ABUJA — An indigenous oil and gas company, ND Western Limited says its 10,000 barrels per day refinery in Uturogu, Delta State will be completed by 2023. Mr. Eberechukwu Oji, Managing Director, ND Western Limited, made the disclosure while speaking with newsmen at the sidelines of the Nigeria Oil and Gas Conference and Exhibition on Thursday in Abuja. Oji said: ” The Front End Engineering Design for the project which is a Joint Venture with...

LAGOS —In the recently passed Petroleum Industry Bill by the Nigeria National Assembly, holders of refinery licenses in the country can pay for domestic crude oil supply in naira. Companies holding the refinery licenses in the country included Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals, and Edo Refinery and Petrochemical Company Limited. The Senate and the House of Representatives recommended in the...

ABUJA — As part of efforts to attract investment, President Muhammadu Buhari has authorized the Nigerian National Petroleum Corporation (NNPC) to acquire a 20 percent stake in any private refinery producing at least 50,000 barrels per day. It was further revealed that the NNPC will soon get a 20 percent stake in the $19.5 billion Dangote Refinery in Lagos. It has the capacity of producing 650,000 barrels per day. A source in the NNPC revealed...

ABUJA — Timipre Sylva, Minister of State for Petroleum Resources has said the deregulation of the downstream sector is in Nigeria’s best interests. The minister who spoke on Sunday, at a forum hosted by the News Agency of Nigeria  (NAN) in Abuja called for the deregulation of petroleum through market-driven pricing of products to boost the country’s economy. He noted that the removal of fuel subsidy is a rational move that will be beneficial to...