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Hungary Shows Interest in Nigerian Crude Oil, LNG

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Crude Oil
  • Hungary Shows Interest in Nigerian Crude Oil, LNG

The Hungarian government has indicated interest in purchasing crude oil and Liquefied Natural Gas from Nigeria.

The Hungarian Ambassador to Nigeria, Prof. Gabor Ternak, who disclosed this during a courtesy visit to the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, in Abuja, said the decision to import crude oil and LNG from Nigeria was informed by the need to bridge the current supply gap being experienced in his country.

“Hungary depends on oil importation to serve its energy needs as the country is non-oil producing. We want to diversify our sources of crude oil and LNG imports, and we are considering purchasing these products from Nigeria,” Ternak was quoted as saying in a statement by the NNPC on Wednesday.

He said Nigerian crude oil would be of great help to Hungarian refineries involved in large scale commercial refining.

The envoy stated that Nigeria could also leverage on the bilateral relationship with his country by engaging the services of Hungarian firms that specialised in the repair, maintenance and building of refineries as well as medical services.

Ternak said Hungarian universities with many years of oil and gas engineering expertise could assist Nigeria in the areas of capacity building of oil workers.

In his remarks, Baru stated that the corporation had commenced a tender process for the selection of the 2018 crude oil off-takers, adding that Hungarian companies could utilise the opportunity by participating in the exercise to maximise value from direct purchase, rather than going through a third-party.

“If you don’t participate in the tender process, you would have to buy the products from one of the traders. However, if you participate with companies and refineries that meet our requirements, they can be shortlisted as off-takers,” Baru said.

He explained that Hungary could purchase LNG through spot cargo, an arrangement in which excess production is given to registered off-takers with the Nigerian Liquefied Natural Gas Limited.

“Normally, gas business is a long-term business and the NLNG is not different; we already have existing 20-year contract that will expire by 2022. Nevertheless, we have what is called spot cargoes, when there is excess production and the current contractors have got their share as enshrined in the contract, the excess production will be given to registered off-takers in the system,” he said.

Baru noted that Hungarian companies could submit their profiles to the NLNG for possible engagement as off-takers of spot cargoes after meeting the standard requirements.

The NNPC GMD stated that works on the refurbishment of the corporation’s refineries through original builders of the plants had commenced and that Hungarian firms with the requisite expertise could be considered through sub-contracting by the main contractors.

He said the NNPC, through its subsidiary institution, the Nigerian Leadership Academy, would look into possible areas of collaboration with Hungarian universities for in-country capacity building of oil and gas workers.

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 market.

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Fate of Bristow Pilots, Engineers To Be Decided on Thursday

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Bristow Helicopters

Pilots and Engineers of Bristow To Know Their Fate Next Week

Bristow pilots and engineers whose appointments were terminated would have to wait till next week to know their fate as the negotiation between the National Association of Aircraft Pilots and Engineers and the Federal Ministry Labour and Employment has been shifted to Thursday.

Capt. Yakubu Dukas, the National Vice President of National Association of Aircraft Pilots and Engineers, confirmed this on Friday.

On Tuesday, Bristow Helicopter announced it would sack 100 pilots and engineers, hinging its decision on plans to restructure the company’s finances amid the COVID-19 pandemic.

But on Wednesday, NAAPE issued two weeks ultimatum to the company, demanding for reversal of such action at a time families are struggling with COVID-19 crisis.

On Friday, the Nigeria Labour Congress also issued two weeks warning to the companies, demanding the affected staff be recalled or they will have to deal with a nationwide action from NLC.

He said, “Both parties are to return to status quo. We are to report back next week Thursday to continue the negotiation.

“If both of you are returning to the negotiation table, it would be something that is favourable. The members will be happy to move out of the picketing and continue their work.

“The meeting went well. We met with the Ministry of Labour to reverse the status quo. Whoever they made redundant is null and void and they would revert to status quo.

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Buhari Signs Bill to Make Registration of SMEs Affordable and Easier

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Corporate Affairs Commission

Buhari Signs New Bill to Make SMEs Registration Affordable

President Muhammadu Buhari on Friday signed a new bill to make the registration of Small and Medium Enterprises (SMEs) easier and affordable.

Femi Adesina, the Special Adviser to the President on Media and Publicity, disclosed this in a statement made available to media on Friday.

In the statement titled “After 30 years, President Buhari signs amended Companies and Allied Matters Bill,” the Senior Special Adviser said Buhari has signed the Companies and Allied Matters Bill, 2020 into law.

It read, “President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly.

“The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared toward enhancing ease of doing business in the country.

“Such innovations include: filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

“Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way.”

“Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing ‘authorised share capital’ with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

“Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

“Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.

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Nigeria Railway Corporation Realises N3.1bn in 2019

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Railway Projects

NRC Generates N3.09 Billion in 2019

The Nigeria Railway Corporation (NRC) has said it realised N3.09 billion from railway services in 2019.

In a statement issued by the corporation, N1.5 billion of the total amount was generated from the Abuja-Kaduna rail service, according Fidet Okhiria, the Managing Director, NRC, who was quoted in the statement.

In the statement signed by Taiye Elebiyo-Edeni, the Media Assistant to the Minister of Transportation, the Abuja-Kaduna rail line realised N130 million per month in the year under the reveiw.

“The Abuja-Kaduna railway generated over N130m monthly as revenue,” Okhiria stated.

Okhiria explained that, that particular rail line has been able to breakeven, adding that the revenue from Abuja-Kaduna rail line was used to service other railway stations in the Northern region.

Maiduguri station, which is presently not functioning was named as one of the stations financed with the revenue realised from Abuja-Kaduna rail line.

“N90m was spent on running cost and payment of staff at the Maiduguri station, which could not operate for now due to insecurity in the state.”

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