Saturday, 30 June 2018

Local & international financial markets, products & services update

Local & international financial markets, products & services update

30 June 2018, Sweetcrude, Lagos — The local and international financial markets, products and services update. NIGERIA: Contributions from Nigeria’s state-run oil company to the nation’s Federation Account were not in line with expectations and deemed “unacceptable”, Finance Minister Kemi Adeosun said. This created a deadlock at the last monthly meeting of the Federation Account …

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Maritime silk road will boost China-Africa economic partnership

Maritime silk road will boost China-Africa economic partnership

Vincent Toritseju 30 June 2018, Sweetcrude, Lagos — The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr Dakuku Peterside has said the new Maritime Silk Road initiative will boost China-Africa economic partnership. The Maritime Silk Road initiative is being promoted by the Chinese shipping sub-sector to develop international shipping connectivity across South East …

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US oil drillers cut rigs for second week in a row – Baker Hughes

US oil drillers cut rigs for second week in a row – Baker Hughes

30 June 2018, News Wires — U.S. energy companies this week cut oil rigs for a second straight week, and notched the first monthly fall since March. Drillers cut four oil rigs in the week to June 29, bringing the total count down to 858, General Electric Co’s Baker Hughes energy services firm said in its …

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College shuts down in Rivers over gas pipeline explosion

College shuts down in Rivers over gas pipeline explosion

Mkpoikana Udoma 30 June 2018, Sweetcrude, Port Harcourt — The Federal College of Education, Technical, in Omoku, Ogba/Egbema/Ndoni Local Government of Rivers State, has been shut down following a gas explosion from a pipeline allegedly belonging to the Nigerian Agip Oil Company, NAOC. The gas explosion according to the college occurred since on Wednesday, and …

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BP holds millions of barrels of oil off China as demand falters

BP holds millions of barrels of oil off China as demand falters

30 June 2018, News Wires — Four supertankers chartered by energy major BP have been held up or delayed off China’s east coast over the last two months, unable to fully discharge oil as slowing demand from the country’s private refiners starts to impact global markets. Two of the four BP-chartered very large crude carriers (VLCCs) …

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Eni to begin gas exploration at Egypt Noor field in two months

Eni to begin gas exploration at Egypt Noor field in two months

30 June 2018, News Wires — Italian oil company Eni will begin drilling an exploratory well at its Noor field in Egypt’s North Sinai in two months, Egyptian oil ministry spokesman Hamdi Abel Aziz told Reuters on Thursday. Egypt’s cabinet approved the $105 million deal to explore the North Sinai region of the Mediterranean Sea in March. Eni’s discovery of …

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Tullow ups 2018 output forecast, provisions for Seadrill claim

Tullow ups 2018 output forecast, provisions for Seadrill claim

30 June 2018, News Wires — Tullow Oil has raised its 2018 production outlook to 86,000-92,000 barrels of oil per day from 82,000-90,000 bopd, boosted by its offshore fields in Ghana. The Africa-focused firm said it has contracted a second rig for its Ghana fields to start work in October on three wells, without increasing its capital expenditure programme. …

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Qatar Petroleum to award LNG expansion deals by end 2019

Qatar Petroleum to award LNG expansion deals by end 2019

30 June 2018, London — Qatar Petroleum is moving forward with its plans to increase the country’s LNG output by 30 percent, from 77 million tons per year to 100 mtpa in order to meet the rising global demand. Speaking at a conference in Washington, Qatar Petroleum president & CEO Saad Sherida Al-Kaabi, said that the contracts for …

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NUPENG threatens nationwide strike over 300 sacked members

NUPENG threatens nationwide strike over 300 sacked members

Mkpoikana Udoma 30 June 2018, Sweetcrude, Port Harcourt — The Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, has threatened to embark on a nationwide indefinite strike over the sacking of 300 of its members by 12 oil firms including, OES Deepsea Offshore Limited. To this end, the oil workers union has issued a one-week …

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Oil theft: Sack JTF commander now, militants urge Buhari

Oil theft: Sack JTF commander now, militants urge Buhari

Mkpoikana Udoma 30 June 2018, Sweetcrude, Port Harcourt — Militants in the Niger Delta region have called on President Muhammadu Buhari, to sack and probe the activities of Commander of the Joint Military Taskforce, Operation Delta Safe, Rear Admiral Apochi Suleiman, accusing him of actively taking part in illegal oil bunkering activities in the region. The …

