Lack of funds, double taxation, others affect LPG investment- NLPGA

Lack of funds, double taxation and other factors have been identified as the major challenges affecting Nigeria’s Liquefied Petroleum Gas, LPG sector.

"Most banks don’t fund LPG projects, due to their limited understanding of the business. For the few that do, investors in LPG usually encounter delayed processing of bank credit for LPG business project start up or expansion."

Fuel subsidy hits N774 million daily- NNPC

…NNPC blames cross-border smuggling for prolonged scarcity

As Nigerians are yet to come to terms with the lingering fuel scarcity across the country, the Nigerian National Petroleum Corporation (NNPC) has added a twist to the debacle by revealing that it now pays in excess of N774 million daily as subsidy for fuel imported into the country.

NNPC Group Managing Director, Dr Maikanti Baru, said that based on the heightened petrol consumption rate of 50 million litres per day, the corporation was incurring an under-recovery of N774 million every day.

Terminal Operators change counsel, head to Supreme Court

Following the loss of an appeal brought by the Seaport Terminal Operators of Nigeria (STOAN), challenging an earlier Federal High Court judgment which directed them to account for all progressive storage charges illegally collected, the Appellants have changed their counsel and in so doing, taken the case to the Supreme Court.

NCDMB targets low-cost manufacturing hub with Cross River oil & gas park

The Nigerian Content Development and Monitoring Board (NCDMB) has begun the construction of the Nigerian Oil and Gas Park at Odukpani, Cross River State, with the goal of creating a regional low-cost manufacturing hub that would produce equipment components and spare parts that would be utilized in the Nigerian Oil and Gas industry.

The Odukpani Park is the first to take off among four planned sites and will be followed by the site in Emeyal 1, Ogbia Local Government Area, Bayelsa State.

German armed forces college seeks partnership with NIMASA

The Nigerian Maritime Administration and Safety Agency (NIMASA) has said that no nation can attain sustainable growth and development relying on herself and/or single source of revenue as world economies are now consciously or unconsciously competing among themselves in terms of advancement and development indices.

The Director General of the Agency Dr. Dakuku Peterside made this assertion in Lagos recently when a delegation of Bundeswehr Command and Staff College, a leading educational institution of the German armed forces, Hamburg, Germany paid a working visit to the Agency.

Nigeria spent N3.24trn on fuel imports in 2017

Nigeria imported 22.5387 billion litres of petroleum products worth over N3.24 trillion from refineries abroad in 2017. The amount is enough to build 88 units of 20,000-barrel capacity modular refineries in the country, investigations revealed.

"NIWA can’t enforce waterways safety rules"- Fadile

The General Manager Corporate Affairs of the National Inland Waterways Authority (NIWA), Tayo Fadile has said the agency cannot enforce its safety rules on all boat operators in the country.

Fadile said most of the challenges on the waterways are due to the belief system and low literacy level among dwellers of villages situated along the inland waterways.

NUPENG, DAPPMA face-off over N650bn subsidy debt

Despite assurances from Nigeria’s state oil firm that fuel scarcity is now a thing of the past, the recent ultimatum issued by the Depot and Petroleum Products Marketers Association (DAPPMA) is likely to upset the balance.

Shell launches pioneer Marine Engineering Centre at Rivers State University

The Centre of Excellence (CoE) in Marine Engineering and OffshoreTechnology established by the Shell Petroleum Development Company of Nigeria Ltd (SPDC)-operated joint venture at the Rivers State University (RSU) is set to open its doors to the pioneer students who are currently being screened in an elaborate admission process.

Illegal oil shipment suit: Court awards N100,000 cost against Chevron

A Federal High Court in Lagos thursday awarded N100,000 cost against Chevron Nigeria Limited in a $12 billion missing crude oil revenue suit filed by the federal government.

The government filed the suit against Chevron Nigeria Limited, and Chevron Petroleum Nigeria Limited, as first and second defendants respectively.

This suit is one among other suits by the government seeking to recover almost $12 billion for missing crude oil revenue from some international oil companies.


Oil Price Dashboard (Brent)

Oil Price Dashboard (WTI)