Podcasts about nigerian national petroleum corporation

Nigeria, Africa's largest oil producer, sits on vast crude oil reserves, yet imports most of its fuel. Public outcry has forced the Nigerian National Petroleum Corporation to undergo a structural overhaul. But critics say it's too late for an institution drowning in corruption. DW's Josey Mahachi talks to DW's Ben Shemang in Abuja and Nigerian economist Sani Nasidi.  

It's a new dawn at the Nigerian National Petroleum Corporation as the company has unveiled a new era, changing its name to Nigerian National Petroleum Company Limited.Will this new development see to availability of petroleum products?In this episode of Nigeria Daily, we look at how Nigerians truly feel about this latest move by the NNPCL.

The Organization of Petroleum Exporting Countries (OPEC) continues to influence global energy systems, despite challenges to its unity and market share. Just this year, global leaders called upon OPEC to increase output to bring down oil prices.  But the organization comes under tremendous scrutiny for many of the decisions it makes, with some arguing that it has not done enough to address oil price spikes and others questioning its role generally.  For a look at how OPEC is navigating the current oil crisis and the broader clean energy transition, host Jason Bordoff spoke with His Excellency Mohammad Barkindo.  Barkindo has served as secretary general of OPEC for the last six years, with his term set to end in July. His tenure at OPEC has coincided with major upheavals in the global oil market, including the supply glut of the mid-2010s, the COVID-19 pandemic, and the war in Ukraine. He previously represented Nigeria at OPEC and held various senior roles at the Nigerian National Petroleum Corporation.  The pair discussed OPEC's role amid political turmoil, rapidly fluctuating energy markets, changes within the oil industry, along with Barkindo's reflections on his time at OPEC's helm.

The Federal Government has directed the Nigerian National Petroleum Corporation to implement a deal on a gas pipeline to Europe through Morocco. Petroleum Minister Timipre Sylva says the approval for a memorandum of understanding on the gas project with West African regional bloc ECOWAS was given after the Federal Executive Council meeting. Sylva says this gas line will take gas to 15 West African countries and to Morocco and through Morocco, to Spain and to Europe.

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The Federation Accounts Allocation Committee has shared N695.03 billion to the three tiers of government as revenue for February amid plans by the Nigerian National Petroleum Corporation limited to deduct N242.53 billion for subsidy. The FAAC Director Information, Mr. Olajide Oshundun, says the Federal Government received N236 billion, the states received N190 billion, the Local Government Councils got N140 billion, while the oil-producing states received N23billion as derivation and Cost of Collection received N23 billion and Transfer/ Refunds got N80 billion. Oshundun noted that the Gross Revenue available from the Value Added Tax for February 2022 was N177 billion as against N191 billion distributed in the preceding month of January 2022, resulting in a decrease of N13 billion. It also revealed that Petroleum Profit Tax increased significantly, while Oil and Gas Royalties increased marginally.

The Central Bank of Nigeria has projected that the Nigerian economy will grow by 3.24 per cent in 2022, in spite of rising inflationary challenges occasioned by global socio-economic events. Mr Godwin Emefiele, the CBN Governor, says the International Monetary Fund also projected the economy to grow at 2.7 per cent, while the Federal Government projected a 4.21 per cent growth. Emefiele, however, says the MPC was concerned about the impact the global increase in petroleum and other products was having on the Nigerian economy. He urged the Nigerian National Petroleum Corporation to take urgent steps to ensure adequate supply of petroleum products.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari says Aviation jet A1 fuel is to be sold at N500 within the next three days to prevent airlines from shutting down. The Deputy Speaker of the House of Representatives, Ahmed Wase, says the meeting was in continuation of the investigation over the scarcity and high cost of aviation fuel, which has led to an increase in air fares. Mr Kyari says a better pricing mechanism is to be put in place within the next three days to arrive at an acceptable price. He added that airline operators will be granted license to import aviation fuel

The House of Representatives has begun moves to transfer assets belonging to the defunct Nigerian National Petroleum Corporation to the newly established Nigerian National Petroleum Company Limited, in line with the Petroleum Industry Act. The lawmakers set up an ad-hoc committee to ascertain the total inventory, assets, interests and liabilities of the NNPC before transferring it to NNPC Limited, to ensure a glossary accounting system. Chairman of the committee, Hon. Kingsley Uju Chima, says there were plans to meet with the Chief Executive Officer of NNPC Limited, Mele Kyari.

