The Edo Refinery and Petrochemical Company in Ologbo, Edo State, will commence operation in August, Governor Godwin Obaseki has disclosed. The governor made the announcement after a tour of the refinery located at Ikpoba-Okha Local Government Area. Speaking with reporters, Governor Obaseki expressed satisfaction that work on the plant has moved to such at a great speed in spite of disruptions caused by the COVID-19 pandemic. He said the pre-commissioning with the Department of Petroleum Resources (DPR) had been done and the plant certified okay, adding that what is left is to finalize the crude sales contract…
Author: Temitope N.
Vice President Yemi Osinbajo has said that funding for gas and fossil fuel projects in Nigeria and other developing countries will be sustained during the global transition to net-zero emissions, and that Nigeria will continue its frontline advocacy for a just transition. This, according to a statement by Laolu Akande, the Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, was the highlight of a virtual meeting on the subject he presided over on Thursday. Other top federal government officials in attendance included the Ministers of Environment, Dr. Mohammad Mahmood Abubakar; Foreign Affairs,…
President Muhammadu Buhari, at the weekend, approved the appointment of a Chairman, and an Executive Secretary/Chief Executive Officer for the Petroleum Product Pricing Regulatory Agency (PPPRA). The Board Chairman is Mr Atuonwo A. Obinna, while the Executive Secretary and CEO is Mr Abdulkadir Saidu, whose appointment was renewed for another four years. According to the Presidential Spokesman, Femi Adesina, the appointment of Mr Atuonwo Obinna as Chairman Governing Board for a four-year term is in accordance with Section 2 (1-3) and 3 (a) of the Petroleum Product Pricing Regulatory Agency (Establishment, ETC) Act 2003. Also, the renewed appointment…
The Minister of State for Petroleum Resources, Chief Timipre Sylva, says that government will support artisanal refiners that are lawful in their operations. The Minister disclosed this in Abuja on Sunday when he featured at a Forum of the News Agency of Nigeria (NAN). He said that government had been supporting building of modular refineries to help boost local production and equally reduce the impact of oil exploration on the environment. He said that the illegal operations of artisanal refiners had made it impossible for government to support such ventures. “You see, when they talk about artisanal refineries, well,…
Minister of State for Petroleum, Chief Timipre Sylva, has said that the country accidentally discovered 206 trillion cubic feet of gas reserves while in search of crude oil. Sylva, who disclosed this in Abuja at a News Agency of Nigeria (NAN) forum, said that the country could discover an additional 600 trillion cubic feet reserve to enable it achieve the desired development required of a gas nation. “We have a lot of gas in this country. We have 206 trillion cubic feet of gas reserves. “This number is already discovered in gas reserves and this 206 trillion cubic feet…
The Federal Government says it has facilitated the use of a tracking device to track every truck loading petroleum product from any of its depots as part of efforts to nip smuggling in the bud and arrest culprits. Minister of State for Petroleum Resources, Chief Timipre Sylva, said this at a forum organised by the News Agency of Nigeria (NAN) to gauge the achievements recorded in the oil and gas sector in the last two years. Sylva noted that a lot had been achieved in the industry but that the activities of smugglers had continued to overshadow the successes…
The Federal Government says it had no immediate plan to ban the importation of gas cylinders as part of its LPG expansion and implementation plan. Mr Dayo Adesina, Senior Special Assistant on Domestic Gas in the office of the Vice-President, made the disclosure in an interview with newsmen on Sunday in Abuja. He said that the government was working on first building local capacities before contemplating a ban. According to Adesina, who is also the Programme Manager of the National LPG Expansion and Implementation, Nigeria still has a lot of cylinder deficits to fill in meeting the LPG…
The Securities and Exchange Commission has dispelled insinuations in some sections of the media that MBA Capital and Trading Ltd is a registered capital market operator with the Commission. The clarification was made by the Management of SEC in a statement issued by the Head of Corporate Communications, Efe Ebelo in Abuja on Monday. According to the SEC, “The attention of the Securities and Exchange Commission (“the Commission”) has been drawn to a publication in one of the National Daily Newspapers, in which a victim of an alleged scam perpetrated by MBA Capital and Trading Limited, Misan Sagay reportedly stated…
A $500 million U.S. victim compensation fund for the relatives of 346 people killed in two fatal Boeing 737 MAX crashes opened Monday, the claim administrators told Reuters. The fund is part of a settlement with the Justice Department. Boeing Co in January agreed to pay $500 million to compensate the heirs, relatives and beneficiaries of the passengers who died in Lion Air Flight 610 and Ethiopian Airlines Flight 302 in 2018 and 2019. Each eligible family will receive nearly $1.45 million and money will be paid on a rolling basis as claim forms are submitted and completed, said administrators…
The House of Representatives has summoned the Minister of Transportation, Mr. Rotimi Amaechi, and the management of the Nigeria Ports Authority (NPA) to give details of the revenue accruing to the NPA as at December 31, 2016, amounting to N166,685,929,000, which were not properly captured in the statement of account of the agency. The minister and NPA management, which were initially expected to appear before the House Committee on Public Accounts yesterday, pleaded for another date to cause appearance, and were given a July 8 to appear before the committee. They are also to explain the cost of services rendered…