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Shell Nigeria to Invest in Ajaokuta-Kano Gas Pipeline Project

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A subsidiary of the Royal Dutch Shell Petroleum Development Company (SPDC), Shell Nigeria Gas Ltd (SNG) has indicated interest in expanding its investment in gas distribution.

In a meeting with the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, the multinational oil and gas firm revealed that it is interested in exploring investment opportunities available in the ongoing Ajaokuta-Kaduna-Kano (AKK) gas pipeline project.

The AKK gas pipeline which spans across different Northern Nigeria states covers a length of 614 kilometres. It runs from Ajaokuta to Kano. The pipeline, launched in June 2020, is a Trans-Nigeria Gas Pipeline (TNGP) and the Trans Saharan gas pipeline project.

According to the Nigerian National Petroleum Corporation (NNPC), the project, still under construction, is being built at an estimated $2.8 billion. After launching, the AKK gas pipeline is expected to distribute 2.2 billion square cubic feet of gas daily into the domestic market.

In his statement, the Managing Director of SNG, Mr. Ed Ubong said that the company already has a market where it distributes natural gas to industrial establishments. It also seeks to expand through the massive business opportunities Nigeria and the AKK gas pipeline project presents.

He said, “SNG currently distributes natural gas for power generation to industrial clusters around Ogun, Abia, Bayelsa, Rivers and Lagos States and we are currently exploring markets along the Ajaokuta-Kaduna-Kano pipeline project for investment opportunity to take gas to industries up north of Nigeria.”

Present at the meeting was also the General Manager, Shell Energy Nigeria, Mr. Markus Hector, who stated that the SNG plans to significantly expand its investment in gas distribution under the right regulatory environment.

According to him, the clear guidelines and regulations that support and protect investments were key in boosting investors confidence in the Nigerian gas sector.

Hector further commended the federal government for enacting the Petroleum Industry Act (PIA), saying that the act would support the growth of the gas industry in Nigeria.

Explaining the need Nigeria has for an accelerated gas infrastructure to deepen domestic gas distribution across Nigeria, the CEO of the NMDPRA, Farouk Ahmed hailed Shell Nigeria for its deliberate and active investment in growing the gas supply and distribution market. He stated that their investments and supply has helped power industries in key locations across Nigeria.

He uregd SNG to continue being transparent, responsible and to practice good corporate governance in its business dealings in the country.

According to Ahmed the federal government’s desire to see gas infrastructure development, especially in the midstream, necessitated the enactment of the PIA. The CEO vowed that NMDPRA would input the necessary regulations to make business favourable to SNG and other prospective investors, by encouraging healthy competition, competitive prices, flexibility of supply and investments in the gas sector.

 

Source: Investors King

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Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

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The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

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Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

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flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

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Again, NNPCL Fails to Make Port Harcourt Refinery Functional After Several Promises 

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The Nigerian National Petroleum Company Limited (NNPCL) has again disappointed Nigerians over the functionality of the country’s refinery in Port-Harcourt, Rivers State.

The Group Chief Executive Officer of the NNPC, Mele Kyari, had in July, this year, stated categorically that the refinery would come into operation in early August.

Kyari’s announcement made it the seventh time the petroleum company would promise Nigerians that the Port-Harcourt Refinery would restart operations.

But the company has not been able to fulfill any of its assurances as at the time of this report, even as the challenges of fuel availability facing Nigeria bite harder.

The NNPC CEO had earlier promised that the refineries would be functional before the end of former president Muhammadu Buhari’s administration in May 2023.

The most recent date was promised by the Chief Financial Officer of the NNPC, Umar Ajiya, who said the Port Harcourt refinery would commence operations in September 2024.

In a recent reply to an enquiry by legal luminary, Femi Falana, SAN, it was noted that the contractor overseeing the rehabilitation of the Port Harcourt refinery, said it would provide details on the project’s completion by or before October 2.

The contractor conveyed this through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Falana had written to them on September 17 and 24, respectively regarding the contract with the NNPC.

Kyari had informed the Senate recently when he appeared before the red chamber that Nigeria would be a net exporter of petroleum products by the end of the year.

He had informed the lawmakers that it was impossible to have the Kaduna refinery come into operation before December and that it would get to December. He had said similar things of both Warri and Kaduna Refineries.

According to him, Port Harcourt would commence production in early August this year.

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