The Nigerian National Petroleum Corporation has cautioned members of the public against engaging in panic buying of petrol, stressing that the national oil company has over 1.7 billion litres of the product in stock. A statement by the NNPC Spokesman, Mr Garba Muhammad, reiterated that the corporation was also not aware of any plan by the government to cause an increase in the pump price of petroleum. The NNPC stated that more product was expected to arrive in the country daily over the coming weeks and months, insisting that it was therefore unnecessary to entertain any fear of scarcity of petrol throughout the festive season and beyond. The NNPC says it was engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond.

The Nigerian National Petroleum Corporation has cautioned members of the public against engaging in panic buying of petrol, stressing that the national oil company has over 1.7 billion litres of the product in stock. A statement by the NNPC Spokesman, Mr Garba Muhammad, reiterated that the corporation was also not aware of any plan by the government to cause an increase in the pump price of petroleum. The NNPC stated that more product was expected to arrive in the country daily over the coming weeks and months, insisting that it was therefore unnecessary to entertain any fear of scarcity of petrol throughout the festive season and beyond. The NNPC says it was engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond.

The Nigerian National Petroleum Corporation has cautioned members of the public against engaging in panic buying of petrol, stressing that the national oil company has over 1.7 billion litres of the product in stock. A statement by the NNPC Spokesman, Mr Garba Muhammad, reiterated that the corporation was also not aware of any plan by the government to cause an increase in the pump price of petroleum. The NNPC stated that more product was expected to arrive in the country daily over the coming weeks and months, insisting that it was therefore unnecessary to entertain any fear of scarcity of petrol throughout the festive season and beyond. The NNPC says it was engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond.

The House of Representatives ad hoc committee set up to investigate the current state and use of the Federal Government's property and assets has asked the Nigerian National Petroleum Corporation and its subsidiaries to provide a list of Federal Government's assets under their control. The committee says oil depots, pipelines, rigs and other facilities, which could have generated revenues for the government and reduced borrowing and budget deficit, had been abandoned in various parts of the country. The Chairman of the committee, Ademorin Kuye, says all assets in the custody of MDAs; assets that are being trespassed and encroached; assets that are just wasting away could be converted to revenue for the Federal Government for the development of the country.

The House of Representatives ad hoc committee set up to investigate the current state and use of the Federal Government's property and assets has asked the Nigerian National Petroleum Corporation and its subsidiaries to provide a list of Federal Government's assets under their control. The committee says oil depots, pipelines, rigs and other facilities, which could have generated revenues for the government and reduced borrowing and budget deficit, had been abandoned in various parts of the country. The Chairman of the committee, Ademorin Kuye, says all assets in the custody of MDAs; assets that are being trespassed and encroached; assets that are just wasting away could be converted to revenue for the Federal Government for the development of the country.

The House of Representatives ad hoc committee set up to investigate the current state and use of the Federal Government's property and assets has asked the Nigerian National Petroleum Corporation and its subsidiaries to provide a list of Federal Government's assets under their control. The committee says oil depots, pipelines, rigs and other facilities, which could have generated revenues for the government and reduced borrowing and budget deficit, had been abandoned in various parts of the country. The Chairman of the committee, Ademorin Kuye, says all assets in the custody of MDAs; assets that are being trespassed and encroached; assets that are just wasting away could be converted to revenue for the Federal Government for the development of the country.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari says Nigeria will not be cowed to jettison oil and gas, the nation's chief revenue earner, in the rush to achieve cleaner and sustainable energy.He says Nigeria must strike a balance between achieving financial security, a critical driver of the nation's survival as well as energy security and sustainability.Kyari noted that such a balance was necessary considering the fact that Nigeria depends largely on income from oil and gas.Kyari says it would be unwise for the country to abandon its main source of revenue just to achieve cleaner or sustainable energy.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari says Nigeria will not be cowed to jettison oil and gas, the nation's chief revenue earner, in the rush to achieve cleaner and sustainable energy.He says Nigeria must strike a balance between achieving financial security, a critical driver of the nation's survival as well as energy security and sustainability.Kyari noted that such a balance was necessary considering the fact that Nigeria depends largely on income from oil and gas.Kyari says it would be unwise for the country to abandon its main source of revenue just to achieve cleaner or sustainable energy.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari says Nigeria will not be cowed to jettison oil and gas, the nation's chief revenue earner, in the rush to achieve cleaner and sustainable energy.He says Nigeria must strike a balance between achieving financial security, a critical driver of the nation's survival as well as energy security and sustainability.Kyari noted that such a balance was necessary considering the fact that Nigeria depends largely on income from oil and gas.Kyari says it would be unwise for the country to abandon its main source of revenue just to achieve cleaner or sustainable energy.

