NPA engages Nigerian Editors on Port reforms

The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman has said that the Authority will partner the Nigerian Guild of Editors with a view to having a stronger communications channel to convey the gains of the current Port Reforms at the nation’s seaports in conformity with the Federal Government objectives of attracting Foreign Direct Investments (FDIs), whilst making the nation the Hub of Maritime Business in the Sub Region.

NPA may re-engage Intels as Reps settle TSA dispute

The Nigeria Ports Authority (NPA) and Intels Nigeria Limited have settled their dispute over payment of revenues through the Treasury Single Account (TSA).
NPA’s Managing Director, Hadiza Bala Usman, who disclosed this during a session with a House of Representatives panel, said Intels has agreed to pay all its outstanding debts owed NPA through the TSA platform.
Recall that NPA had in September announced the termination of its contracts with Intels, following the later’s refusal to make payments through TSA platform. 

Oil prices rise to $62.06 per barrel

Oil prices rose slightly on thursday following expectations that the Organisation of Petroleum Exporting Countries (OPEC), will extend production cuts at a meeting at the end of this month. 
Brent crude at the international averaged $62.06 per barrel, up 19 cents, or 0.3 per cent, from their last close, while the United States, West Texas Intermediate (WTI) crude futures stood at 55.39 dollars a barrel, six cents up from their last settlement. 

Operators seek Presidency's intervention to sanitize Bunker trade

In an unfortunate case of giving a dog a bad name to hang it, it is disappointing that the legitimate and lucrative maritime business of bunkering has over the years, suffered severe misrepresentation and stagnation due to a highly depressing trading environment in Nigeria.

Nigerian Navy foil pirate attack on bulk carrier

The Nigerian Navy has successfully intercepted a pirate boat with ten crew members kidnapped from a bulk carrier about 23 miles south of Bonny in the Gulf of Guinea. 

Transparency: NNPC reviews Corporate Governance system

The Management of the Nigerian National Petroleum Corporation (NNPC) is executing a major restructuring of its corporate governance framework to engender an accountable and fraud repellent system across its value chain. 
Declaring open the 2017 Fraud Awareness Week at the NNPC Towers, Abuja on Tuesday, Group Managing Director of the Corporation, Dr. Maikanti Baru, said the rejig which is an integral part of the on-going transformation of the Corporation would set new standards and processes controls, compliance and risk management.

Shale boom sets U.S up for global oil dominance

The U.S. will be a dominant force in global oil and gas markets for many years to come as the shale boom becomes the biggest supply surge in history, the International Energy Agency predicted.
By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, and increases in natural gas will surpass those of the former Soviet Union, the agency said in its annual World Energy Outlook. The boom will turn the U.S., still among the biggest oil importers, into a net exporter of fossil fuels.

Savannah Petroleum targets Seven Energy acquisition

Savannah Petroleum is pleased to announce that it has entered into a lock up agreement with, Seven Energy, Seven Energy Finance Limited (SEFL), the Seven Group and certain of the creditors of the Seven Group. 
The Lock-up Agreement relates to the proposed acquisition by Savannah of certain of the Seven Group's assets and the associated proposed financial restructuring of the Seven Group. 

Apapa Council boss seeks NIMASA's partnership over gridlock

In a bid to find a lasting solution to the Apapa gridlock, the Apapa Local Government Chairman, Honourable Adele Owolabi has sought partnership with the Nigerian Maritime Administration and Safety Agency (NIMASA) in order to restore sanity to the Apapa community.

Investment: Emadeb unveils new retail outlet, commences lube production

Emadeb Energy Services Limited, a leading player in Nigeria’s downstream oil and gas sector has upped the ante of competitiveness in the petroleum retail business with the recent launch of its Flagship Mega Retail outlet, lube production line and completion of a 12 million-litre capacity storage tank for Aviation Turbine Kerosene (ATK) in Lagos.

Following its recent diversification along the entire downstream value chain, Emadeb Energy has once again taken the initiative to consolidate its strategic investments in state-of-the-art last mile assets.


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