Crude oil
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On Thursday, August 8, the Independent Petroleum Marketers Association of Nigeria, IPMAN, announced to Nigerians that the Port Harcourt Refinery would become operational in four weeks’ time, perhaps to meet the government’s August deadline of producing petroleum products. The association went further to say that the refinery would equally be supplying between 10 and 12…
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Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar. The situation has provoked anger and protests across the country. The latest government statistics released Thursday showed the inflation rate in January…
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United Bank for Africa Plc (UBA) and the African Export-Import Bank (Afreximbank) have announced an initial disbursement of $2.25 billion under a syndicated $3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL). A second tranche of $1.05 million is expected to be disbursed subsequently. This is the largest syndicated loan ever raised…
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Aliko Dangote has said that the Dangote Refinery has secured a licence to refine more than 300,000 barrels of Nigerian crude per day and will begin to process petrol soon. Dangote said this in an interview on Saturday in Riyadh on the sidelines of the Saudi-Nigeria business roundtable. “We don’t want to start our refinery…
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In the last three months since President Bola Tinubu announced the withdrawal of petroleum subsidy, Nigerians are still trying to grapple with the over 400 per cent increment while they continue to wait for the promised palliatives from the government. But the increase in the price of crude oil in the international market could further…
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The National Security Adviser (NSA), Malam Nuhu Ribadu, on Saturday, said Nigeria is still losing 400,000 barrels of crude oil daily to local and international thieves despite efforts to end the menace. Ribadu disclosed this when he led a presidential delegation to inspect oil and gas facilities at Owaza in Abia and Odogwa in Etche Local…
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The completion of the Dangote Petroleum Refinery and Petrochemicals in Lagos State is a groundbreaking event, one that brings great pride to Nigeria, with great prospects of helping the nation experience transformations in the petroleum sector. President Muhammadu Buhari will on Monday commission the plant which is arguably Africa’s biggest oil refinery and the worlds…
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Crude prices slumped by over 30 percent on Monday in their biggest fall since the 1991 Gulf War, after the OPEC+ alliance failed to agree on a deal to introduce new production cuts last week. Brent crude futures gained $2.51, or 7.3 percent, to reach $36.87 per barrel on Tuesday, while US West Texas Intermediate…
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Billions of dollars spent by Saudi Arabia on cutting edge Western military hardware mainly designed to deter high altitude attacks has proved no match for low-cost drones and cruise missiles used in a strike that crippled its giant oil industry. Saturday’s assault on Saudi oil facilities that halved production has exposed how ill-prepared the Gulf…
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Introduction Petroleum is among the world’s most important natural resources. It is a highly-traded commodity in the international market (Ruta et al, 2012) and also most dependable source of energy for both industrial and domestic applications after superseding coal at the beginning of the century. Production of crude oil in Nigeria peaked at 2.5 million…
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An oil pipeline that supplies 90 per cent of North Korea’s crude has been excluded from the latest United Nations sanctions against Pyongyang in part for one very practical reason: once China turns it off, it can’t be easily turned back on again. The Dandong-Sinuiju pipeline delivers more than half a million tonnes of crude…
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