- Crude Oil Surges After Saudi’s Drone Attacks
Global oil price rose on Tuesday following drone attacks on two of Saudi Arabia’s major oil pipelines, further escalating tensions in the Gulf Region.
Yemeni Houthi rebels aligned with Iran has since claimed responsibility for the attacks on the pipelines.
Al-Masirah, a spokesman for the militant told a Houthi-Run television station, that the group was “capable of carrying out qualitative operations on a larger scale deep inside aggressor countries”.
Saudi Energy Minister, Khalid al-Falih, said the attacks on the pumping stations “prove again that it is important for us to face terrorist entities, including the Houthi militias in Yemen that are backed by Iran”.
The energy minister said oil production was not affected and expects the oil-rich country to sustain global supplies.
Brent crude, against which Nigerian oil is measured, surged $1.09 to $71.32 per barrels before slightly pulling back to $70.96.
“If they (Iran) do anything, it would be a very bad mistake,” Trump warned at the White House.
The US ambassador to Riyadh, John Abizaid, however, told Saudi editors after the attacks that there is a need for “thorough investigation to understand what happened” to the tankers, adding “and then come up with reasonable responses short of war”.
“It’s not in their interest, it’s not in our interest, it’s not in Saudi Arabia’s interest to have a conflict,” he was quoted as saying by Arab News, a Saudi newspaper. “We certainly know that the ships were damaged. They were damaged by outside action of some sort.”
Iran’s ambassador to the UK, Hamid Baeidinejad, said Iran is not in support of “any move to destabilise the region”. He added the circumstances of the vessel attacks on Sunday were “very suspicious” and warned that a US military build-up in the region could lead to a “miscalculation”.
“Unfortunately . . . whatever happens in the region that does not have any relevance to Iran is attributed to Iran or its so-called proxies,”
Mr Baeidinejad said: “If there are people in the White House or in the region that want to drag the United States into a military confrontation with Iran, they should understand that it will not only be devastating for the United States, it will be devastating for the region.”
PENGASSAN to Shut Down 200,000bpd Agip Oil
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), an oil workers’ union, is threatening to shut down 200,000 barrels per day of crude oil production managed by Agip Oil Company Limited over what it described as unfair labour practices and intimidation of workers.
The Union, in a letter released on Wednesday, gave Agip Oil seven days to look into the concerns raised by the union or have its operations disrupted.
In the letter signed by Lumumba Okugbawa, General Secretary, the Union also accused Agip Oil of “subtle threat against our members and demobilisation of members access to the company facilities.”
PENGASSAN also urged Agip Oil to withdraw its “toxic memo’ and open discussion with the union branch leaders with a view to discuss and resolve the issues and strengthen industrial harmony.
“However, as a law-abiding association, we view the insinuation by Agip management that the legitimate actions of the union was unlawful as laughable and a mockery of the relevant sections of the labour laws detailing on how industrial actions and disputes should follow.”
Gbajabiamila Says House of Reps Will Pass Petroleum Industry Bill in April
Femi Gbajabiamila, the Speaker of the House of Representatives, on Wednesday, said the Reps will pass the Petroleum Industry Bill (PIB) into law in April 2021.
The speaker disclosed this during his opening remarks at the ongoing public hearing on the proposed legislation organised by the House Ad-hoc Committee on PIB.
He said “We intend to pass this bill by April. That is the commitment we have made. Some may consider it a tall order, but we will do it without compromising the thoroughness.”
Gbajabiamila’s comment came two days after Ahmad Lawan, the Senate President, said the passage and assent to the Petroleum Industry Bill (PIB) will be done before the end of May.
Once passed into law, experts expect the bill to boost Nigeria’s economy, encourage competition and boost revenue.
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.”
News4 weeks ago
Heartbroken American Mistress Displays Dangote’s Buttocks in a Viral Video
News4 weeks ago
FCMB Group MD Links to Death of Tunde Thomas, Husband of Married Staff He Fathered Her Kids
Investment2 weeks ago
London Real Estate Company for African Investors Announces its Launch
Technology4 weeks ago
Chinese Government Goes After Jack Ma and Empire
Finance4 weeks ago
President Buhari Increases Npower Budget by N365 Billion
Brands4 weeks ago
Prada’s Profits Drop by $219 Million, Sales in China Up by 60%
News4 weeks ago
Tunde Thomas: FCMB Commences Review Into Allegations of Unethical Behavior Against MD Nuru
Banking Sector3 weeks ago
FCMB Appoints Yemisi Edun as Acting Managing Director While Adam Nuru Proceeds on Leave