Saturday, January 20Informations That Matters

Tag: NNPC

Finally Buhari Reacts To Fuel Scarcity, Says ‘I Sympathise With Nigerians’

Finally Buhari Reacts To Fuel Scarcity, Says ‘I Sympathise With Nigerians’

NEWS
  President Muhammadu Buhari has reacted to the lingering fuel scarcity across the country sympathising with Nigerians on having to “endure needless fuel queues.” The President in a statement on Sunday assured of NNPC’s intervention. He said he has directed regulators in the oil and gas industry to step up their surveillance and bring an end to hoarding and price inflation of petroleum products by marketers. Buhari who is also the Minister of Petroleum said the acute fuel shortage is regrettable. “The fuel scarcity being experienced nationwide is regrettable. I sympathise with all Nigerians, on having to endure needless fuel queues. I’m being regularly briefed, especially on the NNPC’s interventions to ensure that there is enough petrol
NNPC Targets 4,600MW Generation In Three States

NNPC Targets 4,600MW Generation In Three States

BUSINESS, NEWS
  The Nigerian National Petroleum Corporation (NNPC) has announced plans to generate additional 4,600MW of electricity. The power plants will be concentrated in the Northern part of the country and they are Abuja, Kaduna and Kano. The power plants would solely on gas supplies from the proposed Ajaokuta-Abuja-Kaduna-Kano Gas pipeline project. The minister of state for petroleum resources, Ibe Kachikwu who made this known shortly after the FEC meeting added that the pipeline would allow movement of gas from the southern region to the northern areas for increased gas utilization and power generation. ‘We presently have trapped power, trapped gas, all in the southern corridors that is going nowhere because of lack of infrastructure”. In a statement obtained by BigPen On
Over One Billion Litres Of Fuel Available For The Yuletide Season – NNPC Assures Nigerians

Over One Billion Litres Of Fuel Available For The Yuletide Season – NNPC Assures Nigerians

NEWS
    The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians of the availability of fuel during the oncoming festive period and even beyond. The Group Managing Director, Maikanti Baru who made this statement in Sagamu, Ogun on Thursday said that Nigeria consumes about 35 million litres of fuel daily and that over a billion litres is currently available in Nigeria. We are prepared and we have sufficient products that will last us through the end of the year and into the next year. Our average consumption is about 35 million litres per day and at the moment we have well over a billion litres of petroleum products in my tanks. Baru also appealed to motorists against impulse buying as this could affect them negatively and the ugly scenes of long que...
MTEF Report: Oil Revenue Exceeds 2017 Projections Despite Initial Shortfalls – NNPC

MTEF Report: Oil Revenue Exceeds 2017 Projections Despite Initial Shortfalls – NNPC

NEWS, NIGER DELTA
  The Medium Term Expenditure Framework (MTEF) report has indicated that despite initial shortfalls, oil revenue has exceeded the 2017 projections. This is, according to a statement by NNPC’s Group General Manager on corporate planning and strategy, Bala Wanti. In a presentation made to the House of Representatives joint committee on 2018-2020 Medium Term Expenditure Framework (MTEF) and fiscal strategy paper (FSP), Mr. Wunti said that oil revenue exceeded 2017 projections by 18 percent despite a shortfall of nine percent between January and June. In the statement, he explained that it was because oil sold at an average of $52.49 per barrel between January and October, adding that the 18 percent recorded above benchmark was due to stability in the crude oil markets and
Kachikwu Petitions Buhari Over NNPC GMD’s ‘Insubordination’, Non-Adherrence To Due Proce

Kachikwu Petitions Buhari Over NNPC GMD’s ‘Insubordination’, Non-Adherrence To Due Proce

