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Nigeria to sell crude in Naira to Dangote Refinery

As part of measures adopted to strengthen the currency and by extension the nation’s economy, the Federal Government has concluded plans to sell crude oil to the $15 billion Dangote Refinery in Naira. Inspecting the ongoing construction of the Dangote Refinery, Petrochemicals Complex Fertiliser Plant, and Subsea Gas Pipeline project at Ibeju…

Nigeria spent N10.7tn on fuel subsidy in 10 years – MOMAN

The Major Oil Marketers Association of Nigeria has said that the country spent a total of N10.7tn on fuel subsidy in the last 10 years. The Association's Chairman,  Mr Adetunji Oyebanji, who was the guest speaker at the 18th Aret Adams Lecture on Thursday, said N750bn was spent on subsidy in 2019.

LEKOIL announces cost and revenue sharing for assets

LEKOIL, has announced that Mayfair Assets and Trusts has received a letter from Optimum Petroleum Development Company, the Operator of the OPL 310 Licence, proposing to terminate the Cost and Revenue Sharing Agreement (‘CRSA’) executed for OPL 310. The oil and gas exploration and production company with a focus on Nigeria and West Africa,…

DPR seeks investors for modular refineries

The licensing of more modular refineries to come on stream would put an end to the problem of product scarcity in the country, the Department of Petroleum Resources has said, as it plans to license more of such refineries.

Ex-minister calls for oil blocs allocation review

The National Assembly has been called to properly address and review the issue of oil blocs allocation in the new Petroleum Industry Bill. A former Minister of Lands, Housing and Urban Development, Chief Nduese Essien, made the call recently saying that the bill should also clearly define the status of the host community adding that failure to…

NNPC, marketers differ on petrol price

While marketers claimed that the NNPC has not increased the ex-depot price of petrol, private depot owners have raised their prices. Meanwhile, the Nigerian National Petroleum Corporation on Thursday said it had not affected any increase

DPR threatens sanctions over fuel hoarding

Fuel depot owners have been warned against the hoarding of petroleum products in their facilities. The Department of Petroleum Resources gave this warning recently saying that erring members would be sanctioned.
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