Thursday, 31 May 2018

Moody’s cuts India’s GDP growth forecast to 7.3 per cent

Moody’s cuts India’s GDP growth forecast to 7.3 per cent

31 May 2018, News Wires – Moody’s Investors Service has cut India’s GDP growth forecast to 7.3 per cent in 2018, from previous forecast of 7.5 per cent due to higher oil prices and tighter financial conditions. “The Indian economy is in cyclical recovery led by both investment and consumption. However, higher oil prices and tighter …

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Gazprom’s profit climbs in Q1 on higher European volumes

Gazprom’s profit climbs in Q1 on higher European volumes

31 May 2018, News Wires – Russian gas giant Gazprom saw its net profit rising more than 11 percent in the first quarter of this year as pipeline exports to Europe surged, LNG World News reports. Moscow-based Gazprom posted a profit of 372 billion roubles ($5.93 billion) in the first quarter as compared to 333 billion …

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China’s State Grid to invest $38bn in Brazil power sector

China’s State Grid to invest $38bn in Brazil power sector

31 May 2018, News Wires – Power company China State Grid Corp Ltd will invest 140 billion reais ($38 billion) in Brazil over the next five years, including investments in transmission and generation, an executive said. Investment in the transmission segment alone will total more than 90 billion reais, Qu Yang, vice president of State Grid’s …

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ONGC fourth quarter net profit up 36.2 per cent at Rs 5,915 crore

ONGC fourth quarter net profit up 36.2 per cent at Rs 5,915 crore

31 May 2018, News Wires – State-owned petroleum explorer Oil and Natural Gas Corporation (ONGC) of India has posted a 36.2 per cent jump in net profit at Rs 5,915.12 crore for the quarter ended March 2018 on a standalone basis as compared to net profit of Rs 4,340 crore posted in the corresponding quarter previous …

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World Bank helps Bangladesh expand access to renewable energy

World Bank helps Bangladesh expand access to renewable energy

31 May 2018, News Wires – The Bangladesh government has signed a $55 million financing agreement with the World Bank to expand renewableenergy uses in rural areas. The agreement was signed by Kazi Shofiqul Azam, secretary of Bangladesh’s Economic Relations Division, and Fan Qimiao, Asian Development Bank country Director for Bangladesh, Bhutan, and Nepal on Tuesday, Xinhua …

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Iran’s oil exports fall in May, when U.S. quit nuclear deal – Petro-Logistics

Iran’s oil exports fall in May, when U.S. quit nuclear deal – Petro-Logistics

31 May 2018, News Wires – Iran’s crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of U.S. sanctions may be deterring buyers. The estimates from Geneva-based Petro-Logistics also suggest Iranian oil buyers are not rushing to cut volumes from OPEC’s …

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Petronas posts Q1 profit, LNG sales rise

Petronas posts Q1 profit, LNG sales rise

31 May 2018, News Wires – Malaysian energy giant Petronas reported a 26 percent jump in its profit for the first three months of the year. The company’s profit after tax reached 13.0 billion Malaysian ringgit ($3.3 billion) on the back of higher revenue, the company said, adding that its revenue grew by 14 billion …

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Operators bemoan exclusion of Nigerian vessels from crude lifting

Operators bemoan exclusion of Nigerian vessels from crude lifting

Vincent Toritseju 31 May 2018, Sweetcrude, Lagos — Concerned operators in the shipping sector have bemoaned the non-inclusion of Nigerian vessels in crude oil lifting after about 60 years of local oil exploration, production and export. President, Shipowners Association of Nigeria, and Chief Executive Officer, Starz Investments Limited, Greg Ogbeifun, at a summit held by the …

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Nigerian Ports Authority appeals for peace on Warri waterways

Nigerian Ports Authority appeals for peace on Warri waterways

Lucky Omas 31 May 2018, Sweetcrude, Warri, Delta State — The Manager, Warri Port, Mr Simon Okeke has appealed to youths of Warri and environs to shun sea piracy and related crimes for the Warri Port to attract ship when it comes on stream Okeke who spoke at a sensitization program organized in Warri for communities …

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Nigerian Navy transfers vessel with stolen crude to EFCC

Nigerian Navy transfers vessel with stolen crude to EFCC

Lucky Omas 31 May 2018, Sweetcrude, Delta State — The Nigerian Navy shipyard, NNS Delta, has handed over a vessel loaded with 386,000 litres of allegedly stolen crude to the Economic and Financial Crimes Commission, EFCC, in Warri, Delta state. Commander of NNS Delta, Commodore Ibrahim Dewu who handed over the vessel said it was …