NEWS
The Minister of state for Petroleum Resources, Dr. Ibe Kachikwu, has written a petition to President Muhammadu Buhari over alleged insubordination of the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru. Buhari had appointed Kachikwu as NNPC GMD in August 2015 but replaced him with Baru in July 2016, while Kachikwu was made the chairman of the NNPC board. The minister, in the letter seen by THEWILL, accused Baru of “completely eroding” some of the reforms he introduced as head of the oil firm, as well as sidelining him in the re-organisation and reposting done in the NNPC, as the board was never briefed but got to know of the appointments on the pages of newspapers. While lamenting that the NNPC has refused to report to his office
BREAKING: NNPC Allays Fuel Scarcity Fear Over Lagos Jetty Fire Incident

BREAKING: NNPC Allays Fuel Scarcity Fear Over Lagos Jetty Fire Incident

NEWS
As fuel queues return to some part of the country today, Monday, the Nigerian National Petroleum Corporation, NNPC, has assured motorists and other consumers of petroleum products nationwide that the fire incident which occurred at Apapa loading jetty at the early hours of today will not affect supply of petroleum products. Fuel queues surfaced in most filling stations today, with some having their gate shut against motorists and other fuel users following fear that petroleum products would be scarce. The fear of possible scarcity is coming on backdrop of the strike action declared by United Labour Congress, ULC, which has NUPENG as its affiliate. BigPen Online recalls that the ULC, had on Wednesday threatened that workers in the country would embark on an indefinite strike if...
EFCC Quizzed Nine ‘Big Men’ In Nigerian Oil Industry, Recovers N329bn

EFCC Quizzed Nine ‘Big Men’ In Nigerian Oil Industry, Recovers N329bn

NEWS
    Nigerian anti-graft agency, Economic and Financial Crimes Commission, EFCC, on Wednesday says it recovered N328.9bn debt diverted by the major oil marketers in connivance with NNPC and PPMC authorities after quizzing some 'big men' in the oil industry. Top on the list of the major marketers who undergone interrogation that led to the recovery of the whopping sum were the Managing Directors of nine major oil companies, including Forte Oil, Oando, Total, Conoil Plc, OVH Energy Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc. EFCC's spokesman, Wilson Uwujaren, who made this known in a statement on Wednesday, said the recovery followed a petition against the leadership of the Nigeria National Petroleum Corporation, NNPC, and its subsidiary, Pipelines and Product Ma...
France To Invest Over 1Billion Euro In Nigeria Oil Industry

France To Invest Over 1Billion Euro In Nigeria Oil Industry

BUSINESS
  The French Government has said that it has set aside about one billion euros to be invested in the Nigeria Oil and Gas industry.  This followed a declaration that Nigeria remains France first economic trading partner in Africa. France Ambassador to Nigeria, His Excellency, Denys Gauer, declared this when the Group General Manager, Group Public Affairs Division (GPAD) of the Nigerian National Petroleum Corporation (NNPC), Mr. Ndu Ughamadu, led a delegation to his office in Abuja on Tuesday. Mr. Gauer said that French Development Agency has put in place about one billion Euros to encourage French investors to invest in the Nigeria Oil and Gas sector. According to him, French government is also cooperating with the Federal Government in the fight against Boko Haram insurgency.
FG Agency Says It Has Not Granted NNPC Approval On Concession Of Port Harcourt Refinery

FG Agency Says It Has Not Granted NNPC Approval On Concession Of Port Harcourt Refinery

NEWS
Following the invocation of the Freedom of Information Act by coalition of 20 civil society and rights groups through the Festus Keyamo Chambers, the  regulatory agency responsible for all concession agreements and its approval, the Infrastructure Concession Regulatory Commission, ICRC, on Tuesday said it has not approved any concession on refineries in the country. BigPen Online had exclusively reported on Monday that a coalition of 20 civil society and rights groups wrote the Director General, Infrastructure Concession Regulatory Commission to make available to them all relevant information over the proposed concession of Port Harcourt Refinery pursuant to the Freedom of Information Act.  Representatives of various non-governmental Organisation had through the Keyamo's Chambers