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National Economic Council approves NSIA’s 2017 accounts

National Economic Council approves NSIA’s 2017 accounts

OpeOluwani Akintayo 30 June 2018, Sweetcrude, Lagos — The National Economic Council, NEC, has approved the annual report and accounts of the National Sovereign Investment Authority, NSIA. The financial accounts and report for the year ended December 31 were approved on Thursday in Abuja by the group made up of the 36 state governors in Nigeria, top …

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An emerging shale oil producer is courting majors

An emerging shale oil producer is courting majors

30 June 2018, News Wires — Algeria’s energy industry is open for business. That’s the message the head of the country’s state-owned oil and natural gas company is taking to majors like Exxon Mobil Corp. and Chevron Corp. as Algeria looks to attract more foreign investment to help it tap its rich shale reserves. Sonatrach first …

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Wike charges TUC, NLC to demand credible polls in 2019

Wike charges TUC, NLC to demand credible polls in 2019

Mkpoikana Udoma 30 June 2018, Sweetcrude, Port Harcourt — Rivers State governor, Nyesom Wike, has called on the organised labour to lend its voice to the demand for credible elections in 2019. Governor  Wike also urged the organised labour  to join other prominent  leaders to seek the re-organisation of the nation’s security infrastructure for the safety …

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Friday, 29 June 2018

NSE: Total, Eterna, Mobil lift energy companies’ trading

NSE: Total, Eterna, Mobil lift energy companies’ trading

29 June 2018, Sweetcrude, Lagos – Total, Eterna Oil and Mobil – now known as Double One or 11 – lifted trading activities on the floor of the Nigerian Stock Exchange for energy companies on Friday. Total ended Friday’s trading with 9.5k gain, Eterna 0.32k and Mobil 2k. Forte Oil, Oando and Japaul recorded losses. Gainers  …

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Oil prices ease on global trade frictions, but market remains tight

Oil prices ease on global trade frictions, but market remains tight

29 June 2018, Singapore — Oil prices fell on Friday amid concerns about trade frictions between the United States and other major economies, although crude market conditions remain tight due to supply disruptions and generally high demand. U.S. West Texas Intermediate (WTI) crude futures were at $73.06 a barrel at 0209 GMT, down 39 cents, …

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Panama Canal drops LNG transit restrictions

Panama Canal drops LNG transit restrictions

29 June 2018, News Wires – The Panama Canal Authority plans to lift its self-imposed daylight and encounter restrictions on LNG vessels as it gears up for the rising LNG transit need. The changes will come into effect on October 1, 2018, deputy administrator Manuel E. Benitez said at a conference in Washington. “Lifting daylight …

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Union rig workers vote to strike at Total’s North Sea oil fields

Union rig workers vote to strike at Total’s North Sea oil fields

29 June 2018, London — Members of the Unite union who work at Total’s North Sea offshore oil and gas fields voted in favour of strike action on Thursday, the union said in a statement Unite said the strike over pay and working hours would begin next month and that members were still deciding what type …

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Exclusive: India preparing for cut in oil imports from Iran – sources

Exclusive: India preparing for cut in oil imports from Iran – sources

29 June 2018, News Wires — India’s oil ministry has asked refiners to prepare for a ‘drastic reduction or zero’ imports of Iranian oil from November, two industry sources said, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran. India has said it …

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BP to buy UK’s largest electric vehicle charging firm

BP to buy UK’s largest electric vehicle charging firm

29 June 2018, News Wires — BP has said it would buy UK-based electric vehicle charging company Chargemaster, as it bets on increasing demand for electric cars. BP, an oil and gas company, did not provide a deal value but said that BP Chargemaster would operate as a wholly-owned unit and Chargemaster employees would continue at …

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Iran closer to fuel self-sufficiency, aims to export: President Rouhani

Iran closer to fuel self-sufficiency, aims to export: President Rouhani

29 June 2018, Ankara — Iranian President Hassan Rouhani says Tehran was closer to its goal of self-sufficiency in gasoline production after inaugurating the second phase of the Persian Gulf Star Refinery in the southern port city of Bandar Abbas. Weeks after President Donald Trump pulled out of an international nuclear deal with Iran and …

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Norway’s Supreme Court rules in favour of state in pipeline tariff dispute

