Trafigura's 2017 results show high trading performance

Trafigura Group Pte Ltd, a market leader in the global commodities industry, has today announced another year of strong trading performance and profit.
The robust global economy drove strong growth in demand for all the commodities that the company trades and a tightening supply-demand balance pushed prices of many products higher.  However, the oil and refined product markets were still characterised for much of the year by oversupply and relatively low volatility, reducing margins and arbitrage trading opportunities.

Vitol wins IOC crude supply contract

Vitol has won a tender to supply India Oil Corporation (IOC) Limited with crude oil, but other trading was limited on Thursday as differentials rose and some buyers baulked at higher prices.
The world's largest oil trading firm won at least part of a tender to supply Indian refiner, IOC, with crude. IOC purchased four million barrels, traders said, with Vitol getting at least two million. The grades in the award were not immediately clear.

World Bank to stop financing upstream oil, gas from 2019

The World Bank Group Tuesday said it will stop financing upstream oil and gas after 2019, as part of a wider commitment to global efforts to halt climate change.

"As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world," the bank said Tuesday in a statement.

"The World Bank Group will no longer finance upstream oil and gas, after 2019," it said.

GoG: NIMASA, G7++ unite to combat piracy

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has reiterated that the Agency is working with Stakeholders and the global maritime community to ensure that the menace of piracy is totally stamped out in the Gulf of Guinea in order to allow for free flow of trade in the region.

Baru woos foreign Investors for NNPC Mega Projects

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has called on foreign investors to partner with the Corporation in its multi-billion dollar projects expected to come up in the New Year.

Dr. Baru, who made the call in London at the conferment of the Forbes Award on him, said the Corporation would be involved in a number of projects which would require international collaboration.

Faceoff: Shipowners slam Amaechi, Peterside

·         You are self-serving says Peterside

·         I will not release fund, says Amaechi

In a rare outburst on Thursday, the President of the Shipowners Association of Nigeria Engr. Greg Ogbeifun took on both the Minister of Transport Hon. Rotimi Amaechi and the Director General of NIMASA, Dr. Dakuku Peterside with both regulators fiercely responding.

NSDP: UK University graduates 59 Nigerian Cadets

…As four Bag First Class Honours, Dakuku Hails Capacity Growth
The Capacity Building initiative of the Nigerian Maritime Administration and Safety Agency (NIMASA) through the Nigerian Seafarers Development Programme (NSDP) has again received another boost as 59 of the beneficiaries have graduated from the Liverpool John Moores University, United Kingdom.
This brings it to a total number of 1,343 graduates of the scheme since its inception from the various institutions in United Kingdom, Egypt, Romania and Philippines.

Sinopec mulls $1bn oil assets sale in Nigeria

China’s state-owned oil giant, Sinopec Group, has begun a process to sever oil business ties with Nigeria through the sale of its Africa’s assets worth $1 billion.
The group has, according to a Reuters report, hired BNP Paribas (BNPP.PA) to, in a major move to pare its presence in Africa, sell its oil business in Nigeria and Gabon.

San Leon to divest Polish assets to focus on Nigeria

Oil & gas developer San Leon Energy PLC said on Tuesday it is planning to sell its interest in its remaining Baltic Basin shale gas concessions, onshore Poland.
San Leon said it has informed Poland's Ministry of Environment it plans to relinquish its interests in the Gdansk West and Szczawno concessions.

Shell, CEO face criminal charges over Nigeria oilfield deal

A Dutch law firm has asked the public prosecutor in the Netherlands to file a case against Royal Dutch Shell, its CEO and former executives of over what it says were criminal actions relating to a 2011 oilfield purchase in Nigeria.
The Dutch authorities are already investigating the oilfield deal, alongside Italian prosecutors, who want to take Shell and Italy’s Eni to trial over alleged corruption on the same oilfield.


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