480 Truckloads of Fuel Dispatched to FCT, Environs – NNPC

The Nigerian National Petroleum Corporation (NNPC), Monday, said over 480 truckloads of Premium Motor Spirit (PMS) also known as petrol, had been dispatched to Abuja and neighbouring states within Sunday and Monday, to quell the scarcity in the region, Vanguard reports.

We’ll Not Sack NNPC Workers  Federal Government

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu

 
The Federal Government has promised that it will not cut down the staff strength of the Nigerian National Petroleum Corporation. 

 
The Federal Government noted that instead of reducing the number of workers at the NNPC, it would expand the operations of the national oil firm in order to make it globally competitive. 

 
The Minister of State for Petroleum Resources and Group Managing Director of the NNPC, Dr. Ibe Kachikwu, disclosed this to labour union leaders of the sector during a meeting with them in Abuja on Wednesday evening. 

 

NNPC Wins Reuters Award over USD1.2bn Financing Deal

For conceptualising, structuring and delivering an oversubscribed deal in a challenging macro-economic environment, the Joint Finance Team of the Nigerian National Petroleum Corporation (NNPC) and its Joint Venture Partners, Chevron Nigeria Ltd, have clinched the prestigious Thomson Reuters /PFI Magazine 'Africa and Middle East Oil Deal of the Year Award 2015'.

The global award, which is one of the most prestigious in the international financing market, is based on feedback from peers and market operators with full endorsement by the judges at Thomson Reuters/PFI.

Meanwhile, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has expressed optimism that the oil price will rebound and end the year between $40-$50 per barrel as Brent crude traded briefly below $30 per barrel on Tuesday for the first time in 12 years.

Nigeria’s Refineries Back In Production – NNPC

Kaduna Refinery

Nigeria’s struggling oil refineries are back in production and making enough gasoline to help “stabilise” its availability in the country, a spokesman for the Nigerian National Petroleum Corporation (NNPC) said on Tuesday.

Despite being one of Africa’s biggest oil exporters, the country imports nearly all its gasoline as it has struggled to produce fuel at its ageing refineries, which have suffered from years of neglect and perennial sabotage.

NNPC spokesman Ohi Alegbe said the Port Harcourt, Warri and Kaduna refineries were producing a total of 6.76 million litres of gasoline per day, adding that this was projected to rise to more than 10 million litres per day by the end of January.

NNPC Enters Into New Swap Deals With Total, Eni, Varo, Cepsa 

The Nigeria National Petroleum Corporation (NNPC), has concluded plans to enter into new crude for oil products swap agreements with Total, Varo Energy, Cepsa and ENI, Leadership reports.

The Federal government, through the NNPC, will engage the companies for the swap deal in February.

The head of NNPC’s crude marketing unit, Mele Kyari said the government was deviating from the former “offshore processing” agreements as they are directly with refineries who can use the crude to produce the oil products the country needs.

Oando, 20 Others Win NNPC Crude Lifting Contracts

Shell, Total, Oando Plc and international trading firms, Trafigura and Vitol, are among companies handed crude oil lifting contracts for 2016 by the Nigerian National Petroleum Corporation.

The NNPC on Thursday announced 21 off-takers as winners of the open bid exercise conducted in October, when 278 bids were submitted by indigenous and foreign firms seeking to secure contracts for the sale and purchase of the 26 Nigerian crude oil grades on offer.

A breakdown of the 2015/2016 crude oil term contract off-takers for the 991,661 barrels per day Nigerian equity crude indicates that 240,000 bpd, representing 24 per cent of the total volume on offer, were awarded to four refiners classified as major current receivers of Nigerian crude.

Folawiyo Energy Denies Breaching DPR Regulations

Folawiyo Energy Limited (FEL) has denied violating regulations that guide the sale of petroleum products, noting that the company has not had its own products in storage for the past three months, Vanguard reports.

The company said during the period that it only stored and distributed products for the NNPC, without any involvement in collecting payments from the companies taking the NNPC stock.

The company’s spokesman, Adeshola Komolafe , said that FEL has notified the appropriate authorities of these facts and has protested the unfair attempt to tarnish its corporate reputation.

Source: Energy Mix Report