Petrol Production Kicks Off At Dangote Refinery

EconomyNewsNigeriaOil & GasPetrol Production Kicks Off At Dangote Refinery

By Ezinwanne Onwuka (Senior Reporter)September 4, 2024

….First Batch of 25M Litres of Petrol Ready to Hit Nigerian Market The Dangote Refinery, Africa’s largest oil refining facility, officially commenced petrol production on Tuesday, 3 September 2024. This development is expected to significantly impact Nigeria’s fuel supply, reducing the country’s reliance on imported petroleum products. The refinery, located near Lagos, will initially supply 25 million litres of petrol daily, with plans to increase this to 30 million litres by October, according to the...

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NNPC Posts N3.3trn Net Profit, Declares Dividend Of N2.1trn 

NewsNigeriaOil & GasNNPC Posts N3.3trn Net Profit, Declares Dividend Of N2.1trn 

Uzoamaka Ikezue (Staff Reporter)August 20, 2024

The NNPC Limited (NNPCL) has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023. According to the corporation, an increase of over N700 Billion (28%) when compared to the 2022 profit of N2.548 trillion was recorded. A press statement on Monday signed by Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, quoted the Chief Financial Officer of the Company, Mr. Umar Ajiya as saying...

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FG to Commence Sale of Crude Oil to Dangote Refinery in Naira

NewsNigeriaOil & GasFG to Commence Sale of Crude Oil to Dangote Refinery in Naira

By Ezinwanne Onwuka (Senior Reporter)August 20, 2024

The Federal Government has announced plans to start selling crude oil to the Dangote Refinery in naira from 1 October 2024. This decision was made at a meeting with the Technical Implementation Committee led by Minister of Finance, Wale Edun, on Monday. According to a statement by the Ministry of Finance, “The upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024” was discussed at the meeting. The...

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NNPC Denies Owing International Oil Companies $6.8bn

NewsNigeriaOil & GasPoliticsNNPC Denies Owing International Oil Companies $6.8bn

Uzoamaka Ikezue (Staff Reporter)August 19, 2024

Nigerian National Petroleum Company Limited (NNPCL) has denied reports making the rounds that it owes the International Oil Companies (IOCs) $6.8bn. In a press statement on Sunday signed by Olufemi Soneye, the Chief Corporate Communications Officer, NNPCL, the National oil company also denied reports that it has not remitted revenues to the Federation Account since January, among other allegations. The statement reads, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been...

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Nigeria, Equatorial Guinea Sign Historic Gas Pipeline Agreement

NewsNigeriaPoliticsNigeria, Equatorial Guinea Sign Historic Gas Pipeline Agreement

By Ezinwanne Onwuka (Senior Reporter)August 16, 2024

President Bola Tinubu and his Equatorial Guinea counterpart, President Teodoro Obiang Nguema Mbasogo, yesterday signed a landmark agreement on the Gulf of Guinea Pipeline Project. Speaking at the signing ceremony, President Tinubu, who is on a three-day official visit to Equatorial Guinea, said that the agreement will open up new opportunities for gas exploration and employment. He added that they both discussed the “various areas of conflicts and what we can do to promote peace”...

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Sen. Ubah Leads Senate Adhoc Committee on Oversight Visit at Warri Refinery

NewsNigeriaOil & GasSen. Ubah Leads Senate Adhoc Committee on Oversight Visit at Warri Refinery

Ebuka Onyekwelu (Staff Writer)April 19, 2024

The Senate Adhoc Committee Chairman on Turn Around Maintenance (TAM) of Nigerian Refineries, Sen. Ifeanyi Ubah, has led the Senate on an oversight visit to the Warri Refinery, Delta State. A few months ago, President Bola Tinubu announced his government’s plan to revive Nigeria’s refineries as part of efforts to make the country less dependent on imported petroleum products. During the visit on Thursday by the senate committee, they commenced the oversight with a courtesy...

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NNPC, Total Energies joint venture has achieved zero gas flare – Soneye

NewsNigeriaOil & GasNNPC, Total Energies joint venture has achieved zero gas flare – Soneye

Uzoamaka Ikezue (Staff Reporter)February 15, 2024

The NNPC Ltd and Total Energies Joint Venture has achieved zero routine gas flare in all its assets in pursuit of meeting the targets of 20% (unconditional) and 47% (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord signed by the President Bola Ahmed Tinubu administration. The fresh achievement is contained in a statement made available to journalists on Thursday by Olufemi  Soneye,  the Chief Corporate Communications Officer...

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US oil company, Dangote Refinery broker 2m barrel of crude deal

NewsNigeriaOil & GasUS oil company, Dangote Refinery broker 2m barrel of crude deal

By Ezinwanne Onwuka (Senior Reporter)January 30, 2024

Africa’s giant refinery in Lagos State, Dangote Refinery is preparing to import crude from the U.S. in the coming weeks, as the refinery valued at $20 billion intensifies its move to hit the market with refined oil products. Dangote Refinery, named after its owner Aliko Dangote, began operations on 12 January to end Nigeria’s years-long reliance on refined petroleum products since its launch in May 2023. Bloomberg, quoting individuals about the business deal, reported on...

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