Friday, 16 November 2018

Oil edges up in volatile session but headed for weekly loss

Oil edges up in volatile session but headed for weekly loss
16 November 2018, News Wires — Oil traded up slightly in a volatile session on Friday, supported by expectations that the Organization of the Petroleum Exporting Countries would agree to cut output next month, though prices were set to for a weekly drop on underlying oversupply worries. OPEC kingpin Saudi Arabia is keen for the … More »
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Oil market roiled by too much gasoline, not enough diesel: Kemp

Oil market roiled by too much gasoline, not enough diesel: Kemp
16 November 2018, News Wires — Global oil markets are increasingly over-supplied with light distillates, such as gasoline, while there are not enough middle distillates, such as diesel, which has opened a big price differential between the two fuels. To keep meeting healthy demand for mid-distillates, refiners are processing high volumes of crude and creating … More »
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OPEC forecast places supply higher than demand in 2019

OPEC forecast places supply higher than demand in 2019
OpeOluwani Akintayo 16 November 2018, Sweetcrude, Lagos — The Organization of the Petroleum Exporting Countries, OPEC’s forecast says global supply will be higher than demand in 2019. The group made the submission at the OPEC-Non-OPEC Joint Ministerial Monitoring Committee, JMMC convened in Abu Dhabi, United Arab Emirates, for its eleventh meeting on 11 November. According … More »
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Shell, staff donate relief materials, N300m to Niger Delta flood victims

Shell, staff donate relief materials, N300m to Niger Delta flood victims
16 November 2018, Sweetcrude, Lagos — STAFF and management of the Shell Petroleum Development Company of Nigeria Limited, SPDC, have spent the last two weeks working as volunteers in the distribution of relief materials worth over N300 millions to communities affected by devastating floods in the Niger Delta states of Rivers, Bayelsa, and Delta. With … More »
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Mexican oil regulator approves $380 million investment for 2019 projects 3 MIN READ

Mexican oil regulator approves $380 million investment for 2019 projects 3 MIN READ
16 November 2018, News Wires — Mexico’s oil regulator approved drilling plans for five offshore projects with investment commitments totaling about $380 million, more than half of which was pledged for a shallow water block operated by Talos Energy. The projects are among more than 100 oil and gas contracts awarded by the regulator since … More »
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Commentary: Natural gas looks like the IEA’s big winner, but threats abound

Commentary: Natural gas looks like the IEA’s big winner, but threats abound
16 November 2018, News Wires — There was something for everyone in the International Energy Agency’s (IEA’s) latest world energy outlook, but supporters of coal, renewables, and oil and gas are all likely to take away the wrong messages. The comprehensive report, released on Nov. 13, outlined an energy future where natural gas overtakes coal by … More »
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Oversupply fears cloud outlook for U.S. crude in 2019

Oversupply fears cloud outlook for U.S. crude in 2019
16 November 2018, News Wires — The U.S. oil market is scrambling to adjust to a deep selloff over the last several weeks, with forward prices signaling a supply glut which could upend plans for producers and traders through 2019. U.S. crude futures plunged 7 percent on Tuesday, to settle at $55.69, their lowest level this … More »
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Cold U.S. weather lifts spot natgas prices to highest since January

Cold U.S. weather lifts spot natgas prices to highest since January
16 November 2018, News Wires — Cold weather blanketing much of the United States this week boosted spot natural gas prices for Thursday to their highest since January in several regions, while natural gas futures slid 10 percent as investors took profits after a rally that had lifted them to their highest levels in nearly four … More »
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Glencore’s Katanga warns of earnings hit if Congo row not resolved

Glencore’s Katanga warns of earnings hit if Congo row not resolved
16 November 2018, News Wires — Katanga Mining expects its earnings to be hit if a row with Democratic Republic of Congo that has prevented it from importing and exporting copper is not resolved soon. Although Glencore’s Katanga said on Thursday that copper production was continuing as normal, it warned that its earnings would be affected if the … More »
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Upset by Trump’s Iran waivers, Saudis push for deep oil output cut

Upset by Trump’s Iran waivers, Saudis push for deep oil output cut
16 November 2018, News Wires — When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it would do so. But Saudi Arabia did not receive advance warning when Trump made a U-turn by offering generous waivers that are keeping … More »
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After 25 years, Nigeria to review contractual terms with IOCs