The Nigerian National Petroleum Corporation has failed to make the latest list of the world's highest income-grossing oil companies, both nationally-run and privately-owned.The latest list of the world's highest income-grossing oil companies showed that although a number of the 10 highest-earning oil and gas companies in 2021 lost billions in 2020 because of the COVID-19 pandemic and trade war between Russia and Saudi Arabia, big deals and discoveries were still made, further aided by recovering oil prices from the last quarter of last year.The list showed that Sinopec, also known as China Petroleum and Chemical Corporation, earned $323 billion in revenues in 2020, according to a compilation by offshore-technology.com, one of the leading entities covering the global offshore oil and gas industry.

The Nigerian National Petroleum Corporation has failed to make the latest list of the world's highest income-grossing oil companies, both nationally-run and privately-owned.The latest list of the world's highest income-grossing oil companies showed that although a number of the 10 highest-earning oil and gas companies in 2021 lost billions in 2020 because of the COVID-19 pandemic and trade war between Russia and Saudi Arabia, big deals and discoveries were still made, further aided by recovering oil prices from the last quarter of last year.The list showed that Sinopec, also known as China Petroleum and Chemical Corporation, earned $323 billion in revenues in 2020, according to a compilation by offshore-technology.com, one of the leading entities covering the global offshore oil and gas industry.

The Nigerian National Petroleum Corporation has failed to make the latest list of the world's highest income-grossing oil companies, both nationally-run and privately-owned.The latest list of the world's highest income-grossing oil companies showed that although a number of the 10 highest-earning oil and gas companies in 2021 lost billions in 2020 because of the COVID-19 pandemic and trade war between Russia and Saudi Arabia, big deals and discoveries were still made, further aided by recovering oil prices from the last quarter of last year.The list showed that Sinopec, also known as China Petroleum and Chemical Corporation, earned $323 billion in revenues in 2020, according to a compilation by offshore-technology.com, one of the leading entities covering the global offshore oil and gas industry.

President Muhammadu Buhari has approved the appointment of the Board and Management of the Nigerian National Petroleum Company Limited with Senator Ifeanyi Ararume as Chairman.The Special Adviser to the President on Media and Publicity in a statement says the President appointed the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, as the Chief Executive Officer, adding that his principal acted in accordance with the Petroleum Industry Act 2021.

President Muhammadu Buhari has approved the appointment of the Board and Management of the Nigerian National Petroleum Company Limited with Senator Ifeanyi Ararume as Chairman.The Special Adviser to the President on Media and Publicity in a statement says the President appointed the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, as the Chief Executive Officer, adding that his principal acted in accordance with the Petroleum Industry Act 2021.

President Muhammadu Buhari has approved the appointment of the Board and Management of the Nigerian National Petroleum Company Limited with Senator Ifeanyi Ararume as Chairman.The Special Adviser to the President on Media and Publicity in a statement says the President appointed the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, as the Chief Executive Officer, adding that his principal acted in accordance with the Petroleum Industry Act 2021.

The President of the Dangote Group, Alhaji Aliko Dangote, disclosed that the 20 per cent equity taken by the Nigerian National Petroleum Corporation in his much-awaited refinery will not be paid in a single cash transaction.He noted that while a third of the $2.7 billion deal would be paid in cash, the second would be through crude sales and the third would be through profits made by the corporation.He noted that there are a lot of misconceptions around the planned 20 per cent equity holding by the national oil company, explaining that the deal also involves all the products to be churned out by the $19 billion facilities, including petrochemicals.He pointed out that the project currently employs 29,000 Nigerians and 11, 000 foreigners with plans to ramp up the number to 57,000 in the coming months.

