NNPC SUBSIDIARY, NETCO GROWS PROFIT TO N2.5BN IN THREE YEARS

The National Engineering and Technical Company Limited, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), grew its profit before tax to N2.5 billion within three years from N193 million and N963 million in 2012 and 2013 respectively, its Chairman, Mr. Bello Rabiu, has disclosed.

Rabiu disclosed this yesterday in Abuja when the company had its combined Annual General Meeting (AGM) for the three years that the profit margin represented a 160 per cent increase for the firm.

 

Read more @ Thisdaylive

NNPC CLARIFIES ROLE OF NAPIMS IN $260M USAN OILFIELD CONTRACT

The Nigerian National Petroleum Corporation (NNPC) has provided a clarification on the role of its subsidiary, National Petroleum Investment Services (NAPIMS) in the $260 million contract awarded by ESSO Exploration and Production Nigeria Limited, a subsidiary of ExxonMobil in Usan oilfield.

The corporation has also blamed the ExxonMobil unit for planning to cancel a running contract, saying the NAPIMS’ position is that “if ESSO unilaterally cancels this contract, ESSO will solely bear all incidental costs and cost of the replacement service, and such costs will be non-recoverable.”

 

Read more @ Thisdaylive

CHEVRON, SHELL SET TO SACK 8,000

Palpable fear has gripped the Nigerian staff of Chevron and Shell as the two multinationals begin compilation of 8,000 names for sack.

New Telegraph had exclusively reported plans by Chevron and Shell to sack 8, 000 staff in addition to the 8, 000 employees they announced earlier this year as the accounts of the oil firms slips into red.

Read more @ New Telegraph

NNPC RECORDS N287.4BN LOSS FROM OPERATIONS

Over N287.4bn loss is being recorded yearly by the Nigerian National Petroleum Corporation from the operations of its subsidiaries across the country despite the fact that it is meant to be a profitable business venture.

 

The corporation is losing about N250bn yearly as a result of the inefficiencies of the Pipelines and Product Marketing Company alone, which is one of its subsidiaries, according to figures made available by the national oil company

 

Read more @ Punch Online

EXXONMOBIL BEGINS CRUDE OIL PRODUCTION IN ERHA NORTH PHASE 2

United States oil giant, ExxonMobil Corporation, Wednesday announced that its subsidiary, Esso Exploration and Production Nigeria Limited (EEPNL), has started oil production five months ahead of schedule at the Erha North Phase two project offshore Nigeria.

The world’s largest publicly traded international oil and gas company also noted that Erha North Phase two came on stream $400 million below the budget estimate, with Nigerian contractors accounting for more than $2 billion of project investment for goods and services, including subsea equipment, facilities and offshore installation.

 

Read more @ Thisdaylive

SCHNEIDER ELECTRIC APPOINTS NEW COUNTRY PRESIDENT

Lagos (Nigeria), November 10, 2014 – Schneider Electric, the global specialist in energy management today announced the appointment of Mr. Walid Sheta as the new Country President of its subsidiary in Nigeria. This is part of the global energy giant’s strategic positioning to align with its growth plan for Nigeria and English West Africa.

The new Country President has over 19 years work experience within the Schneider Electric group, serving in various top management capacities. Walid takes over from Marcel Hochet who has served as Country President for the past 10 years. 

A 43 year-old Degree holder in Engineering from the National Institute of Applied Sciences (INSA-Rennes), France, Walid, first began his long professional experience at Schneider Electric, taking up the role of Project Manager, Schneider Electric, Egypt in 1995 mainly focusing on Industrial and Infrastructure Projects.

In 2000, Walid moved to Schneider Electric U.A.E where he served as the Distribution Center Manager. He championed the transformation of the center from an order processing center to a complete Distribution Center controlling its own inventory.

Aligning the commercial strategy of the company towards strategic global customers, Walid went on to serve at Schneider Electric, France as the company’s International Account Manager from 2002 to 2006 from where he moved on to become Country Manager, Schneider Electric, Indian Ocean 

Islands. In this position, he successfully implemented the first Schneider Electric Villasol project in Madagascar under its sustainable development program. as well as Solar Farms for Casino retail chain.

He returned to Egypt, to take up the position of Director, Marketing & Business Development, first for Egypt then for Africa, from 2010 to 2014. Here, he drove Business Development and Marketing strategy for all business lines ensuring homogeneous solutions for targeted segments, developing business opportunities in new markets and effectively driving the new marketing communication function inside the company.

Walid is a French & Egyptian national and speaks 3 international languages.