After 25 years, Nigeria to review contractual terms with IOCs
*IOCs lobby NASS for favourable terms      *No fresh licensing round before February elections – Kachikwu Chuks Isiwu & OpeOluwani Akintayo  16 November 2018, Sweetcrude, Lagos — The Federal Government will review the Production Sharing Contract, PSC, signed about 25 years ago between the Nigerian National Petroleum Corporation, NNPC, and the international oil companies, … More »
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Russia wants to steer clear of any OPEC-led oil production cut: sources

Russia wants to steer clear of any OPEC-led oil production cut: sources
16 November 2018, News Wires — Russia wants to stay out of any oil-production cuts being touted by some of its partners in an OPEC-led supply pact, two high-ranking Russian sources told Reuters. Worried by a drop in oil prices due to slowing demand and record supply from Saudi Arabia, Russia and the United States, the … More »
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Angola battles to revive oil exploration as output declines

Angola battles to revive oil exploration as output declines
16 November 2018, News Wires — On Saturday, nearly two decades after securing the initial rights, Total’s CEO Patrick Pouyanné was in Luanda to snip the ribbon on a $16 billion oil project. It’s not clear when he, or his peers, will be cracking open the bubbly in Angola again. Without another mega-project like Total’s Kaombo … More »
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Thursday, 15 November 2018

Russia’s Gazprom hedges currency risk with novel Eurobond clause

Russia’s Gazprom hedges currency risk with novel Eurobond clause
15 November 2018, News Wires — Gazprom has moved to protect itself against the impact of any new U.S. sanctions or other risks beyond its control by reserving the right to pay back a 1 billion euro ($1.13 billion)Eurobond in other currencies, a first for a Russian borrower. A prospectus for the Russian gas producer’s bond … More »
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NSE trading: Japaul leads, Mobil loses

NSE trading: Japaul leads, Mobil loses
15 November 2018, Sweetcrude, Lagos — Thursday’s trading activities on the floor of Nigerian Stock Exchange for energy companies ended with four companies being active. Japaul Petroleum led the gainers’ category with 0.01k. Double 1 (11), formerly known as Mobil Plc, recorded a loss. Top Gainer Japaul: 0.01k Top Loser  Double 1 (11): -1k More »
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Oil rises more than 1 percent despite potential looming supply glut

Oil rises more than 1 percent despite potential looming supply glut
15 November 2018, News Wires — Oil futures rose more than 1 percent on Thursday, steadying after this week’s steep losses as fuel stockpile declines in the United States helped offset concerns about a potentially oversupplied market next year. Prices have also been supported by the Organization of the Petroleum Exporting Countries signalling possible output cuts … More »
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SBM Offshore takes $45 mln in extra impairments in Q3

SBM Offshore takes $45 mln in extra impairments in Q3
15 November 2018, News Wires — SBM Offshore, the Netherlands-based maker of floating oil and gas production facilities, on Thursday said it expected $45 million in impairments in Brazil and the United States. In Brazil, SBM Offshore has decided to temporarily close the Brasa construction yard for “at least the coming two years” resulting in … More »
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Nigeria’s four refineries worked at 8.67% capacity in 2017

Nigeria’s four refineries worked at 8.67% capacity in 2017
Opoluwani Akintayo 15 November 2018, Sweetcrude, Lagos — Statistics obtained from the Department of Petroleum Resources, DPR’s NOGIAR report for 2017 showed that Nigeria’s four refineries worked at a combined 8.67 percent capacity in 2017. While crude oil production peaked at 2.07 million barrels per day in 2017, the total installed capacity of the refineries … More »
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India’s oil imports from Africa more than double to 874,000 bpd in October

India’s oil imports from Africa more than double to 874,000 bpd in October
OpeOluwani Akintayo with agency report 15 November 2018, Sweetcrude, Lagos — India’s crude oil imports from Africa more than doubled to 874,000 barrels per day, bpd in October, data obtained from Reuters quoting tanker arrival data from industry sources has shown. The country’s oil imports in October rose to their highest level since August 2015. … More »
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OPEC daily basket oil price closes at $64.51 per barrel

OPEC daily basket oil price closes at $64.51 per barrel
15 November 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fifteen crudes stood at $64.51 a barrel on Wednesday, compared with $67.01 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), Djeno (Congo), Oriente (Ecuador), … More »
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VW to convert three German plants to build electric cars

