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Subsidy wouldn’t allow NNPC make profit – Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria's continuous subsidising of petrol means the Nigerian National Petroleum Corporation (NNPC) will remain unprofitable for a long time. The minister said; "It is going to be very difficult. Let me say that first, we faced this same problem when I resumed in

FG’s LPG penetration plan to promote cleaner energy

The Nigerian federal government has implemented plans to boost cooking gas and sanitizing the sub-sector which would, therefore, go a long way in promoting the use of cleaner sources of energy. The Minister of State for Petroleum Resources, Ibe Kachikwu, had disclosed that the plan would include massive roll-out of a somewhat free gas cylinder

NNPC pays $1.5bn to IOCs, reduce cash call debt to $3.5bn

The Nigerian National Petroleum Corporation (NNPC) says it has reduced cash call arrears owed to international oil companies, its Joint Venture partners, to $3.5bn. The corporation previously had cash call arrears of $5.1bn and paid $1.5bn recently. The Group Managing Director of the NNPC, Dr. Maikanti Baru disclosed this in Abuja, at the 12th

SOAN inaugurates new executive council

The Ship Owners Association of Nigeria (SOAN), comprising of ship owning companies with proven track records of active participation in the maritime industry, has inaugurated its newly elected Executive Council members on Friday night. The association last month elected the new executive members, to run the association for the next two years.

Kachikwu acknowledges Falana’s query letter on $60bn oil revenue loss

Dr. Ibe Kachikwu, The Minister of State for Petroleum Resources, has acknowledged the receipt of Mr. Femi Falana’s query letter sent to the minister’s office. Human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, had sent a letter to the Ministry of Petroleum Resources with a seven days ultimatum to account for alleged $60

Shell empowers Bonny youths with N150m capacity development program

The Shell Petroleum Development Company of Nigeria Limited (SPDC) has empowered 12 young entrepreneurs from host communities to the Bonny Oil and Gas Terminal in Rivers State with a N150 million capacity development and empowerment program. Igo Weli, SPDC’s General Manager, External Relations, handed over the service entry and final settlement

Kachikwu reveals 800 companies have bid for 176 gas flare sites in Nigeria

The Minister of State for Petroleum Resources, Ibe Kachikwu, has disclosed that 800 companies have placed bids for management of 176 gas flare sites in the country. Mr. Kachikwu told this to journalists in Abuja on Thursday. He also confirmed that the government had received bids of 226 bidders that paid the stipulated fees out of the 800

FG is planning to install gas filling plants in 774 LGs- Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has revealed that the federal government is doing its best to ensuring the installation of gas filling plants in each of the 774 local government areas in the country. The Minister made this known in his keynote address at the commissioning of the Nigerian Army Welfare Limited

NNPC will ensure adequate supply of products during Easter – Baru

The Nigerian National Petroleum Corporation (NNPC) has promised the public that it will ensure an adequate supply of petroleum products during the Easter celebration. The Group Managing Director of the corporation, Mr. Maikanti Baru gave the assurance in Enugu at the ongoing 30th Enugu International Trade Fair. He said that the NNPC would

FG spent N731bn to subsidize inflated petrol imports- World Bank

A World Bank report named “Nigeria Biannual Economic Update” has revealed that Nigeria spent N731 billion to subsidize petrol consumption in 2018. According to This Day, the report which is a product of the staff of the World Bank shows key developments in the Nigerian economy and gives a summary of likely economic outcomes in the
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