Norway’s Supreme Court rules in favour of state in pipeline tariff dispute

29 June 2018, News Wires — Norway’s Supreme Court has ruled in favor of the government in a lawsuit brought by owners of the Gassled gas network over tariffs, ending a legal fight the owners said raised questions about Norway as an investment destination. Shareholders in Gassled had argued that the government acted unlawfully when cutting …

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India to stop importation of Iran’s oil

India to stop importation of Iran’s oil

OpeOluwani Akintayo, with agency reports 29 June 2018, Sweetcrude, Lagos — The Indian government has said it will stop the importation of crude oil from Iran by Nov.4, a report by Bloomberg has said. According to the report, the country’s state-owned oil firms have been asked to prepare a blueprint of alternatives sources as it …

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Govt yet to conclude comprehensive audit of refineries — Kachikwu

Govt yet to conclude comprehensive audit of refineries — Kachikwu

Ike Amos 29 June 2018, Sweetcrude, Abuja — Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has stated that the Federal Government is yet to conclude a comprehensive review of the country’s refineries to understand the magnitude of the problems of the plants and how to carry out the revamp process. Kachikwu, in a …

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Gas flaring in Nigeria drops further to nine percent — DPR

Gas flaring in Nigeria drops further to nine percent — DPR

29 June 2018, Sweetcrude, Lagos — The Department of Petroleum Resources (DPR), yesterday, said the country has recorded a further decline in gas flaring, stating that gas flare-out had reduced drastically from 12 percent to nine per cent. According to a statement by the Nigerian National Petroleum Corporation, NNPC, the Director, Department of Petroleum Resources …

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Ford hits CO2 manufacturing emissions reduction target 8-years early

Ford hits CO2 manufacturing emissions reduction target 8-years early

29 June 2018, Sweetcrude, Lagos, Nigeria – Today Ford Motor Company announced as part of its 19th annual Sustainability Report it has met its goal to reduce manufacturing emissions – eight years ahead of schedule. In 2010, Ford’s Environmental Quality Office announced a goal – to reduce the company’s carbon dioxide emissions from manufacturing operations by 30 percent per …

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NLNG’s fifth unit to resume production in July

NLNG’s fifth unit to resume production in July

OpeOluwani Akintayo, with agency reports 29 June 2018, Sweetcrudereports, Lagos — The Nigeria Liquefied Natural Gas, NLNG, says its fifth production unit or train will resume production in July. In a statement quoted by Reuters on Thursday, the company said production will resume after a shut down for maintenance on May 25. “The Train 5 Turn …

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NNPC justifies N147b June remittance to FAAC

NNPC justifies N147b June remittance to FAAC

OpeOluwani Akintayo 29 June 2018, Sweetcrudereports, Lagos — The Nigerian National Petroleum Corporation, NNPC, has justified its N147 billion June remittance to the Federation Accounts and Allocation Committee, FAAC, saying it is in line with the terms of agreement it had with governors on the matter. A release Thursday by NNPC’s Group General Manager, Group Public Affairs, …

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Thursday, 28 June 2018

Oranto Petroleum farms into Zambian oil blocks

Oranto Petroleum farms into Zambian oil blocks

*Oranto Petroleum will hold a 90% stake and ZCCM Investment Holdings will control a 10% share, on behalf of the Zambian Government 28 June 2018, Sweetcrude, Lusaka, Zambia — Oranto Petroleum has reached an agreement with the Zambian government which will see it farm into two onshore oil blocks 17 and 27 while retaining 90 …

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Russia’s Sakhalin LNG plant ships milestone cargo to Japan

Russia’s Sakhalin LNG plant ships milestone cargo to Japan

28 June 2018, News Wires — Sakhalin Energy, the operator of Russia’s first LNG export plant, said it had shipped the 1500th cargo of the chilled fuel since the launch of the liquefaction facility located in the country’s Far East. The milestone cargo will be delivered by LNG carrier Energy Navigator to Japan’s largest natural …

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ExxonMobil completes acquisition of Indonesian lubricant firm PT Federal Karyatama

ExxonMobil completes acquisition of Indonesian lubricant firm PT Federal Karyatama

28 June 2018, Sweetcrude, Houston, Texas — ExxonMobil has completed the acquisition of PT Federal Karyatama (FKT), one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, from PT Mitra Pinasthika Mustika Tbk. and its affiliate. The acquisition, first announced in April, includes the Federal Oil brand and a 700,000 barrel per year blending plant in Cilegon, …

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Novatek says ships 1st Yamal LNG cargo via Northern Sea Route