The national oil company's Group Managing Director, Mallam Mele Kyari, says when the Nigerian National Petroleum Corporation is fully commercialised in the next few months, the corporation will no longer render free service to the federal government. Kyari noted that from then, all services rendered to the government by the NNPC limited or its subsidiaries will come at a cost to the government, including the remittance of federation crude account funds to the planned upstream commission.He stated that the NNPC was on course towards its final incorporation, explaining that it will no longer have access to government funding, but would survive based on its internal resilience and efficiency.

The President of the Dangote Group, Alhaji Aliko Dangote, disclosed that the 20 per cent equity taken by the Nigerian National Petroleum Corporation in his much-awaited refinery will not be paid in a single cash transaction.He noted that while a third of the $2.7 billion deal would be paid in cash, the second would be through crude sales and the third would be through profits made by the corporation.He noted that there are a lot of misconceptions around the planned 20 per cent equity holding by the national oil company, explaining that the deal also involves all the products to be churned out by the $19 billion facilities, including petrochemicals.He pointed out that the project currently employs 29,000 Nigerians and 11, 000 foreigners with plans to ramp up the number to 57,000 in the coming months.

The national oil company's Group Managing Director, Mallam Mele Kyari, says when the Nigerian National Petroleum Corporation is fully commercialised in the next few months, the corporation will no longer render free service to the federal government. Kyari noted that from then, all services rendered to the government by the NNPC limited or its subsidiaries will come at a cost to the government, including the remittance of federation crude account funds to the planned upstream commission.He stated that the NNPC was on course towards its final incorporation, explaining that it will no longer have access to government funding, but would survive based on its internal resilience and efficiency.

The President of the Dangote Group, Alhaji Aliko Dangote, disclosed that the 20 per cent equity taken by the Nigerian National Petroleum Corporation in his much-awaited refinery will not be paid in a single cash transaction.He noted that while a third of the $2.7 billion deal would be paid in cash, the second would be through crude sales and the third would be through profits made by the corporation.He noted that there are a lot of misconceptions around the planned 20 per cent equity holding by the national oil company, explaining that the deal also involves all the products to be churned out by the $19 billion facilities, including petrochemicals.He pointed out that the project currently employs 29,000 Nigerians and 11, 000 foreigners with plans to ramp up the number to 57,000 in the coming months.

The national oil company's Group Managing Director, Mallam Mele Kyari, says when the Nigerian National Petroleum Corporation is fully commercialised in the next few months, the corporation will no longer render free service to the federal government. Kyari noted that from then, all services rendered to the government by the NNPC limited or its subsidiaries will come at a cost to the government, including the remittance of federation crude account funds to the planned upstream commission.He stated that the NNPC was on course towards its final incorporation, explaining that it will no longer have access to government funding, but would survive based on its internal resilience and efficiency.

In a stock exchange-styled ‘Fact-Behind-the figures presentation, Mele Kyari, group managing director, Nigerian National Petroleum Corporation has said cost-cutting measures, efficiency, and strategic investment are the factors that led to the historic declaration of profit by the corporation for the first time in 44 years. Kyari provided background information in a virtual briefing to scores of journalists across the world, in a form that has led not a few to challenge the chief executive officer of the state-owned oil giant to push for an initial public offering that would lead to a public listing and grilling by the investment analysts community, sooner than later. He explained that the posting of N287 billion profit after tax by the national oil company in the 2020 financial year was achieved through management's doggedness in prudent resource management.

The Nigerian National Petroleum Corporation is set to deduct about N215.3 billion from its contribution to next month's joint Federation Account.The aforementioned amount is a combination of N175 billion value shortfall or subsidy and N40 billion Joint Venture cost recovery.Data showed that NNPC paid N67.280 billion to the joint account in July, in contrast to the N47.162 billion in June. The July payment was about N20 billion higher than that of June.The document showed that the NNPC has only been able to make a contribution of N349.254 billion to the three tiers of government with a huge deficit of N1.115 trillion.

President Muhammadu Buhari has announced the declaration of a Profit after Tax of N287billion in the year 2020 by the Nigerian National Petroleum Corporation.A communique by his special media aide, Femi Adesina, says the President's announcement is in fulfilment of an earlier pledge by the Federal Government to publicly declare the financial position of the NNPC.Adesina's statement notes that Buhari has disclosed a Net Profit, making it the first time in the 44-year history of the establishment.This is the sequel to the completion of the statutory Annual Audit exercise for the Year 2020.