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Nigeria loses $300m revenue annually to vessels berthing offshore

Nigeria loses $300m revenue annually to vessels berthing offshore

Toritseju Vincent 31 May 2018, Sweetcrude, Lagos — A former Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Temisan Omatseye, on Monday said Nigeria is losing about $300 million yearly from berthing five degrees east on Nigerian waters. Omotseye urged the Federal Government to look into the issue to enable Nigerian ports to be cheaper …

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Wednesday, 30 May 2018

India delays plan to roll out 10,000 electric cars to 2019

India delays plan to roll out 10,000 electric cars to 2019

30 May 2018, Sweetcrude, Houston, Texas – India has pushed back a deadline to put thousands of battery-driven cars on the road by nearly a year, in a setback to its ambitions of having electric vehicles comprise about a third of its fleet by 2030. State-owned Energy Efficiency Services Ltd., which is responsible for procuring electric …

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India: Petrol, diesel prices fall across the country after 16-day surge

India: Petrol, diesel prices fall across the country after 16-day surge

30 May 2018, New Delhi – Fuel consumers can now breathe easy. Petrol and diesel prices across the country fell on Wednesday after 16 continuous days of hike which had pushed retail fuel prices to the at the highest level recorded in the country’s history. Prices of non-branded petrol in Delhi fell to Rs 77.83 per …

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Gazprom, Turkey sign TurkStream onshore section documents

Gazprom, Turkey sign TurkStream onshore section documents

30 May 2018, News Wires – Russian giant Gazprom signed a protocol with the Turkish government on the onshore section of the transit string of the TurkStream gas pipeline. The string will deliver Russian gas to European consumers, Gazprom said in its statement. As a follow-up to the protocol, Gazprom and the Turkish gas grid operator Botas inked an agreement detailing the terms and conditions of the …

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Equities: energy firms up to a slow start after the holidays

Equities: energy firms up to a slow start after the holidays

30 May 2018, Sweetcrude, Lagos — Trading activities on the floor of Nigerian Stock Exchange for energy companies experienced slow start on Wednesday after the holidays declared on Monday and Tuesday by the Federal Government. Oando and Japaul oil recorded loses on Wednesday trading. Eterna recorded gain. Top Gainer Eterna: 0.22k Top Losers Oando: -0.05k …

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OPEC daily basket price close at $72.91 per barrel

OPEC daily basket price close at $72.91 per barrel

30 May 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $72.91 a barrel on Tuesday, compared with $73.37 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial …

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Presidency, BPE squanders N500m+ for consultancy on PHCN

Presidency, BPE squanders N500m+ for consultancy on PHCN

*PHCN’s core assets awarded as gifts to DisCos, unofficially sold, stolen OpeOluwani Akintayo 30 May 2018, Sweetcrude, Lagos — A document obtained by SweetcrudeReports has revealed how over N500 million was awarded by the Presidency for consultancy on the sale of assets belonging to the Power Holding Company of Nigeria, PHCN in 2015 with nothing …

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Africa Energy Forum: Global energy sector leaders reflect on past 20-years

Africa Energy Forum: Global energy sector leaders reflect on past 20-years

30 May 2018, Sweetcrude, London, United Kingdom — During the Africa Energy Forum (AEF)’s lifetime the sector has witnessed the emergence of initiatives such as South Africa’s REIPPP Programme, GET FiT Uganda and the IFC’s Scaling Solar programme, with many IPPs coming online and a growing emergency power sector. From 2 sponsors and 200 delegates …

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Weekly SweetcrudeReports/Guardian collaboration May 30 2018

Weekly SweetcrudeReports/Guardian collaboration May 30 2018

Read the Weekly SweetcrudeReports/Guardian collaboration

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Only one scanning machine working at Lagos ports, says Customs

Only one scanning machine working at Lagos ports, says Customs

30 May 2018, Sweetcrude, Lagos – Customs Area Controller, CAC, in charge of Apapa Area 1 Command in Lagos, Jibrin Musa, has revealed that the ports in Lagos currently had only one functional scanning machine and that it was not adequate for the volume of work at the port. Speaking at a meeting with journalists in …

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HYPREP, NDDC train 35 personnel for Ogoni clean-up

