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Nigeria’s Q1 refinery output boosted by Niger Delta peace -NNPC

May 19, 2017 | Company Operations, Nigeria, Refining & Processing

Port Harcourt, Nigeria | – Nigeria’s refineries processed 10 million barrels of crude oil in the first quarter, more than they did for the whole of 2015, after talks with militants reduced attacks on facilities, the head of the Nigerian National Petroleum Corporation (NNPC) said. OPEC member Nigeria has a refining capacity of 445,000 barrels per day (bpd) but imports most of its fuel as its three refinery plants have been shut or are running at reduced capacity due to years of neglect, vandalism and …

Nigeria’s NNPC ‘finalising $6 billion in oil swaps’

May 19, 2017 | Downstream, Energy Trading & Markets, Nigeria

Abuja, Nigeria | – Nigeria’s state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. The contracts, which come three months later than expected, include three more pairs of companies than last year, reflecting Nigeria’s increased reliance on NNPC for fuel imports. A lack of local refining capacity means Nigeria is reliant on imported gasoline, …

South Africa open to Iranian investment if new refinery goes ahead

May 19, 2017 | Budget & Investment, Refining & Processing, South Africa

Cape Town, South Africa | – South Africa, a net importer of refined oil products, is looking to West Africa and the Middle East, including Iran, for potential partners on a new refinery project, energy ministry officials said on Friday. Energy minister Mmamoloko Kubayi told parliament that the cabinet expects to decide by December whether to build the refinery that has been under consideration for almost a decade. National oil company PetroSA has promoted the idea of building a refinery with a capacity of up …

Shell testing Nigeria’s Forcados oil pipeline for restart

May 11, 2017 | Company Operations, Nigeria, Pipelines

Lagos, Nigeria | – Royal Dutch Shell is testing Nigeria’s Trans Forcados crude export pipeline for a potential restart with the Astro Perseus tanker expected to load the first cargo by the weekend, sources told Reuters on Tuesday. The pipeline has been mostly shut since it was bombed by militants in February 2016. After repairs, exports briefly resumed in October until a new attack forced another shutdown in early November. A spokeswoman for Shell declined to comment. Before the attacks, the Forcados stream accounted for …

NNPC, Capital Oil at odds over N11billion petrol theft

May 11, 2017 | Legal, Nigeria, Terminals & Storage

Lagos, Nigeria | – The Nigerian National Petroleum Corporation (NNPC), and Capital Oil and Gas Industries Limited have disagreed over the alleged N11 billion petroleum products theft, local newspaper Vanguard reports. Capital Oil launched an accusation against the NNPC, when it alleged that the corporation had over N16 billion outstanding debts to settle. But the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, disclosed in a telephone interview that Capital Oil’s narrative was a distraction from the main issue. He stated …

Italian oil major Eni to build 150,000 bpd oil refinery in Nigeria

May 11, 2017 | Nigeria, Refining & Processing

London, UK | – Italian multinational  oil group Eni’s Nigerian subsidiary Agip is planning a 150,000-barrel per day refinery as part of efforts to reduce imports, Nigeria’s oil minister Emmanuel Ibe Kachikwu said. Kachikwu met representatives from Eni and said agreement had been reached to build the facility in the southern oil hub of Port Harcourt or along the coast in Brass, he said late Tuesday, 9 May. While details of the firm’s new investment were still being worked out, “they have accepted and are …

Nigeria’s NNPC confirms sack of officials, replacements to be announced soon

April 13, 2017 | Downstream, Government & Regulations, Management, Nigeria

Abuja, Nigeria | – Nigeria state-owned oil company, the Nigerian National Petroleum Corporation (NNPC), on Thursday, confirmed the disengagement of officials linked with missing 130 million litres of petrol. A high ranking source in the ministry, who did not wish to be named, made the confirmation to the Nigerian News agency, NAN  in Abuja. The source said: ”A committee has submitted it’s report and NNPC has recommended their disengagement”. The affected officials were linked to the missing petrol stored at private depots through a thorough …

Aiteo Group pays $202 million to NNPC for under-delivered crude oil

March 28, 2017 | Expenditures & Funding, Nigeria, Terminals & Storage

Lagos, Nigeria | – The Nigerian National Petroleum Corporation (NNPC), Monday, disclosed that it had reached a final settlement with Aiteo Group, stating that the company had paid all its outstanding indebtedness amounting to $202.345 million for crude oil swap under-deliveries and other downstream liabilities. In a statement by its Group General Manger, Group Public Affairs Division, Mr. Ndu Ughamadu, the NNPC stated that the amount includes Aiteo’s share of the $184 million total indebtedness by three companies on crude swap obligations plus Aiteo’s other …