VW to convert three German plants to build electric cars
15 November 2018, News Wires — Volkswagen will convert three German factories to build electric cars, as Europe’s largest automaker by sales starts mass producing zero-emission vehicles in a major strategy shift following its emissions cheating scandal. The German company said on Wednesday its plant in Emden, which currently builds the VW Passat, would build electric … More »
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Pakistan’s Engro needs a year for next LNG import terminal decision

Pakistan’s Engro needs a year for next LNG import terminal decision
15 November 2018, News Wires — Pakistan’s Engro said on Wednesday it will be a year before it can go ahead with a new liquefied natural gas (LNG) import terminal as domestic gas regulations need clarifying and new pipeline commitments are required. The chemicals-to-energy conglomerate also said friction with the new government of Prime Minister Imran … More »
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Boeing unveils ‘affordable’ solar aircraft for collecting climate data 1 MIN READ

Boeing unveils ‘affordable’ solar aircraft for collecting climate data 1 MIN READ
15 November 2018, News Wires — Boeing Co unit Aurora Flight Sciences on Wednesday unveiled a solar-powered autonomous aircraft that will help researchers collect climate-related data at a fraction of the cost of a satellite. Odysseus, scheduled for its first flight in early 2019, is powered by lightweight advanced solar cells that can effectively keep it … More »
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U.S. consumer inflation rises; oil prices may slow momentum

U.S. consumer inflation rises; oil prices may slow momentum
15 November 2018, News Wires — U.S. consumer prices increased by the most in nine months in October amid gains in the cost of gasoline and rents, pointing to steadily rising inflation that likely will keep the Federal Reserve on track to raise interest rates again next month. Though overall inflation could slow in the … More »
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S.Korea imports no Iranian crude for October -customs

S.Korea imports no Iranian crude for October -customs
15 November 2018, News Wires — South Korea did not import crude oil from Iran in October, compared with 1.7 million tonnes imported a year ago, preliminary data from Korea Customs Service showed on Thursday. The world’s fifth-largest crude buyer imported a total 13.1 million tonnes of crude last month against 12.4 million  tonnes imported a … More »
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UAE’s ADNOC wants to rival oil majors as it expands in refining, gas

UAE’s ADNOC wants to rival oil majors as it expands in refining, gas
15 November 2018, News Wires — Abu Dhabi National Oil Co (ADNOC) will remain wholly owned by the Abu Dhabi government and has no plan to go public, but the firm aspires to compete with Big Oil by expanding in refining and gas, ADNOC’s CEO told Reuters. ADNOC, which announced two gas deals with France’s … More »
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OPEC proposing 1.4mb/d production cut

OPEC proposing 1.4mb/d production cut
…As EIA cuts demand for OPEC crude by 300,000b/d OpeOluwani Akintayo 15 November 2018, Sweetcrude, Lagos — A report by Reuters says OPEC and its partners are discussing how to cut output by up to 1.4 million barrels per day, bpd, and not 1mbpd as earlier proposed. International benchmark Brent crude rose $1.18 a barrel to … More »
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NNPC reports $78m increase in revenue for August

NNPC reports $78m increase in revenue for August
Ike Amos 15 November 2018, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, has reported $78 million increase in revenue for the month of August 2018. The NNPC recorded crude oil and gas export sale of $470 million in August as against $391.91 million in July. The difference between the two figures is $78 … More »
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NSCDC impounds four trucks, arrest eight suspects for oil theft 

NSCDC impounds four trucks, arrest eight suspects for oil theft 
Mkpoikana Udoma 15 November 2018, Sweetcrude, Lagos — The Nigerian Security and Civil Defence Corp, NSCDC, has said it impounded four trucks, three barges and arrested eight suspected oil thieves within three weeks, in its determination to tackle oil theft and vandalism of critical assets in the country. Rivers State Commandant of NSCDC, Mohammed Haruna, … More »
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Wednesday, 14 November 2018

Oil rebounds from steep selloff as OPEC, partners discuss supply cut

Oil rebounds from steep selloff as OPEC, partners discuss supply cut
14 November 2018, News Wires — Oil rose about 2 percent on Wednesday, recouping some of the previous session’s heavy selloff, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market. Prices recovered, with Brent inching back above $67 after Reuters reported that OPEC … More »
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Sudan expects bidding round to develop oil and gas in Q3 2019

