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NNPC Takes Delivery of Two Gas Carriers

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  • NNPC Takes Delivery of Two Gas Carriers

The West African Gas Ltd, a joint venture company of the Nigerian National Petroleum Corporation and Sahara Energy, has taken delivery of two Liquefied Petroleum Gas carriers.

The Group General Manager Group Public Affairs Division, Mr. Ndu Ughamadu, in a statement on Friday said that the carriers were bought from the Hyundai Mipo Dockyard in Ulsan, South Korea.

Ughamadu said the take-over would ensure stability in the supply of LPG, popularly known as domestic cooking gas.

Describing the vessels, Ughamadu said they both had a combined capacity of 38,000 cubic meters and had the names (cbm) “MT Africa Gas” and “MT Sahara Gas”.

He said the names were given by the wives of the Group Managing Director of NNPC and the Chief Operating Officer, Gas & Power, Mrs Hajja Maikanti Baru and Mrs. Jamila Saidu Mohammed respectively, in keeping with maritime custom that spouses of the sponsors of the ships perform those aspects of the ceremony.

Ughamadu said during a brief naming ceremony to inaugurate the vessels on Tuesday, the Group Managing Director of NNPC, Dr. Maikanti Baru, expressed gratitude to all the partners who helped to actualize the ship acquisition vision of the parent companies and the management of WAGL.

“I am particularly delighted that the venture we started a few years ago has achieved this enviable milestone today as we take delivery of these vessels”, Baru was quoted as saying.‎

The statement also quoted Hyundai Mipo Dockyard (HMD) President and Chief Executive Officer, Mr Y. S. Han, as saying the naming ceremony was the first at HMD this year, with its new customer, WAGL.

”Han thanked the managements of NNPC, Sahara Energy and WAGL for their cooperation and support throughout the period of construction of the vessels and prayed that the vessels would perform their intended services successfully and bring good fortune to WAGL and their parent companies,” Ughamadu said.‎

Mrs Hajja Maikanti, in her address, lauded HMD for its shipbuilding expertise which helped in translating the vision into the two magnificent LPG carriers.

She expressed the confidence that the carriers would be a great asset to West African Gas Ltd., NNPC and Sahara Energy.

‎WAGL was established in March 2013 while the shipbuilding contract for the two LPG carriers was entered into in May 2014.

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.

Economy

Egypt Leads Nigeria, South Africa in Foreign Direct Investment

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Egypt Leads Nigeria, South Africa in Foreign Direct Investment

The United Nations Trade Association has Nigeria recorded a total of $2.6 billion in Foreign Direct Investment (FDI) in 2020, below the $3.3 billion posted in the preceeding year.

South Africa, Africa’s most industrialised nation, reported $2.5 billion during the same year, slightly below Africa’s largest economy and 50 percent below the $4.6 billion attracted a year earlier.

The report also noted that Africa recorded a total of $38 billion FDI in the same year, representing a 18 percent decline from the $46 billion posted in the corresponding year of 2019.

However, Egypt led Nigeria and South Africa with $5.5 billion FDI, an increase of 38 percent from the preceeding year.

The report read in part, “FDI flows to Africa declined by 18% to an estimated $38 billion, from $46 billion in 2019. Greenfield project announcements, an indication of future FDI trends, fell 63% to $28 billion, from $77 billion in 2019. The pandemic’s negative impact on FDI was amplified by low prices of and low demand for commodities.

UNCTAD also noted that global foreign direct investment declined by 42 percent to an estimated $859 billion, down from $1.5 trillion in 2019.

The decline was concentrated in developed countries, where FDI flows fell by 69 percent to an estimated $229 billion. Flows to Europe dried up completely to -4 billion (including large negative flows in several countries). A sharp decrease was also recorded in the United States (-49%) to $134 billion.

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FG to Partly Fund Six Rail Projects Connecting All Regions

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FG to Partly Fund Six Rail Projects Connecting All Regions

The Federal Government will pay a total sum of N71 billion to partly fund six rail projects connecting all regions of the country.

In the report obtained from the Federal Ministry of Finance, Budget and National Planning, the six rail projects marked for development this year are Lagos-Kano rail line (ongoing), Calabar-Lagos (ongoing), and Ajaokuta-Itakpe-Aladja (Warri).

Others are the Port Harcourt-Maiduguri railway, the new Kano-Katsina-Jibiya-Maradi line in Niger Republic and the Abuja-Itakpe and Aladja-Warri Port and refinery/Warri new harbour.

The Buhari administration will also spend N15.1 billion on the development of safety and security of critical projects, airport certification, runway construction, terminal building, among others in the aviation sector in 2021.

Last week, Rotimi Amaechi, Minister of Transportation, said the Lagos-Kano line would be connected from the Ibadan end of the Lagos-Ibadan railway and would cost $5.3 billion.

We are waiting for the Chinese government and bank to approve the $5.3bn to construct the Ibadan-Kano. What was approved a year ago was the contract,” the minister said.

He added, “The moment I announced that the Federal Government had awarded a contract of $5.3bn to CCECC (China Civil Engineering and Construction Corporation) to construct Ibadan-Kano, people assumed the money had come in; no.

“We have not got the money, which is a year after we applied for the loan. We have almost finished the one of Lagos-Ibadan. If we don’t get the loan now, we can’t commence.”

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Economy

FG Launches E-ticketing Platform to Deepen Train Usage and Convenience

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FG Launches E-ticketing Platform to Deepen Train Usage and Convenience

In a bid to improve the usage and enhance the convenience of train transport in Nigeria, the Federal Government on Thursday announced the launching of the Electronic Ticketing platform for the Kaduna-Abuja rail services.

The N900 million E-ticketing platform was introduced by the Minister of Transportation, Chibuike R. Amaechi, and the Nigerian Railway Corporation.

Amaechi said the new platform would improve efficiency, promote accountability, reduce leakage and enhance economic growth, as well as save time.

The E-ticketing platform was a Public-Private Partnership project done in conjunction with Secure ID Solutions, who provide and would manage the system for 10 years in an effort to recoup its investment before the Nigerian Railway Corporation take charge.

Kofo Akinkugbe, the Chief Executive Officer, Secure ID Solutions, said as the new E-platform issued 25,000 tickets after a successful pilot test on Thursday.

Potential Travelers can book via three ways:

1. Mobile app
2. Website
3. POS or Cash at the station

A validator would be used to scan the ticket barcode to ascertain its authenticity before boarding.

Amaechi further announced that self-service ticket vending machines at various train stations would be introduced soon.

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