HYPREP, NDDC train 35 personnel for Ogoni clean-up

Mkpoikana Udoma 30 May 2018, Sweetcrude, Port Harcourt – The Hydrocarbon Pollution Remediation Project, HYPREP, in collaboration with the Niger Delta Development Commission, NDDC, have trained 35 technical assistants who would monitor the clean-up of oil-impacted sites in Ogoniland. The training which started since last week is to equip the trainees, according to HYPREP,  with the …

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NPA working to arrest attacks on vessels at berth – Usman

NPA working to arrest attacks on vessels at berth – Usman

Vincent Toritseju 30 May 2018, Sweetcrude, Lagos – Managing Director of the Nigerian Ports Authority, NPA, Ms. Hadiza Bala Usman, has spoken of challenges in the operations of the nation’s ports, but, stated that they were being addressed. Of worry to industry stakeholders has been the increasing rate of attacks on vessels berthed at the Lagos …

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Reform at NSE will make it more attractive – Saraki

Reform at NSE will make it more attractive – Saraki

30 May 2018, Sweetcrude, Abuja – President of the Senate, Dr. Bukola Saraki, says the upper chamber of the National Assembly is looking into the reform of the Nigerian Stock Exchange, NSE, to make it more attractive. He revealed this when the President of the Lagos Chamber of Commerce and Industry, LCCI, Mr. Babatunde Paul Ruwase, led …

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Tuesday, 29 May 2018

Lawmakers hold public hearing on Ajaokuta Steel, June 4

Reps to hold public hearing on Ajaokuta Steel, June 4

OpeOluwani Akintayo 29 May 2018, Sweetcrude, Lagos — The House of Representatives will hold a public hearing on its investigation into the failure of Nigeria’s foremost steel complex, Ajaokuta on June 4. In a letter seen by SweetcrudeReports, addressed to the Minister of Solid Minerals Resources, Sole administrator of both Ajaokuta Steel Company Limited, ASCL and …

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How the world’s biggest private equity oil and gas industry bid collapsed

How the world’s biggest private equity oil and gas industry bid collapsed

29 May 2018, Melbourne — Blame it on Trump, Iran or Venezuela. Rising oil prices combined with a heavy debt load killed the world’s biggest private equity oil and gas industry deal last week. Harbour Energy left Australia empty-handed after a year of chasing gas producer Santos Ltd (STO.AX), missing out on Santos’ stakes in …

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OPEC daily basket price close at $73.37 per barrel

OPEC daily basket price close at $73.37 per barrel

29 May 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $73.37 a barrel on Monday, compared with $74.87 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial …

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Nigerian govt, exporters to stop export of processed wood by 2020

Nigerian govt, exporters to stop export of processed wood by 2020

Vincent Toritseju 29 May 2018, Sweetcrude, Lagos — The Federal Government of Nigeria and the Tropical Wood Exporters Association of Nigeria, TWEAN, have commenced moves to stop the export of processed and semi-processed woods. Disclosing this yesterday, the Secretary-General of TWEAN, Mr. Joseph Odiase said that the decision to stop the export of these categories …

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Technological changes & paradigm shift in the global energy landscape

Technological changes & paradigm shift in the global energy landscape

*Threats & opportunities for developing countries Prof Chijioke Nwaozuzu 29 May 2018, Sweetcrude, Port Harcourt — The evolution of the global energy sector provides opportunities as well as challenges for countries whose economies are largely dependent on fossil fuels revenue. For most mono-product economies (like Nigeria) budgets are based on revenues from those commodities; and …

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Oil & gas contractors conference holds next month in Port Harcourt

Oil & gas contractors conference holds next month in Port Harcourt

Mkpoikana Udoma 29 May 2018, Sweetcrude, Port Harcourt — A conference where oil and gas contractors, oil producing companies and host community leaders across the country will converge to acquire knowledge on how to manage crises, would hold next month in Port Harcourt. The conference which has been tagged ‘Oil and Gas Contractors Conference, OGACONN …

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Oil marketers lament incessant robbery at filling stations in Rivers

Oil marketers lament incessant robbery at filling stations in Rivers

Mkpoikana Udoma 29 May 2018, Sweetcrude, Port Harcourt — Oil marketers under the aegis of Licensed Petroleum Products Station Owners Association of Nigeria, have raised alarm over what they described as the incessant robbery at filling stations across Rivers State. The oil marketers said the robbery incident has become a daily occurrence, particularly in Port Harcourt, …