Sudan expects bidding round to develop oil and gas in Q3 2019
14 November 2018, News Wires — Sudan’s oil minister said on Tuesday he expects a bidding round to attract energy companies to develop oil and gas blocks to take place in the third quarter of 2019. “I really expect a lot of companies to come, particularly now since we are working … on the second … More »
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OPEC now proposing 1.4 million barrels per day cuts

OPEC now proposing 1.4 million barrels per day cuts
*As EIA cuts OPEC crude demand by 300,000 bpd in 2019 OpeOluwani Akintayo 14 November 2018, Sweetcrude, Lagos — International benchmark Brent crude LCOc1 rose $1.18 a barrel to $66.65 as of 0955 GMT after a report by Reuters said OPEC and its partners are discussing how to cut output by up to 1.4 million … More »
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Nigeria’s deepwater sector is now matured – Experts

Nigeria’s deepwater sector is now matured – Experts
OpeOluwani Akintayo 14 November 2018, Sweetcrude, Lagos — Experts have called on government and stakeholders in the oil sector, to invest in advanced technologies that reduce cost and increase operating efficiency as Nigeria’s subsea sector is now matured. The call was made at the Nigerian launch of a partnership between Nigeria’s Royal Niger Emerging Technologies, … More »
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Oil theft: NSCDC impounds four trucks, arrest eight suspects

Oil theft: NSCDC impounds four trucks, arrest eight suspects
Mkpoikana Udoma 14 November 2018, Sweetcrude, Port Harcourt — The Nigerian Security Civil Defence Corps, NSCDC, on Tuesday says it has impounded four trucks, three barges and arrested eight suspected oil thieves within three weeks, in its determination to tackle oil theft and vandalism of critical assets in the country. Rivers State Commandant of NSCDC, … More »
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Nigeria targets 1.8 barrel per day oil production by 2019

Nigeria targets 1.8 barrel per day oil production by 2019
OpeOluwani Akintayo 14 November 2018, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, has said the country will boost crude oil production to 1.8 million barrels per day, mbpd by 2019. In an interview granted to Reuters by the Corporation’s Group Managing Director, Maikanti Baru said on Tuesday, said apart from the target of … More »
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Nigeria’s electricity distributors give reason for load rejection

Nigeria’s electricity distributors give reason for load rejection
OpeOluwani Akintayo 14 November 2018, Sweetcrude, Lagos — The Executive Director, Research and Advocacy, Association of Nigerian Electricity Distributors, Sunday Oduntan, has revealed reason electricity distribution companies, Discos reject load from the Transmission Company of Nigeria, TCN. In a telephone interview with our correspondent, blamed it on TCN, adding that the company is fond of … More »
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ABB wins significant asset management solution order in China

ABB wins significant asset management solution order in China
*Launch of predictive maintenance software solution to help optimize critical power grid assets 14 November 2018, Sweetcrude, Lagos — Jiangsu Electric Power Company, one of the largest subsidiaries of State Grid of China Corporation (SGCC), which supplies electricity to more than 80 million people, has selected ABB Ability™ Ellipse® Asset Performance Management (APM) solution to … More »
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ABB enables world’s first HVDC grid in Beijing-Tianjin-Hebei

ABB enables world’s first HVDC grid in Beijing-Tianjin-Hebei
*Delivery of wind energy through network-based architecture will ensure more stable and reliable electricity to meet higher demand during Beijing 2022 Winter Olympic Games 14 November 2018, Sweetcrude, Lagos — The Zhangbei high-voltage direct current, HVDC, grid in the Beijing-Tianjin-Hebei area of China will enable the integration of remote wind, solar and hydro energy in … More »
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ABB expands transformer portfolio with launch of new products

ABB expands transformer portfolio with launch of new products
*New range of products to facilitate digitalization of grids and offer enhanced safety, efficiency and reliability 14 November 2018, Sweetcrude, Lagos — ABB today launched the world’s first dry-type (oil free) digital transformer, named the ABB Ability™ TXpert™ Dry, and another innovative product called TXpand™ at its ABB Customer World (ACW) event in Xiamen, China. … More »
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GE seeks to raise $4 billion with sale of Baker Hughes stake

