CARITAS BAGS BEST REPUTATION MANAGEMENT FIRM - ACE 2016 AWARDS

Caritas Communications, Africa’s pioneer energy, oil and gas specialist reputation consultancy has emerged the best Reputation Management Consulting firm at the 2016 African Corporate Excellence Awards. Caritas’ recognition was announced by the United Kingdom-based Corporate Vision (CV) Magazine. Caritas beat other reputation management firms to clinch the award in the consultancy category.

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FUEL IMPORTS GULP N958.3 BILLION IN FIVE MONTHS

Nigeria spent N958.3 billion importing Premium Motor Spirit (PMS), also known as petrol, in five months. The amount could build five 20,000-barrels-per-day mini refineries, industry experts, who argued that one of such refineries would cost government between $75 million and $250 million, said yesterday. In naira terms, higher expenditure on petrol imports gives impression of worsening foreign exchange position for the country and emphasizes the need to activate the country’s four idle refineries, Francis Ogbimi, a Professor of Technology Management at the Obafemi Awolowo University, Ile-Ife said.

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NNPC, SHELL, BANKS SIGN $2.2BN DEAL FOR CONTRACTORS

Shell, supported by the Nigerian National Petroleum Corporation, has signed Memoranda of Understanding with eight local banks under the refreshed Shell Contractors’ Support Fund. The oil major, in a statement on Sunday, described the development as the latest milestone in efforts to improve access to finance for Nigerian vendors and suppliers in the oil and gas industry. It said under the MoUs signed in Lagos, Access Bank, Skye Bank, Zenith Bank, Stanbic IBTC Bank, First Bank, Standard Chartered Bank, First City Monument Bank and Guaranty Trust Bank had set aside $2.2bn for contract execution by Nigerian firms.

Read more @ The Punch Online

NNPC MAY ADJUST PETROL PUMP PRICE ON FALLING CARGO RATES

The Nigerian National Petroleum Corporation (NNPC) may undertake a downward review of the pump price of petrol in its retail outlets across the country. It was gathered yesterday that this was possible from a reported consistent drop in the historical price of petroleum cargoes from about $600 per metric tonne to an average of $440 per metric tonne. NNPC had recently adjusted the pump price of petrol at its outlets, thus raising fears of a possible hike. The development also followed claims in August by its former Group Managing Directors that the government’s pricing modulation framework was not economical for the downstream petroleum business.

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FG YET TO TAKE DECISION ON NNPC’S PUBLIC LISTING

The Federal Government has not taken a precise decision on the proposed listing of the stocks of the Nigerian National Petroleum Corporation (NNPC) on the Nigerian Stock Exchange (NSE) or any other stock exchange. According to authoritative sources within the ministry of petroleum resources, the proposal to list the stocks of NNPC on the exchange after its restructuring as contained in a new draft national oil policy has not yet been approved by the government.

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WE’LL RESIST SALE OF NNPC STAKE – OIL WORKERS

Oil workers on Sunday declared that they would resist any attempt by the Federal Government to sell some of its stake in the Nigerian National Petroleum Corporation. The Federal Ministry of Petroleum Resources released a draft policy document on the reform of the oil sector late on Thursday in which it proposed the sale of some of its stake in the national oil firm. Reuters reported on Friday that the country had been mulling the sale of oil assets to raise foreign exchange as a slump in vital oil revenues was eroding the budget.

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INVESTMENTS IN NIGERIA’S OIL SECTOR DECLINE TO N78B

Capital importation into Nigeria’s oil and gas sector has declined from the $200 million (N90 billion) from the second quarter of 2016 to $172 million (N78 billion) in 3rd quarter, according to the National Bureau of Statistics (NBS). But this decline has been attributed to uncertainty in the country’s oil and gas sector occasioned by insecurity, delay in the passage of the Petroleum Industry Bill (PIB) and delay in meeting contractual obligations in the services industry.
Readmore @ The Guardian Online