Connect with us

Markets

Nigeria’s 4 Refineries to Produce 10m Litres of PMS Daily – Minister

Published

on

refineries

The Minister of State for Petroleum, Ibe Kachikwu, said the nation’s refineries were being repositioned to produce not less than 10 million litres of Premium Motor Spirit (PMS), popularly known as petrol, per day.

Mr. Kachikwu stated this on Sunday during his official visit to Kaduna Refining and Petrochemical Company.

According to him, the mission of the visit was to ascertain the current state of the refinery and identify areas of challenges for the workers at the refinery.

“A lot of work has been done and alot manpower has been put in place. But a lot still needs to be done in order to put this refinery to work continuously and reliably,” he said.

He noted that a lot of progress had been made in terms of availability of fuel in the various cities and towns as long queues were fast disappearing from the filling stations.

While commending the management of the refinery for keeping the refinery working for more than a week now, he however said there was room for improvement so as to move the current production level from 1.5 million litres to two or three million litres per day.

He expressed confidence that with more refineries coming on stream, the fuel supply situation would continue to improve in the country.

While fielding questions later from newsmen, the minister said the federal government was doing all it could do to ensure the subsidy on fuel is resolved without inflicting more pains on ordinary Nigerians.

“Everybody is on the same page that we need to get out of it; should we sale product at a certain price or should we let free market rolling so that we can sky rocket prices,” he said.

According to him, the president directed that product should go for N87 per litre for now and that he had given approval to look at market trends and make adjustment if need be.

He assured that the administration was committed to ensuring adequate supply of petroleum products across the country.

The minister, who was received by the Managing Director of KRPC, Saidu Mohammed, was accompanied by top NNPC officials during the visit.

Nigeria’s 4 refineries to produce 10m litres of PMS daily.
(NAN)

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Crude Oil

Oil Holds Near Highest Since 2018 With Global Markets Tightening

Published

on

Crude Oil - Investors King

Oil held steady near the highest close since 2018, with the global energy crunch set to increase demand for crude as stockpiles fall from the U.S. to China.

Futures in London headed for a third weekly gain. Global onshore crude stocks sank by almost 21 million barrels last week, led by China, according to data analytics firm Kayrros, while U.S. inventories are near a three-year low. The surge in natural gas prices is expected to force some consumers to switch to oil, tightening the market further ahead of the northern hemisphere winter.

China on Friday sold oil to Hengli Petrochemical Co. and a unit of PetroChina Co. in the first auction of crude from its strategic reserves said traders with the knowledge of the matter. Grades sold included Oman, Upper Zakum and Forties.

Oil has rallied recently after a period of Covid-induced demand uncertainty, with some of the world’s largest traders and banks predicting prices may climb further amid the energy crisis. Global crude consumption could rise by an additional 370,000 barrels a day if natural gas costs stay high, according to the Organization of Petroleum Exporting Countries.

“Underpinning the latest bout of price strength is a tightening supply backdrop,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd.

Various underlying oil market gauges are also pointing to a strengthening market. The key spread between Brent futures for December and a year later is near $7, the strongest since 2019. That’s a sign traders are positive about the market outlook.

At the same time, the premium options traders are paying for bearish put options is the smallest since January 2020, another indication that traders are less concerned about a pullback in prices.

Continue Reading

Energy

Unlocking Investments into Africa’s Renewable Energy Market

Published

on

green energy - Investors King

The African Energy Guarantee Facility (AEGF) is launching a virtual roadshow of free webinars allowing a deeper understanding of risk issues for renewable energy projects on the continent, and conversations around risk mitigation solutions. The first webinar will take place on Thursday, 23 September from 14:30-16:00 hrs. EAT. 

The session will be oriented on how to get more energy projects from the drawing board to the grid. While the energy demand in African economies is expected to nearly double by 2040, and although the potential for renewable energy is 1,000 times larger than the demand, only 2GW out of almost 180GW of this new renewable power were added on the African continent.

Clearly not good enough! To improve the situation within the next two decades, new solutions need to be implemented urgently. De-risking and promoting private sector investments will play a crucial part of it.

In this 90-min interactive session, AEGF partners: the European Investment Bank (EIB), KfW Development Bank, Munich Re and the African Trade Insurance Agency (ATI) will share their experience and provide valuable insights on how they were able to come together and design practical solutions for investors and financiers of green energy projects in Africa aligned with SDG7 objectives.

Across Africa, the complexity of renewable energy projects and their long tenors hold back crucial energy investment. Tailored to the specific needs and risk profiles of sustain­able energy projects, AEGF will tackle the investment challenge by providing underwriting expertise and capacity tailored to market needs.

The AEGF will significantly boost private investment in sustainable energy projects, both expanding access to clean energy and contribute to achieving UN Sustainable Development Goals. The scheme supports new private sector investment in eligible renewable energy, energy efficiency and energy access projects in sub-Saharan Africa.

Continue Reading

Energy

Shell Signs Agreement To Sell Permian Interest For $9.5B to ConocoPhillips

Published

on

Shell profit drops 44 percent

Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. The transaction will transfer all of Shell’s interest in the Permian to ConocoPhillips, subject to regulatory approvals.

“After reviewing multiple strategies and portfolio options for our Permian assets, this transaction with ConocoPhillips emerged as a very compelling value proposition,” said Wael Sawan, Upstream Director. “This decision once again reflects our focus on value over volumes as well as disciplined stewardship of capital. This transaction, made possible by the Permian team’s outstanding operational performance, provides excellent value to our shareholders through accelerating cash delivery and additional distributions.”

Shell’s Upstream business plays a critical role in the Powering Progress strategy through a more focused, competitive and resilient portfolio that provides the energy the world needs today whilst funding shareholder distributions as well as the energy transition.

The cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions after closing, with the remainder used for further strengthening of the balance sheet. These distributions will be in addition to our shareholder distributions in the range of 20-30 percent of cash flow from operations. The effective date of the transaction is July 1, 2021 with closing expected in Q4 2021.

Shell has been providing energy to U.S. customers for more than 100 years and plans to remain an energy leader in the country for decades to come.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending