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Forte Oil, MRS, 222 Others Bid for Crude Lifting Contracts



  • Forte Oil, MRS, 222 Others Bid for Crude Lifting Contracts

Forte Oil, MRS Oil, British Petroleum Oil International, Glencore Energy Services Limited and 220 other foreign and local oil companies on Thursday in Abuja submitted bids for the sale and purchase of Nigeria’s crude oil grades.

This is coming as the Nigerian National Petroleum Corporation stated that the country’s crude oil grades had continued to earn premiums as most of them were being refined in India and Europe, contrary to claims that the nation was finding it tough to sell its crude.

Some of Nigeria’s crude grades are Bonny Light, Qua Iboe, Brass River and Forcados.

Speaking on the sidelines of the bid opening ceremony for the sale and purchase of the crude oil grades, the Group Managing Director, NNPC, Dr. Maikanti Baru, stated that the 224 companies had indicated interest to trade about 700,000 barrels per day of various grades of Nigeria’s crude for the 2016/2017 fiscal year.

He noted that the number of bidders dropped from 278 companies in 2015/2016 to 224 currently, adding that this was due to the strengthening of the criteria for the prospecting companies, as the tender process would be concluded by February next year.

Baru said, “There have been those speculations that we are struggling for market. That is not true. Nigeria’s crude grades have continued to earn premiums and they are hot cakes all over for refiners. Because of the light nature of the crude, it induces very high yields on the valuable products that you produce from our crude oil. Nigeria’s crude grades continue to maintain market.

“In fact, contrary to a lot of speculation that a lot of Nigeria’s crude goes to China, they do not. Most of them are consumed and refined in India and Europe, particularly, last year and this year, most of Nigeria’s crude end up in European refineries.”

On the volume to be traded by the bidders, the NNPC boss stated that about 600,000 barrels were expected from Joint Venture operations, while about 100,000 barrels would come from Production Sharing Contracts in terms of royalty and various tax oils.

According to him, refiners and big crude oil lifters will be given priority in the process, which he noted would be concluded in February 2017.

He said the significance of the bid opening was that it marked the beginning of the 2016/2017 term contract tender for the country’s crude oil grades under the NNPC on behalf of the Federal Government and people of Nigeria.

Baru said, “When we sell this crude, the money goes straight to the Central Bank of Nigeria’s accounts on behalf of the federation. The NNPC does not operate any of those accounts. The best input that comes to the NNPC is confirmation that the money has been paid. We have no signature rights on these accounts.

“This is contrary to the perception of several people that the NNPC is withholding some money for and on behalf of the Nigerian people. All the crude that we sell goes to the Nigerian people.”

The Group General Manager, Crude Oil Marketing Division, NNPC, Mr. Mele Kyari, stated that the bidding process would ensure that corporation’s crude oil was sold to capable buyers, guarantee hitch-free transactions, optimise sales and prices, and also increase government’s revenue.

He noted that most of Nigeria’s crude oil production ended up in Europe and Far East Asia, adding, “India, Indonesia and Thailand are our major buyers and, of course, there are changes in the market that are bringing the US back to us.”

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


Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others



Transcorp hotel

Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.


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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director




Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations




FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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