GE seeks to raise $4 billion with sale of Baker Hughes stake
14 November 2018, News Wires — General Electric Co on Tuesday unveiled a plan to raise about $4 billion by accelerating a proposed sale of a stake in oilfield services provider Baker Hughes, its latest move to simplify its businesses and reduce debt. Under the deal, the Boston-based industrial conglomerate will sell up to 101.2 million … More »
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Risking Trump ire, OPEC builds case for oil supply cut

Risking Trump ire, OPEC builds case for oil supply cut
14 November 2018, News Wires — OPEC built a case on Tuesday for cutting oil output when it meets next month, warning that a supply glut could emerge in 2019 as the world economy slows and rivals increase production more quickly than expected. Worried by a drop in oil prices and rising supplies, OPEC is talking … More »
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Start-up of Turkey’s new $6 bln STAR oil refinery delayed to 2019

Start-up of Turkey’s new $6 bln STAR oil refinery delayed to 2019
14 November 2018, News Wires — The commercial start-up of Turkey’s new $6.3 billion oil refinery has been delayed until early next year and the plant is not expected to reach full capacity until mid-2019, three sources familiar with the matter said, as tests revealed minor faults. The 200,000-barrel-per-day STAR refinery, built by Azerbaijan’s state … More »
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OPEC daily basket oil price closes at $67.01 per barrel

OPEC daily basket oil price closes at $67.01 per barrel
14 November 2018, Sweetcrude, Vienna, Austria –– The price of OPEC basket of fifteen crudes stood at $67.01 a barrel on Tuesday, compared with $69.82 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial … More »
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Oil majors spending ‘sweet spot’ to last to 2020: BlackRock

Oil majors spending ‘sweet spot’ to last to 2020: BlackRock
14 November 2018, News Wires — Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, BlackRock, the world’s largest asset manager, said on Tuesday. Oil and gas giants such as Royal Dutch Shell, Chevron … More »
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GE to sell portion of stake in Baker Hughes

GE to sell portion of stake in Baker Hughes
14 November 2018, News Wires — General Electric Co said on Tuesday it would sell a portion of its stake in Baker Hughes , a day after the U.S. conglomerate said it would divest assets to repay debt. As part of the deal, Baker Hughes will repurchase another part of GE’s stake. GE currently owns 62.2 … More »
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Oil prices tumble as traders look beyond Iran: Kemp

Oil prices tumble as traders look beyond Iran: Kemp
14 November 2018, News Wires — Oil prices have fallen sharply since passing a cyclical peak at the start of October, amid surging production and mounting concerns about the state of the global economy and the outlook for consumption growth in 2019. Front-month Brent futures prices have dropped by more than $17 per barrel (20 percent) … More »
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African Development Bank launches Africa energy portal

African Development Bank launches Africa energy portal
*The African Development Bank has launched the Africa Energy Portal (AEP) at the Africa Investment Forum in Johannesburg 13 November 2018, Sweetcrude, Johannesburg, South Africa — “Building a Knowledge Base to De-Risk the Energy Sector in Africa,” brought together investors, policymakers and government officials for a presentation of the new initiative on Friday 9 November, … More »
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NDDC partners EU on sustainable water projects

NDDC partners EU on sustainable water projects
Mkpoikana Udoma 14 November 2018, Sweetcrude, Port Harcourt — The Niger Delta Development Commission, NDDC, says it is collaborating with the European Union, through the Niger Delta Support Programme, NDSP, to resuscitate dysfunctional and abandoned water infrastructure across the nine Niger Delta states. This was stated by the Chairman of the NDDC Governing Board, Senator Victor … More »
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Kaduna Electric tops safety ranking for October 2018

Kaduna Electric tops safety ranking for October 2018
14 November 2018, Sweetcrude, Lagos — Kaduna Electric has emerged first in the October 2018 safety ranking of electricity distribution companies or Discos by the Nigerian Electricity Management Services Agency, NEMSA. The ranking of the Discos was released by the Managing Director of NEMSA, Engr. Peter Ewesor. The ranking showed that the  company maintained zero work-related injury for … More »
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Wike tasks multinational firms on local content

Wike tasks multinational firms on local content
Mkpoikana Udoma 14 November 2018, Sweetcrude, Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike, has said that part of the crisis bedeviling the Niger Delta is the refusal of multinational companies to encourage host communities with key  appointments. Governor Wike, speaking during a courtesy visit by the leadership of the Nigerian Bottling Company, NBC, said … More »
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