Novatek says ships 1st Yamal LNG cargo via Northern Sea Route

28 June 2018, News Wires — Russia’s largest independent natural gas producer, Novatek said Wednesday it shipped the first liquefied natural gas cargo from its giant Yamal LNG export plant via the Northern Sea Route. The 172,000-cbm ice-class LNG carrier Vladimir Rusanov left the Yamal LNG port in Sabetta on June 25 and is heading towards China, Mark …

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Mozambique Area 4 Rovuma LNG marketing, progressing – ExxonMobil, Eni

Mozambique Area 4 Rovuma LNG marketing, progressing – ExxonMobil, Eni

Final investment decision expected in 2019 28 June 2018, Sweetcrude, Houston, Texas — ExxonMobil and Eni said on Wednesday that marketing efforts are underway for the Rovuma LNG project, which will produce, liquefy and sell natural gas from the gas fields of the Area 4 block offshore Mozambique. Senior management representatives of the co-venture parties …

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Climate change: Court thrashes case against big oils

Climate change: Court thrashes case against big oils

OpeOluwani Akintayo 28 June 2018, Sweetcrude, Lagos — A U.S. judge, William Alsup has thrown out a case against big oil companies accused of being responsible for global warming. According to Associated Press, AP, the judge in the case which was heard on Monday, said the U.S Congress and the president were best suited to …

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ABB invests $30m in new transformer components factory in Sweden

ABB invests $30m in new transformer components factory in Sweden

*Innovative dry-epoxy bushings will enable long-distance UHV transmission, promote safety & eco-efficiency 28 June 2018, Sweetcrude, Houston, Texas — ABB is investing more than $30 million in a new state-of-the-art manufacturing unit, under construction at the company’s complex in Ludvika, Sweden. The new unit will boost production and expand the capacity and range of its …

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NIMASA suspends waiver issuance to foreign seafarers

NIMASA suspends waiver issuance to foreign seafarers

Vincent Toritseju 28 June 2018, Sweetcrude, Lagos — The Nigerian Maritime Administration and Safety Agency, NIMASA, has suspended the issuance of waivers to foreign seafarers manning vessels through the introduction of a New Cabotage Compliance Strategy (NCCS), it was learnt yesterday. NIMASA Director-General, Dr. Dakuku Peterside stated this in Warri when the agency joined the …

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Africa’s power needs to drive investment in Nigerian gas sector — NNPC

Africa’s power needs to drive investment in Nigerian gas sector — NNPC

28 June 2018, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation (NNPC), Wednesday, disclosed that the ever-increasing need to generate more power across sub-Saharan Africa would drive an unprecedented investment opportunity in Nigeria’s gas sector. According to a statement in Abuja, Group Managing Director of the NNPC, Dr. Maikanti Baru, stated this during his presentation …

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OPEC reports ‘fair return on invested capital’

OPEC reports ‘fair return on invested capital’

   …New production increase’ll add little oil to markets – Experts Sam Ikeotuonye & OpeOluwani Akintayo 28 June 2018, Sweetcrude, Lagos — The Organisation of the Petroleum Exporting Countries, OPEC, has reported “a fair return on invested capital” in the global crude oil market. The group made the disclosure at its recent 174th conference in …

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Shell says 90 percent of spills result of sabotage

Shell says 90 percent of spills result of sabotage

Mkpoikana Udoma 28 June 2018, Sweetcrude, Port Harcourt — The Shell Petroleum Development Company of Nigeria, SPDC, says over 90 percent of spills from its facilities are a result of sabotage from third party interference. SPDC Media Relations Manager, Mr. Bamidele Odugbesan, who disclosed this, explained that integrity tests are carried out regularly on the company’s …

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CSOs urge Discos to comply with legal rules on power supply

CSOs urge Discos to comply with legal rules on power supply

Mkpoikana Udoma 28 June 2018, Sweetcrude, Port Harcourt — Civil Society Organisations, CSOs, in Rivers State have called on electricity distribution companies in the country or Discos to comply with legal rules covering power supply and their services to consumers. Chairman of CSOs in the state, Mr. Enefa Georgewill, made the call at a townhall …

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Wednesday, 27 June 2018

France’s Total sees natural gas demand far outpacing oil over 2 decades

France’s Total sees natural gas demand far outpacing oil over 2 decades

27 June 2018, News Wires — French oil and gas company Total SA expects the global natural gas market to grow far faster than that for crude oil over the next two decades thanks to booming demand for the cleaner-burning fuel in Asia, an outlook that underpinned Total’s recent big investments in the space, Chief Executive …

