dispelled speculations of an impending petroleum products scarcity in the country. The corporation’s spokesperson, Ndu Ughamadu, assured it has a stock of petroleum products to sustain a […]
The Nigerian National Petroleum Corporation (NNPC) says 230.35 Billion Cubic Feet (BCF) of natural gas was produced in the country in July. The Corporation, in its Monthly Financial and Operations report for July, said the production averaged a daily output of 7,678.17 million Standard Cubic Feet (mmscfd). It said the sum represented 8.81 per cent […]
By Foster Obi Managing Director of Nigerian Ports Authority (NPA), Ms. Hadiza Bala Usman, will on Tuesday, November 20, 2018, deliver the News Express 6th Anniversary Lecture, tagged: Transparency – Bedrock of Sustainable Development, the organisers said on Sunday. The event will hold at the main hall of Sheraton Hotel & Towers, Ikeja, Lagos, according […]
HSBC and UBS have closed their offices in Nigeria, the country’s central bank said in a report on Friday as it revealed foreign investment had fallen sharply from a year ago. The bank said foreign direct investment in Nigeria fell to 379.84 billion naira ($1.2 billion) in the first half of the year from 532.63 […]
Nigeria’s external reserves fell to $41.995 billion at the end of October, representing a decline by $5.793 billion or 12.12 per cent, compared with the $47.788 billion it was as at the end of June, 2018, data compiled from the Central Bank of Nigeria’s (CBN) website has shown. The development was largely attributed to interest […]
The Nigerian Liquefied and Natural Gas (NLNG), Shell Petroleum Development Company (SPDC) and Mobil, have signed a memorandum of understanding (MoU) to provide uninterrupted power supply to Bonny, in Rivers State which hosts NLNG’s plants. The firms in a paper titled: “Effective Utilisation of Gas Powered Plants in Nigeria”, said power has not fallen below […]
By Foster Obi The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has said that the Chinese Belt and Road Initiative (BRI), also known as the Silk Road Economic Belt and the 21st-century Maritime Silk Road, will be a game changer for global transport and substantially affect the pattern of […]
The National Industrial Court of Nigeria has ordered the organised labour, comprising the Nigerian Labour Congress and the Trade Union Congress not to embark on its indefinite strike scheduled to commence on November 6. Justice Sanusi Kado, on Friday, gave the order in a ruling on an ex parte application moved on behalf of the […]
Oil prices fell on Friday as surging output by the world’s three largest producers, United States, Russia and Saudi Arabia, outweighed supply concerns from the start of U.S. sanctions next week against Iran’s petroleum exports. Front-month Brent crude futures were at $72.60 per barrel at 0441 GMT on Friday, down 29 cents, or 0.4 percent, […]
Crude oil futures edged higher in the European morning session Friday as the market digested the news that the US will offer waivers to US allies that import Iranian crude, after Brent sank to a low not seen since mid-August on Thursday. At 1030 GMT, January ICE Brent crude futures were up 23 cents from […]