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Nigeria Earns N413bn From Gas Export -NBS

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Nigeria Gas Exports

Nigeria earned N412.983 billion from the export of Liquefied Natural Gas, LNG, Liquefied Petroleum Gas, LPG, also known as cooking gas and other gaseous materials in three months, between July and September 2015, according to data obtained from the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics Report for the Third Quarter of 2015, revealed that this represented an increase of 9.5 per cent or N35.813 billion when compared to N377.17 billion earned by the country from the export of those commodities in the second quarter of 2015.

Giving a breakdown of the third quarter figures, the NBS stated that the country’s LNG export stood at N262.202 billion; liquefied propane export was valued at N106.803 billion, while the export of other petroleum gases, among others, in gaseous state was valued at N22.762 billion.

In addition, the country earned N10.101 billion from the export of LPG and other gaseous hydrocarbons, while it also earned N8.115 billion from the export of liquefied butanes.

Liquefied propane

In comparison, in the second quarter of 2015, the country earned N260.7 billion from the export of LNG; N66.441 billion from the export of LPG and other gaseous hydrocarbons; N43.88 billion from liquefied propane, while liquefied butane export fetched the country N6.15 billion.

Furthermore, the report identified India as Nigeria highest export destination in the third quarter with an export value of N408.24 billion, comprising N382.884 billion and N25.356 billion crude oil and non-crude oil export respectively.

Netherlands followed with total export value of N245.066 billion comprising crude oil and non-crude oil export of N228.2 billion and 16.86 billion respectively, while Spain’s export from Nigeria stood at N211.357 billion, with N159.5 billion been value for crude oil and N51.853 billion from non-crude oil items.

Other export destinations in the quarter under review are: United Kingdom — N192.231 billion total exports, with N85.07 billion crude oil export and N107.17 billion non-crude oil export; Brazil — N169.44 billion, with N140.84 billion and N28.6 billion crude oil and non-oil export.

In addition, France received N106.billion of Nigeria’s total export; South Africa — N105.05 billion; United States — N85.51 billion; Japan — N80.44 billion and Indonesia — N71.37 billion among others.

On the other hand, China emerged the destination with the highest value of Nigeria’s import in the period under review, accounting for N459.4 billion of Nigeria’s total imports. The United States followed with Nigeria imports from the country valued at N160.6 billion, while the country imports from Belgium stood at N128.32 billion.

Others are: Netherlands — N101.82 billion; India — N97.42 billion; Germany — N55.04 billion; United Kingdom — N54.23 billion; Latvia — N44.79 billion; Brazil — N39.51 billion and Thailand — N31.03 billion among others.

Continuing, the report stated that, “Further analysis of Nigeria’s imports by Continent, revealed that the country consumed goods largely from Asia with imports valued at N 764.5 billion or 45.3 per cent of total imports.

“The Country also imported goods valued at N596.4 billion or 35.3 per cent from Europe and N241.3 billion or 14.3 per cent from The Americas. Import trade from Africa stood at N65.4 billion or 3.9 per cent while imports from the region of ECOWAS amounted to N16.3 billion.”

 

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.

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Energy

Unlocking Investments into Africa’s Renewable Energy Market

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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.

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Energy

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

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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.

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Crude Oil

Oil Gains 1 Percent on Possible Tight Supply 

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Oil prices - Investors King

Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande.

Brent crude gained 95 cents or 1.3% to $74.87 a barrel by 0645 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI) , which expires later on Tuesday, was up 91 cents or 1.3% at $71.20 after dropping 2.3% in the previous session.

Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said.

“While slowing Chinese economic growth and uncertainty around the (U.S.) Fed’s tapering timetable weighed on market sentiment, other developments still point to higher oil prices,” ANZ Research said in a note.

Still, investors across financial assets have been rocked by the fallout from heavily indebted Evergrande (3333.HK) and the threat of a wider market shakeout in the longer term.

“Evergrande’s woes are threatening the outlook for the world’s second-largest economy and making some investors question China’s growth outlook and whether it is safe to invest there,” said Edward Moya, senior market analyst at OANDA.

While that view of the state of China’s economy is weighing on markets, the U.S. Federal Reserve is also expected to start tightening monetary policy – likely to make investors warier of riskier assets such as oil.

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