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In a move that could further escalate Foreign Exchange, Forex demand and trigger scarcity, the Petroleum Products Pricing Regulatory Agency, PPPRA said it has granted permits to several marketers to start importing petrol alongside the Nigerian National Petroleum Corporation, NNPC. According to the General Manager, Corporate Services, PPPRA, Kimchi Apollo, he disclosed that it is…
May 21, 2020
The pace of oil demand recovery in China and the entire world could be shaped by China’s top policy-setting meetings, which begin on Friday to chart the course for the Chinese economy hit by the coronavirus pandemic. The National People’s Congress (NPC), the most important policy-setting annual event in the Communist country, is expected to…
May 20, 2020
Warns GDP Growth to Contract by 3 Percent Global credit rating agency, Fitch Ratings Inc, has warned that Nigeria stands to grapple with deeper economic decline and fiscal deficits if she complies with existing oil production cut deal as outlined by members of the Organisation of Petroleum Exporting Countries, OPEC and non-OPEC member countries .…
May 20, 2020
...'We may not have power for another ten years' --Lawan Senate Committee Set To Probe Into All Intervention Funds In Power Sector The Nigerian Senate on Tuesday asked the federal government to cancel the privatization process and agreement in the power sector as grim darkness continues to pervade the nation's landscape, seven years after leaving…
May 19, 2020
The corruption charges against Former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke may assume some fresh changes to accommodate fresh details that the loads of case files subpoenaed from 10 US banks might avail the Economic and Financial Crimes Commission (EFCC) in proceeding with her allegedly tricky trial, The New Diplomat learnt The filing of…
May 18, 2020
Glut Expected as 117 Tankers Head to China Experts Hail Swift OPEC+ Oil Cut Deal For Nigeria, a country whose economy is about 97% dependent on external earnings from crude oil, worrying times are here again as American multinational investment bank and financial services company, Goldman Sachs has projected that improving global oil demand and…
May 18, 2020
As the economy continues to wobble from the effect of the COVID 19 pandemic coupled with dwindling oil revenue, the Federation Accounts Allocation Committee (FAAC) disbursement to the three tiers of government went down by N174b in May from the revenue generated in April. In April, the three tiers of government shared N780.926 billion from…
May 16, 2020
The International Energy Agency (IEA) on Thursday projected that the much-needed oil recovery could be threatened by two major uncertainties; a possible second wave of COVID-19 infections and potentially underwhelming OPEC+ compliance with the cuts. This was contained in IEA’s Oil Market Report for May. The IEA noted that despite pledges both for deeper cuts…
May 15, 2020
One of Europe’s key liquefied natural gas (LNG) suppliers, Nigeria, has seen demand for its cargoes in Europe crash in the coronavirus pandemic as buyers consistently defer deliveries.Now, Nigeria’s LNG is idling on tankers that serve as floating storage, analysts tell Bloomberg. Over the past two months, Nigeria continued to send LNG cargoes to one…
May 14, 2020
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In a move that could further escalate Foreign Exchange, Forex demand and trigger scarcity, the Petroleum Products Pricing Regulatory Agency, PPPRA said it has granted permits to several marketers to start importing petrol alongside the Nigerian National Petroleum Corporation, NNPC. According to the General Manager, Corporate Services, PPPRA, Kimchi Apollo, he disclosed that it is…
May 21, 2020
The pace of oil demand recovery in China and the entire world could be shaped by China’s top policy-setting meetings, which begin on Friday to chart the course for the Chinese economy hit by the coronavirus pandemic. The National People’s Congress (NPC), the most important policy-setting annual event in the Communist country, is expected to…
May 20, 2020
Warns GDP Growth to Contract by 3 Percent Global credit rating agency, Fitch Ratings Inc, has warned that Nigeria stands to grapple with deeper economic decline and fiscal deficits if she complies with existing oil production cut deal as outlined by members of the Organisation of Petroleum Exporting Countries, OPEC and non-OPEC member countries .…
May 20, 2020
...'We may not have power for another ten years' --Lawan Senate Committee Set To Probe Into All Intervention Funds In Power Sector The Nigerian Senate on Tuesday asked the federal government to cancel the privatization process and agreement in the power sector as grim darkness continues to pervade the nation's landscape, seven years after leaving…
May 19, 2020
The corruption charges against Former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke may assume some fresh changes to accommodate fresh details that the loads of case files subpoenaed from 10 US banks might avail the Economic and Financial Crimes Commission (EFCC) in proceeding with her allegedly tricky trial, The New Diplomat learnt The filing of…
May 18, 2020
Glut Expected as 117 Tankers Head to China Experts Hail Swift OPEC+ Oil Cut Deal For Nigeria, a country whose economy is about 97% dependent on external earnings from crude oil, worrying times are here again as American multinational investment bank and financial services company, Goldman Sachs has projected that improving global oil demand and…
May 18, 2020
As the economy continues to wobble from the effect of the COVID 19 pandemic coupled with dwindling oil revenue, the Federation Accounts Allocation Committee (FAAC) disbursement to the three tiers of government went down by N174b in May from the revenue generated in April. In April, the three tiers of government shared N780.926 billion from…
May 16, 2020
The International Energy Agency (IEA) on Thursday projected that the much-needed oil recovery could be threatened by two major uncertainties; a possible second wave of COVID-19 infections and potentially underwhelming OPEC+ compliance with the cuts. This was contained in IEA’s Oil Market Report for May. The IEA noted that despite pledges both for deeper cuts…
May 15, 2020
One of Europe’s key liquefied natural gas (LNG) suppliers, Nigeria, has seen demand for its cargoes in Europe crash in the coronavirus pandemic as buyers consistently defer deliveries.Now, Nigeria’s LNG is idling on tankers that serve as floating storage, analysts tell Bloomberg. Over the past two months, Nigeria continued to send LNG cargoes to one…
May 14, 2020
