GOVERNMENT TARGETS THREE YEARS FOR SELF-RELIANCE IN FUEL SUPPLY

A Three-Year target to achieve self-sufficiency in refined petroleum products was among 34 priority projects the Federal Executive Council (FEC) formally unveiled yesterday.\

The priority projects were contained in a document presented‎ by the Ministry of Budget and National Planning to the FEC, which was chaired by Vice-President Yemi Osinbajo.

Read more @ The Guardian

NIGERIA’S UNSOLD OIL CARGOES REDUCE TO 15

Nigeria’s unsold crude oil cargoes, which were over 20 last month, have reduced to 15, according to trade sources.

A fall in futures prices and a strong recovery in gasoline refining margins have helped to shore up demand for light sweet Nigerian crude oil, but slow sales, up until now, have kept differentials, that is, the difference between the sold and unsold, low.

Read more @ The Guardian

TOTAL NIGERIA POST N1.98 BILLION PROFIT

Total Nigeria Plc, the company that distributes and markets refined petroleum products and fuels has overcome the subsidy gloom by posting a profit after tax of N1.96 billion in the first six months of the year.

The company’s profit before tax increased by 8 percent to N3.68 billion in June 2015 as against N3.42 billion as at June 2014.

Read more @ Businessday Online

GROUP TASKS NNPC ON SERVICE DELIVERY TO INDUSTRIES

Oil and Gas Service Providers Association of Nigeria (OGSPAN) has emphasised the need for the Nigerian National Petroleum Corporation (NNPC) to ensure regular supply of petroleum products to industries.
The group, which has endorsed the transformation programme of the Group Managing Director of NNPC, Emmanuel Ibe Kachikwu, advised Kachikwu to work on the production and refining of different petroleum products in order to meet domestic demand of industries and other consumers.

Read more @ The Guardian

FG TO PAY N159BN SUBSIDY DEBT TO MARKETERS

The Federal Government has reportedly agreed to pay outstanding subsidy claims of N159bn to oil marketers, who import refined petroleum products into the country although some of the marketers say the debt has climbed to N300bn.

 

“They (government) agreed to pay the remaining balance last week. Nothing has come yet but maybe this or next week. It is N159bn” the spokesperson for the Independent Petroleum Marketers Association of Nigeria, Yakubu Suleiman.

 

Read more @ Punchonline

FUEL SCARCITY PERSISTS AS BANKS DENY MARKETERS CREDIT

The scarcity of refined petroleum products, especially petrol, may continue across the country for the unforeseeable future because marketers have stopped importing the product due to the reluctance of the banks to provide them with credit.

It was also learnt that as of May 29, 2015, the amount being owed all the oil marketers by the Federal Government was N291.7bn.

Read more @ Sweetcrude Report

NIGERIA'S CRUDE OIL LOSING MARKET APPEAL

Nigeria may have to prepare for tougher times this year as the once a highly desired, easy-to-refine Nigeria’s sweet crude is now hard to sell, making the country to embark on discounted sales just to get the cargoes off the high seas.
International crude oil traders are said to have shunned the country’s export of sweet crude for the months of May and June 2015, making it difficult for the country to find buyers for the product, of which the country’s 2015 budget was planked on.

Read more @ Guardian

US GLUT MAY FORCE CRUDE PRICE TO $20

Strong indications emerged on Wednesday that current glut in the United States’ oil market might further dampen the prices of crude oil and refined petroleum products as this could push down the crude to as low as $20 per barrel.

 

The Associated Press reported that the US was running out of storage for crude oil and that the country could begin to sell from its reserves if there were changes to the law limiting the sale of the product by the country.

 

Read more @ Punch Online

SAUDI SET TO PRICE OUT NIGERIA, ANGOLA ON CRUDE

Nigeria and her African counterpart, Angola, are having their problems arising from the dwindling prices of crude oil further compounded, as Saudi Arabia made deep cuts to its monthly oil prices for European buyers ,while it trimmed prices for U.S. refiners and increased rates for Asia.


Almost half of Nigeria’s cargoes due to be exported in January are still available. The backlog has pushed Nigerian oil differentials versus Brent to their lowest since at least 2009 BFO-QUA at 65 cents a barrel, down 80 percent since May.


Read more @ Businessday

STIMULATE LOCAL REFINERIES IN 2015, PENGASSAN TASKS FG

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), on Sunday urged the Federal Government to demonstrate commitment to stimulating local refining of crude oil in 2015.

The General Secretary of the union, Mr Bayo Olowoshile told the News Agency of Nigeria (NAN) in Lagos that only domestic refining would end crises in the oil and gas sector.

Read more @ Leadership