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Food, Beverage Recyclers, Lagos Collaborate on Plastic Waste Management

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  • Food, Beverage Recyclers, Lagos Collaborate on Plastic Waste Management

The Food and Beverage Recycling Alliance , a coalition comprising Coca-Cola Nigeria Limited, Nigerian Bottling Company, Nestle Nigeria Plc, Seven Up Bottling company and Nigerian Breweries Plc has announced a collaboration with the Lagos State Government, through the Ministry of Transportation, to rid the state’s waterways of plastic and packaging waste.

The group which indicated this in a statement on Wednesday added that the Memorandum of Understanding was a three-year partnership aimed at cleaning the Lagos State inland waterways.

The statement read in part, “The programme will focus on evacuation for recycling of packaging waste collected from the four inland waterways – Five-cowrie Creek to Lekki; Marina through Elegbata and Osborne to Oworonshoki, waterways from Apapa through Kirikiri, Mile 2, Festac to Oke-Afa, and the Ikorodu Axis, which covers Ipakodo, Ibeshe, Baiyeku, Ijede and Badore.

“The FBRA will provide funding for equipment, gears and personnel training while the Lagos State Government will be responsible for structural civil works, managing execution, personnel, waste sorting centres and enforcement. The FBRA and Lagos State Government will jointly fund public awareness campaigns and advocacy on appropriate packaging waste disposal systems.”

The Chairman of the FBRA, Mrs Sade Morgan, was quoted as saying, “Today’s announcement is the culmination of months of positive collaboration between the FBRA steering committee and the Lagos State Government.

“Tackling one of the biggest sustainability issues the world is facing today requires a collective approach, and as leaders in the industry, we understand the responsibility that we all have, to lead the way for the good of the environment, our communities and ourselves.

“This announcement is just one step in the initial phase of a long-term commitment to effective plastic waste management. We are committed to tackling one of the biggest issues threatening the sustainability of our planet and are excited about the positive impact this will have on our industry, and the nation at large.”

According to the statement, efforts by the FBRA and its steering committee has so far recorded recycling of almost one billion bottles into fibre; over 1,800 direct jobs on an average income of $6 per day; as well as the creation of synthetic fibre for local industries and export.

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.

Crude Oil

South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company

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The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).

The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.

The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.

Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.

While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.

“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”

The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.

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Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked

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Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

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Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

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Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.

 

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