The Nigerian National Petroleum Corporation inaugurated the board of Greenfield Refinery Limited, a subsidiary of NNPC, to oversee the establishment and operation of new refineries.Group Managing Director of the corporation, Mallam Mele Kyari, charged them to explore all options to bring an end to the current challenge of petroleum products importation.He urged the board and management team of the new company to set up a proper structure with the required skills, technology and finance to drive the company's operations.

President Muhammadu Buhari will unveil an implementation committee for the Petroleum Industry Act.THISDAY reports that the committee may be chaired by the Minister of State for Petroleum Resources, Mr Timipre Sylva.The committee which has 12 months to carry out its tasks, would be saddled with the responsibility of establishment of Nigeria Upstream Regulatory Commission, Nigeria Midstream and Downstream Regulatory Authority as well as the corporatisation of the Nigerian National Petroleum Corporation to a Limited Liability Company, which will now be called Nigerian National Petroleum Company Limited.The committee would also be tasked with the responsibility of determining the assets and liabilities of the NNPC, which would be transferred to NNPC Limited.

The Minister of State for Petroleum Resources, Timipre Sylva says the Nigerian National Petroleum Corporation will become a commercial company within six months.Mr Sylva says a transitional committee is already in place to incorporate NNPC Limited.Mr Sylva noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice.He says an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerians.

A new report by SBM Intelligence, a geopolitical and socioeconomic research firm, claimed that the Nigerian National Petroleum Corporation incurred a loss of N473.3bn in operating moribund refineries between January 2015 and February 2021.It further stated that the refineries had not been fully utilised over the years, adding that they had been unproductive since July 2019 despite the huge costs of maintaining them.The report says that the Nigerian government had been bent on wasting money in this area, adding that the Federal Executive Council approved $1.5bn to rehabilitate the Port-Harcourt refinery in March and $1.48bn was approved for the Kaduna and Warri refineries.

The Nigerian National Petroleum Corporation assured that it would protect the interest of Nigeria in any transaction involving international oil companies interested in divesting from the country.Group Managing Director of the corporation, Mr Mele Kyari, says the NNPC cannot stop any of the oil concerns from deciding to sell off any of their assets as far as the rules are followed.The NNPC boss noted that having learnt from previous experiences, the corporation was developing requisite divestment policies that will provide clear guidelines and criteria for exiting of partners' interest in all its Joint Venture and Production Sharing Contracts arrangements.

The Nigerian National Petroleum Corporation has announced that its downstream subsidiary, the Petroleum Products Marketing Company, recorded ₦234.63 billion revenue from the sale of white products in March representing a 24.7% increase from the ₦188.15billion sales recorded in February.The report indicated that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129trillion, where petrol contributed about 99.24% of the total sales with a value of ₦2.113trllion.The NNPC continues to monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.

The Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari explained why the national oil company is purchasing a stake in the Dangote oil refinery.The refinery is expected to begin production in 2022 with an installed 650,000 barrels per day capacity. It has been touted as a groundbreaking project for energy security in the country and for the African continent.He argued that the decision was also driven by the profit potential of the refinery business. He says the net effect is that Nigeria will become the hub of petroleum products and supplies.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, called on International Oil Companies (IOCs) operating in Nigeria to be more accountable to Nigerians and not just to their shareholders and companies.Kyari says at the Nigeria International Petroleum Summit (NIPS) in Abuja that although oil companies plying their trade in the country were responsible to their home companies, they must also strive to incorporate the interest of the government and its people.He added that shareholders expect companies to deliver value, which is reflected in the dividends that they are able to deliver and beyond that, they expect that chief executives should act responsibly.He says acting responsibly means recognising that there are citizens of that country that have different expectations.

The Nigerian National Petroleum Corporation is been affected by the under-recovery of petroleum-price and it may have begun to affect its operations as the national oil company failed to fund six of its scheduled projects in April.NNPC is also to team up with the Nigeria Extractive Industries Transparency Initiative and the Department of Petroleum Resources to sign an agreement on a framework to ensure greater transparency in the oil and gas industry.The funding performance from January to April, contained in the corporation's presentation to the Federation Account Allocation Committee in May, showed that the gas infrastructure development, frontier exploration services and renewable energy development received zero allocation for the month.The data indicated that with the underfunding of the projects, variance in terms of actual budget and actual funding for five of the projects stood at N26.236 billion.

