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Shell Companies Emerge Best in Sustainability Innovation in Africa

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  • Shell Companies Emerge Best in Sustainability Innovation in Africa

Shell Companies in Nigeria (SCiN) have emerged the 2017 Best Nigerian companies in Sustainability Innovation in Africa, beating two other finalists at the 11th edition of the Sustainability, Enterprise and Responsibility Awards (SERAs) for Corporate Social Responsibility held in Lagos on Friday.

Shell companies also defeated three other contestants to win as the Best Company in Affordable and Clean Energy, and got the second runner-up prize for the Most Socially Responsible Nigerian Company for the year.

“We’re delighted at the continued recognition of our modest support to Nigeria and Nigerians to make life better and to create opportunities to individuals and institutions, particularly in our host communities,” said the Managing Director, The Shell Petroleum Development Company of Nigeria Limited (SPDC) and country Chair, SCiN, Mr. Osagie Okunbor.

“We are challenged by these laurels to do even more as CSR remains part of the DNA of the Shell business, and we are striving to improve our partnership with NGOs, government and communities to ensure our people participate more in the execution of programmes and own them for greater sustainability,” he added.

Leveraging its support for entrepreneurs for bright energy ideas through the globally acclaimed Shell LiveWIRE programme, SPDC showcased its numerous social intervention programmes including the training and empowerment of hundreds of youths particularly in its host communities to clinch the prize as the best company in affordable and clean energy.

The sustainability innovation award resulted from the renewable energy solution as an alternative for powering the Shell-supported Obio cottage hospital, Port Harcourt which led to significant cost savings in energy consumed and enabled the hospital to focus its resources on its core aspiration of providing quality healthcare for the people.

Due to its success, the solution has been replicated in seven other Shell-supported health facilities in the Niger Delta.

The SERA-CSR Awards is an annual event to celebrate organisations investing resources in the improvement of lives of stakeholders and contributing to the development of Africa through their social performance and investment programmes.

A total of twenty-six awards were won by corporate organisations and individuals in recognition of their sustainable development and social investment efforts in Africa.

Apart from their three winning entries, Shell companies also got nominated in four other categories: Best Company in Poverty Eradication; Best Company in Provision of Clean Water and Sanitation; Best Company in Partnership for Development; and Best Company in Support of SMEs.

Shell Companies in Nigeria – SPDC, Shell Nigeria Exploration and Production Company (SNEPCo), and Shell Nigeria Gas (SNG) work with government, communities and civil society to implement programmes that have a lasting impact on lives in the Niger Delta and Nigeria as whole.

Social investment activities focus on community and enterprise development, education, health, access-to-energy and since 2016, road safety.

This, however, excludes community-driven development programmes and initiatives delivered through the Global Memorandum of Understanding (GMoU) which focuses on various themes as determined by benefiting communities.

In 2016 alone, Shell Companies in Nigeria spent $29.8million on social investment projects and awarded 94 percent of their contracts valued at over $0.74billion to Nigeria companies while $1.4 billion was paid to the Nigerian government in royalties and corporate taxes, and another $106.8million contribution made to the NDDC as required by law.

Since 2003, SPDC and SNEPCo have trained over 6,550 Niger Delta youths in enterprise development and have awarded scholarship grants to over 7,652 secondary school students and 4,435 university students in the last six years.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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