Statoil eyes Hansteen probe

30 October 2014, News Wires – Statoil has applied to the authorities to drill a wildcat near its under-development Aasta Hansteen gas field in the Norwegian Sea as it pursues more resources to shore...

Shell names Holliday new chairman

Charles Chad Holliday Shell Chairman

30 October 2014, News Wires – Shell has named Charles ‘Chad’ Holliday as its new chairman starting next year as current chair Jorma Ollila’s long tenure draws to a close. Former chief executive of US chemicals giant DuPont Holliday will assume the new role immediately after Shell’s next annual general meeting, the Anglo-Dutch supermajor...

Stronger dollar weighs on prices

30 October 2014, News Wires – Brent oil futures fell below $87 a barrel on Thursday, pressured by a stronger US dollar after the Federal Reserve painted a brighter outlook for the US economy. The US central bank on Wednesday ended...

Profit slips at Sinopec

30 October 2014, News Wires – Net profit at Chinese refining giant Sinopec slipped in the third quarter in part due to a fall in global crude oil priced, according to a report. Slowing Chinese demand and weaker refining profits...

Why licensed refineries have not been built – Peterside

30 October 2014, Abuja – Several factors have been identified as the cause of the failure of private investors to build 18 refineries in the country, 12 years after the Federal Government granted them licences. The government had...

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Power generation, marketing and distribution updates

NERC puts caveat on issuance of unsolicited electricity licences

30 October 2014, Abuja – The Nigerian Electricity Regulatory Commission (NERC) has disclosed that it will henceforth suspend issuance of new licences for electricity generation in the country. It said unless proven to have met a ‘good cause’ condition, applications for generation licences would not be considered. NERC listed the ‘good cause’ conditions upon which licences would be issued to include renewable energy-based power projects such as solar, wind, biomass or small hydro which require no fuel supply agreement and in respect of which feed-in-tariffs have been approved with no capacity charge component. Others include environment-related projects where a guaranteed fuel...

PHED appeals for patience over Akwa Ibom power outage

Mkpoikana Udoma 29 October 2014, Sweetcrude, Port Harcourt – The Port Harcourt Electricity Distribution Company, PHED, has attributed the present power outage in Uyo, Ikot-Ekpene, Eket and other areas in Akwa Ibom State to a wire cut on the 132 KV transmission  lines, which supplies power from the Itu Power Plant to various parts of the state.] The wire cut occurred at the weekend between Itu and Uyo, the state capital. Corporate Communications Manager of the PHED, Mr. Jonah Iboma, in a statement announcing the development, said engineers from the Transmission Company of Nigeria, TCN, have already mobilised to the site to effect repairs on the cut lines and that normal power supply will be restored as soon as the job is completed. The Port Harcourt Electricity Distribution...

Outrageous electricity bills: Consumers groan as DISCOs smile to banks

29 October 2014, Lagos –  Why would you disconnect my light when I have already paid? Do you know what it means to pay N10,000 for light that I did not even consume? And you have the guts to ask me to pay another money. You even billed us for the pumping machine...

Nigeria loses 1,476MW to gas, water shortage

29 October 2014, Abuja – The recent dip in power supply in the country, rather than show signs of improvement, has gone worse with the loss of over 1,476 megawatts due to shrinking water level, shortage in gas supply and high frequency. The country is said to...

Monitoring of ongoing projects undertaken by the Niger Delta Power Holding Company, NDPHC. View More Pictures...

Financial market products & services update

Financial markets 1

30 October 2014, Sweetcrude, Lagos - Local and international financial market products and services update. NIGERIA: As part of measures to strengthen the naira as well as to sanitise the operations of...

W’Bank ranks Nigeria 170 among business-friendly countries

29 October 2014, Lagos – The World Bank has ranked 170 among 189 countries in terms of ease of doing business across the world. In the report released on Wednesday, Singapore emerged the best country in the world to do business while Mauritius emerged the best in Africa with ranking 28. President...

Financial market products & services update

29 October 2014, Sweetcrude, Lagos - Local and international financial market products and services update. NIGERIA: The Federal Government expects to earn $1.3 billion from cocoa exports this year, an...

Oando grows PAT by 110%, pays N2.4bn dividend

29 October 2014, Lagos – Oando Plc has declared a dividend of N2.4 billion for its shareholders for the financial year ended December 31, 2014. Announcing this to the shareholders at 37th Annual...

Level playing field for Local, foreign insurers is necessary – Fashola

Fasholaxx

24 September 2014, Lagos – Managing Director of Industrial and General Insurance Plc (IGI), Mr. Rotimi Fashola, in this interview with Nnamdi Duru, spoke on the need for a level playing field for...

EI-Anchor Pension targets N3bn share capital

IEIx

16 September 2014, Abuja – Managing Director of IEI-Anchor Pension Managers, Solomon Okoli has assured shareholders that the company has overcome its teething problems and is now positioned for...

IEI settles N616.18m claims in six months

27 August 2014, Lagos – International Energy Insurance (IEI)Plc paid a total of N616.18 million in the first half of the year ended June 30, 2012. The Managing Director of the company, Mrs. Roseline...

Renewable energy insurance spend to triple by 2020

04 August 2014, Lagos – The renewable energy industry could be spending three times as much on insurance every year by 2020, to mitigate risks to projects, according to a new report by Bloomberg...

BFIG has no claim to ALSCON — BPE

alsconx

15 October 2014, Abuja – The controversy over the privatisation of Aluminium Smelter Company of Nigeria, ALSCON, Ikot Abasi, Akwa Ibom State, has continued to rage as Bureau of Public Enterprises,...

BFIG Group now new manager of ALSCON

13 October 2014, Abuja –  Following the recent Supreme Court judgment, BFIG Consortium has taken over the management of Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom state. The Chief Executive Officer of BFIG, Dr. Reuben Jaja, disclosed this when he paid a courtesy visit to the paramount ruler of Ikot Abasi, Edidem Joe Ntuk-Obom...