Nigeria has signed an offshore oil deal with Shell, Exxon, Total and Eni, that the state says will generate millions, settle disputes and open the way to a $10 billion investment.The Execution of Oil Mining Lease 118 Agreements was signed Tuesday by the local subsidiaries of the four oil majors and the Nigerian National Petroleum Corporation.NNPC head Mele Kyari says the agreement also brings immediate income for the government in the excess of $780 million and an opportunity to resolve a $9 billion which he did not specify.Kyari says that he hoped the agreement would be an opportunity for investors to see that this country is open for business.

The Nigerian National Petroleum Corporation sold crude oil worth N267.59 billion in February, while its total daily production stood at 1.42 million barrels per day in the first quarter of 2021.The value of the crude, both export and domestic for February, was 97 per cent higher than that of January which was N134.35 billion.Similarly, crude oil export revenue received in March amounted to $93.37 million, equivalent to N35.72 billion, representing a 204 per cent increase compared to February’s receipts.NNPC says Nigeria maintained a 1.426 million BPD OPEC production cut in 1Q21. The overall NNPC crude oil sale valued at N267.59bn (export & domestic crude) in February 2021 is 97.71 per cent higher than the N134.35 billion recorded in January 2021.

The federal government has received the report of the compensatory contracts and other incentives committee on the abandoned $1 billion Kaztec Engineering Limited fabrication yard, located in Ilase village, Snake Island, Amuwo-Odofin Council, Lagos State.Chairman of the Committee and Member of the Board of the Nigerian National Petroleum Corporation, Senator Magnus Abe explained that the federal government would not sit by and allow such humongous waste of resources on the project.He stressed that aside from the 3,000 jobs lost to the collapse of the facility, over $650 million had already been expended on the abandoned project.Abe noted that the facility was to add over 19 million barrels to the national oil reserve before Addax Petroleum declared a force majeure on the project which has not been operational since 2015 due to contractual issues.

The Nigerian National Petroleum Corporation in its latest monthly operations report said the increase in gas supply to 789 million standard cubic feet, which was delivered to gas-fired power plants, led to the generation of 3,358 megawatts of electricity.The national oil firm stated that it supplied 640mmscfd of gas to gas-fired power plants in January last year to generate 2,683MW, but increased the supply of gas in November to 789mmscfd to produce 3,358MW.The oil firm further explained that out of the 1,332.82mmscfd of gas supplied to the domestic market in November 2020, about 788.64mmscfd of gas representing 59.17 per cent was supplied to gas-fired power plants.It said the balance of 544.18mmscfd or 40.83 per cent was supplied to other industries across the country.

The Nigerian National Petroleum Corporation on Thursday begun talks with trading firms to raise about $1 billion in a prepayment deal to refurbish its largest refining complex at Port Harcourt.Reuters reported that if the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill.The development will mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels.

President Muhammadu Buhari on Tuesday will officially roll out the much-awaited National Gas Expansion Programme in Abuja, which is expected to gradually replace or complement the use of petrol by Nigerians.Minister of State for Petroleum Resources, Chief Timipre Sylva, said the event would also herald the formal dispensing of autogas, mainly Compressed Natural Gasand Liquefied Petroleum Gas products at two retail filling stations belonging to the Nigerian National Petroleum Corporation in the Federal Capital Territory.The Special Adviser on Media to the minister, Mr. Garba Muhammad in a statement on Sunday emphasised that the federal government’s autogas programme will deliver at least one million vehicle conversions by the end of 2021 and herald the clean energy transition for Nigeria as well as the delivery of cheap transportation fuel.

The Nigerian National Petroleum Corporation on Tuesday assured President Muhammadu Buhari that his target to make Nigeria a net exporter of petrol would be achieved by 2023, promising that the country will begin the exportation of petroleum products with the West African sub-region.The corporation’s Group Managing Director, Malam Mele Kyari, gave this assurance during the inauguration of the 5,000-barrel per day capacity Waltersmith Modular Refinery in Imo State by Buhari, who said the advent of such refineries in the country will aid the availability of petroleum products and eliminate importation.

Petroleum Products Marketing company wey be subsidiary of Nigerian National Petroleum Corporation, don increase ex-depot price of petrol..... Dem increase am to N155.17 per litre from N147.67 per litre. wey mean say, filing station go dey sell like 168-170/ltr Dem yarn dis one for one internal memo wey Tijani Ajani sign. Dem yarn say the new price go start today wey beFriday.