The Bayelsa Development and Investment Corporation has said the $3.5 billion Brass Fertilizer and Petrochemical project to be sited at Odioma in Brass Local Government Area is expected to generate a turnover of $1.5 billion and employ about 30, 000 workers, especially indigenes.
The firm has therefore predicted a prosperous future for the people of the state as the corporation intensifies action on restructuring the state economy and expanding economic opportunities.
Read more @ SweetCrude Report
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
As the federal, state and local governments in Nigeria prepare to completely decimate the Excess Crude Account (ECA), Greece’s rejection of bailout terms and China’s emergency measures to support its stock markets sent shocks to the global oil markets as the price of crude oil yesterday recorded a five per cent drop, being its worst loss since it dropped by seven per cent on April 8.
Greek voters had voted a resounding “No” to a referendum on an international bailout that also put in doubt its membership of the Eurozone.
Read more @ Thisdaylive
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Denzil Kentebe has stated that achieving success in the implementation of Nigerian Content is of great benefit to every stakeholder in the oil and gas industry, including the international operating companies (IOCs) and the NCDMB.
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The Department of Petroleum Resources (DPR) has attributed the failure of `private investors to build refineries in the country to lack of crude oil and absence of funding. The agency said that most of the investors licensed in 2003 were not satisfied with the federal government’s position that they will buy the country’s crude oil at the international market price.
Speaking at a special session of a recent roundtable organised in Lagos by NewsDirect Newspaper, DPR’s Deputy Director in charge of Downstream, Mr. Alphonsus Mudei said out of the 18 investors licensed by the federal government, only one established private refinery in the country.
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Former Lagos State Commissioner for Energy and Mineral Resources, Mr. Taofiq Tijani, has urged the Federal Government to continue its search for oil in the Chad Basin in spite of fruitless efforts that have gone into the exercise in the past.
He said there is possibility that oil would be found on the Nigeria’s side of the Chad Basin as oil is being produced on Chad’s side of the basin. He was optimistic that there might be oil reserves in the Basin, adding that with the increasing advanced technology, the reserves could be unlocked one day.
Read more @ Nation online
Another round of fuel scarcity may after all be on the way, if nothing is done to resolve the lingering crisis between the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Chevron management
The union is asking for, among other things, the revisit of the Collective Bargaining Agreement (CBA) reached between the management of Chevron and the union in 2012 and again the reinstatement of the executive chairman of the branch of the NUPENG in Chevron, Comrade Shabi Dada, who it said was removed from office one year ago for no just reasons as well as the issue of categorisation casualisation.
Read more @ Nation online
The Bayelsa Development and Investment Corporation has said the $3.5 billion Brass Fertilizer and Petrochemical project to be sited at Odioma in Brass Local Government Area is expected to generate a turnover of $1.5 billion and employ about 30, 000 workers, especially indigenes.