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Nigeria produces about 25% of gas reserves – Shell Boss

Nigeria produces about 25% of gas reserves – Shell Boss

OpeOluwani Akintayo 29 May 2018, Sweetcrude, Lagos – As the Federal Government seeks to harness the nation’s gas resources for increased supply for domestic usage and industrial power, and to achieve sustainable economic growth, the Country Chairman, Shell Companies in Nigeria, Mr. Osagie Okunbor, has disclosed that the country was tapping only about 25 percent of …

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Port Harcourt, Kaduna, Warri refineries record N14bn deficit

Port Harcourt, Kaduna, Warri refineries record N14bn deficit

Ike Amos 29 May 2018, Sweetcrude, Abuja – The country’s refineries, Port Harcourt Refining Company, PHRC; Warri Refinery and Petrochemical Company, WRPC; and Kaduna Refining and Petrochemical Company, KRPC, recorded an operating deficit of N13.59 billion in January 2018, worsening further from the N11.09 billion deficit recorded in December 2017. The Nigerian National Petroleum Corporation, NNPC, …

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CBN says BDCs must access forex thrice weekly 

CBN says BDCs must access forex thrice weekly 

29 May 2018, Sweetcrude, Lagos – The Central Bank of Nigeria, CBN, has ordered that all Bureau de Changes, BDCs, must access the Forex window at least three times weekly This was part of the recent directive by the agency to all commercial banks and BDCs to sell foreign exchange to travellers over the counter without …

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Safety is top priority at PHED – Acting MD

Safety is top priority at PHED – Acting MD

29 May 2018, Sweetcrude, Lagos – Acting Chief Executive Officer of the Port Harcourt Electricity Distribution Companies, PHED, Mr. Syed Taha, says safety is top priority at the company. Taha disclosed this as he announced PHED’s emergence as the best in safety consciousness among the power distribution companies in the country, for the month of May …

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Ghana to award three oil blocks next year

Ghana to award three oil blocks next year

29 May 2018, Sweetcrude, Lagos – Ghana is to award three oil blocks next year through a mix of open competitive tender and direct negotiations, the country’s Energy ministry said in a statement. They are part of the nine oil blocks the country plans to give out for commercial exploration off its western coast beginning this …

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Monday, 28 May 2018

Equities: Week begins on a negative note for energy firms 

Equities: Week begins on a negative note for energy firms 

28 May 2018, Sweetcrude, Lagos – Monday’s trading activities on the floor of the Nigerian Stock Exchange for energy companies kicked off, Monday, on a negative with MRS Oil, Oando and Japaul Oil recorded losses. Eterna Oil, however, recorded 0.26k gain in the trading. Top Gainers  Eterna: 0.26k Top Losers  MRS: -1.8k Oando: -0.35k Japaul: -0.02k …

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TREP: TCN energises transformers, repairs another

TREP: TCN energises transformers, repairs another

Michael James 28 May 2018, Sweetcrude, Lagos — The Transmission Company of Nigeria, TCN, has completed and energized three new transformers in Jos, Plateau State and Abeokuta, Ogun State, in line with its Transmission Rehabilitation and Expansion Program, TREP. TREP is anchored on the Federal Governments policy on incremental power. The company also announced the …

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LNG bunkering vessels to double by 2020

LNG bunkering vessels to double by 2020

28 May 2018, News Wires – With the IMO’s 2020 global sulphur cap coming ever closer, LNG as a marine fuel is gaining more and more interest, and the supply side is responding with the number of bunkering vessels expected to double by 2020. In his comment on the current state of the LNG as a …

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US LNG exports drop on week

US LNG exports drop on week

28 May 2018, News Wires – Liquefied natural gas (LNG) exports from the United States decreased during the week that ended May 23, the Energy Information Administration said in its weekly natural gas report. Five LNG carriers, with a combined capacity of 18.8 billion cubic feet (Bcf), departed the two exporting facilities in the United States from May …

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Shell evacuates offshore workers ahead of storm

Shell evacuates offshore workers ahead of storm

28 May 2018, News Wires – Shell says it has evacuated offshore workers from two of its platforms in the U.S. Gulf of Mexico ahead of the tropical storm Alberto. Shell said in a statement that it was “monitoring subtropical storm Alberto and are taking actions to keep our people and assets safe.” The statement …

