Nigeria National Petroleum Corporation (NNPC) has signed a $1.5 billion cash-for-crude prepayment loan with the world’s top biggest independent oil trader Vitol Group and Nigeria’s Matrix Energy, a decision that comes with huge implications for Africa’s biggest economy.
Nigeria’s state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed by oil traders Vitol Group and Matrix Energy, two sources close to the matter said, the first such agreement since the coronavirus pandemic upended the finances of Africa
With over 40 percent of their revenue reported as expenses and huge related party transactions, Nigeria’s 11 electricity distribution companies (DisCos) may be turning a key rule of business – that you only make money after serving your customers – on its head.
If the Federal Government’s pricing template is anything to go by, Nigerians may have to brace for an increase in the pump price of fuel in August as Brent crude, the major determinant for petrol price adjustment, heads towards the $45 region.
A phased implementation of fossil fuel replacement with Compressed Natural Gas (CNG) powered vehicles beginning with government commercial fleet, removal of duties on conversion kits, and a long-term repayment plan for the cost of conversion, are ways to quickly displace petrol
Electricity consumers in the port city of Apapa in the heart of Lagos, Nigeria’s commercial capital, and its environs will suffer power supply disruption for some time to come as the 30MVA transformer at the 132/33kv transmission substation that services the area has packed up.
Global stocks followed Wall Street higher as encouraging results for an experimental Covid-19 vaccine and hopes of further stimulus for pandemic-hit economies outweighed escalating US-China tension over Hong Kong.
A rash of bankruptcy filings from shale oil producers reveals the destructive impact the coronavirus-induced slow oil price is having on US oil production and the battle ahead to keep oil markets stable.
In January this year, the Federal Government declared 2020 as the year of gas.
Recent efforts by the Nigerian National Petroleum Corporation (NNPC) to increase transparency are marred by non-publication of its group financial accounts and refusal to disclose contracts signed with oil companies.