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Oil markets tense amid outages, OPEC policy and escalating trade rows

Oil markets tense amid outages, OPEC policy and escalating trade rows

27 June 2018, News Wires — Oil markets were tense on Tuesday, rising on a Canadian production outage and uncertainty over Libyan crude exports, but weighed down by climbing OPEC supplies and the intensifying trade conflict between the United States and other major economies. Brent crude futures were at $74.80 per barrel at 0617 GMT, …

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U.S. court dismisses climate change lawsuits against top oil companies

U.S. court dismisses climate change lawsuits against top oil companies

27 June 2018, News Wires — A California federal court dismissed climate change lawsuits against five oil companies by the cities of San Francisco and Oakland, saying the complaints required foreign and domestic policy decisions that were outside the purview of courts, Chevron Corp said on Monday. The cities of San Francisco and Oakland, California …

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OPEC daily basket price close at $72.69 per barrel

OPEC daily basket price close at $72.69 per barrel

27 June 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $72.69 a barrel on Tuesday, compared with $72.15 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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Total boosts CSR in Rivers, commissions schools, markets, others

Total boosts CSR in Rivers, commissions schools, markets, others

Mkpoikana Udoma 27 June 2018, Sweetcrude, Port Harcourt — It was a memorable day for Rumuekpe Community in Emohua Local Government Area of Rivers State as French oil giant, Total Exploration and Production Nigeria Limited, TEPNG, commissioned five projects as part of its corporate social responsibility to the host communities. The projects commissioned are State …

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US pushing allies to cut Iran oil purchase to zero by November

US pushing allies to cut Iran oil purchase to zero by November

27 June 2018, Sweetcrude, Washington, D.C — A senior US State Department official says the countries purchasing oil from Iran should prepare themselves to completely stop the Iranian crude imports by November as Washington reimposes sanctions against Tehran. The US official, who was speaking on condition of anonymity, told reporters on Tuesday that Washington seeks …

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Clearing agents, govt operatives trade blame over delays in ports

Clearing agents, govt operatives trade blame over delays in ports

Vincent Toritseju 27 June 2018, Sweetcrude, Lagos — Licensed Customs Agents and government agencies operating at the Lagos ports have traded blames over the delays in cargo clearance and frustration of the government’s ‘ease of doing business’ initiative. An unscheduled visit to the Port Terminal Multi-purpose Limited, PTML in Apapa Lagos by officials of the Customs …

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Africa shuns U.S. crude oil

Africa shuns U.S. crude oil

OpeOluwani Akintayo 27 June 2018, Sweetcrude, Lagos — The first half of 2018 is almost over, and statistics have shown that Africa is yet to order a single barrel of crude oil from the United States. Data sourced from the U.S Energy Information Agency, EIA, the group in charge of the country’s extractive and renewable energy …

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NCDMB hails NLNG’s award of LPG ship contract to local firm

NCDMB hails NLNG’s award of LPG ship contract to local firm

OpeOluwani Akintayo 27 June 2018, Sweetcrude, Lagos — The Nigerian Content Development and Monitoring Board, NCDMB, has commended Nigeria LNG Limited, NLNG, for awarding the contract for the provision of a new liquefied petroleum gas, LPG, ship to a fully indigenous company, E.A. Temile Development Company. The vessel will serve as the chartered ship by …

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Rivers community gives govt ultimatum over exclusion from Ogoni cleanup

Rivers community gives govt ultimatum over exclusion from Ogoni cleanup

Mkpoikana Udoma 27 June 2018, Sweetcrude, Port Harcourt — A group known as Andoni Friends of the Earth has threatened to drag the Federal Government to court for failing to include every community affected by hydrocarbon pollution in the implementation of the UNEP report on Ogoniland. The group explained that communities in Andoni Local Government Area …

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TCN increases sub-station capacity

TCN increases sub-station capacity

Michael James 27 June 2018, Sweetcrude, Lagos — The Transmission Company of Nigeria, TCN, has increased the capacity of Ijebu-Ode transmission sub-station from 60MVA to 120MVA following the installation of a new transformer. The 60MVA, 132/33kV power transformer would be officially commissioned by the Minister of Power Works and Housing, Mr. Babatunde Fashola, on Thursday, June 28. A …

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