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Petronas completes LNG cargo sale through online trading platform

Petronas completes LNG cargo sale through online trading platform

28 May 2018, News Wires – Malaysian energy giant Petronas’ unit, Petronas LNG (PLL) completed the first sale of a liquefied natural gas (LNG) cargo through an online trading platform, GLX. The GLX online platform is a global marketplace to trade physical cargoes of LNG for the sale and purchase of LNG, with GLX members comprising …

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Rosneft to supply LNG to Ghana

Rosneft to supply LNG to Ghana

28 May 2018, News Wires – Russia’s Rosneft signed a deal with the Ghana National Petroleum Corporation (GNPC) for an annual delivery of 1.7 million tons of LNG.  The volumes will be regasified at GNPC’s processing capacities in the port of Tema where the company is developing an LNG import terminal. Rosneft gas supplies will cover a …

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$16bn power projects fund shared among Obasanjo’s friends- Orji Kalu

$16bn power projects fund shared among Obasanjo’s friends- Orji Kalu

OpeOluwani Akintayo 28 May 2018, Sweetcrude, Lagos — The Former governor of Abia state, Orji Kalu has alleged that the controversial $16 billion power project fund was shared among former president Olusegun Obasanjo’s friends and loyalists. Orji revealed this on Channels Television today while reacting to President Muhammadu Buhari and former president, Olusegun Obasanjo’s dispute over …

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EKEDC to sue retired army general for attempted murder

EKEDC to sue retired army general for attempted murder

OpeOluwani Akintayo 28 May 2018, Sweetcrude, Lagos — The Eko Electricity Distribution Company, EKEDC has threatened to sue a retired army general who allegedly pulled out a gun and threatened to shoot some of its staff who disconnected his Ikoyi residence over non-payment of his electricity bill, for assault and attempted murder. The company’s General Manager, Corporate Communications, …

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Rivers Gov demands payment of 13% derivation from $1bn ECA

Rivers Gov demands payment of 13% derivation from $1bn ECA

Mkpoikana Udoma 28 May 2018, Sweetcrude, Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike, says oil-producing states should be paid their 13percent derivation of the $1billion withdrawn from the Excess Crude Account by the Federal Government to fight the insurgency. Speaking at the Government House Port Harcourt while receiving the presentation of the Leadership …

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OPEC daily basket price close at $74.87 per barrel

OPEC daily basket price close at $74.87 per barrel

28 May 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $74.87 a barrel on Friday, compared with $76.62 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial …

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Sunday, 27 May 2018

Angola: Credit Suisse Bank grants Angola U.S.$700 million loan

Angola: Credit Suisse Bank grants Angola U.S.$700 million loan

27 May 2018, Sweetcrude, Luanda — A financial agreement estimated at 700 million US dollars was approved in Presidential Order for the financial coverage of strategic projects, ANGOP learnt last week. The agreement of the financing line, according to the published Presidential Order in the state gazette of May 14, will be signed between the …

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Angola: BNA reduces banks’ mandatory reserves from 21 to 19 percent

Angola: BNA reduces banks’ mandatory reserves from 21 to 19 percent

27 May 2018, Sweetcrude, Luanda — The National Bank of Angola (BNA) on Friday decided to reduce the mandatory national currency reserves from 21 to 19 percent, a measure which, among others, increase credit in the economy. This measure, adopted on Friday at the meeting of the BNA Monetary Policy Committee (CPM) five months after …

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Nigeria’s SPDC confirms fresh oil spill at Trans Focardos

Nigeria’s SPDC confirms fresh oil spill at Trans Focardos

*Identifies four leak points *As shut-down clocks 29 days OpeOluwani Akintayo 27 May 2018, Sweetcrude, Lagos — Shell Petroleum Development Company of Nigeria, SPDC, has confirmed a fresh oil spill at the export pipeline, Trans Focardos as reported by SweetcrudeReports on May 16. In a statement by a spokesperson, four leak points were identified to …

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OPEC+ reaches goal of wiping out oil-stock surplus

OPEC+ reaches goal of wiping out oil-stock surplus

*OECD stocks fell to 20 million barrels below 5-year average *Market rebalanced on more compliance with cuts, summer demand 27 May 2018, London — OPEC and allied oil producers including Russia concluded that the crude market re-balanced in April when their collective production cuts achieved a key goal of draining the surplus in global stockpiles. …

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