A private entity, Backbone Infrastructure Nigeria Limited (BINL), has expressed its readiness to build $15 billion 500,000 barrels per day (bpd) refinery and establish a Free Trade Zone (FTZ) in Ondo State. It said it has concluded plans to construct and operate the plant at the Sunshine Industrial Park in Ogboti, Eruuna and Sunshine FTZ…
The Federal Government has said it remained committed to deploying innovative and fiscally responsible financing strategies to optimise Nigeria’s oil assets, enhance external liquidity, and strengthen macroeconomic stability. The government made the clarification as conversations continue around a proposed crude-for-loan arrangement with Saudi oil giant, Aramco. In a statement, the Federal Ministry of Finance addressed…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has reaffirmed its commitment to fostering a level playing field and creating an enabling environment to strengthen businesses in the maritime sector. The Director-General of NIMASA, Dr Dayo Mobereola, gave the commitment while receiving the Executive Members of the Nigerian Merchant Navy Officers and Water Transport Senior…
The Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari has condemned talks about the existence of sub-standard fuel in the country, describing it as unfortunate drama and bad marketing practice. Kyari, who was speaking while fielding questions at a fireside chat during the 60th Nigeria Mining & Geosciences Society (NMGS) Conference in Abuja…
Between 2014 and 2024, Nigeria, Africa’s largest economy, earned $305billion as revenue inflows from the oil and gas sector according to the Nigeria Extractive Industries Transparency Initiatives (NEITI). It disclosed this when its executive secretary/national Coordinator, Dr Orji Ogbonnaya Orji appeared before the Senate Public Accounts Committee (SPAC) in Abuja. According to Orji in his…
The Federal Government realised the sum of $305billion as revenue inflows from the oil and gas sector from 2014 to 2024, it was learnt yesterday. The Nigeria Extractive Industries Transparency Initiatives (NEITI), disclosed this when its executive secretary/national Coordinator, Dr Orji Ogbonnaya Orji appeared before the Senate Public Accounts Committee (SPAC) in Abuja. According to…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has presented Gas Distribution Licenses to 10 companies. Speaking at the Gas Distribution Licence (GDL) Award ceremony in Abuja, the Authority Chief Executive, Farouk Ahmed recalled that the organization received 30 application for licenses from which it approved 10. He said the licences cover about 1.5billion…
Portugal plans to increase purchases of Liquefied Natural Gas (LNG) from Nigeria and the United States as it aims to end already dwindling supplies from Russia, Environment Minister Maria da Graca Carvalho has said. Portugal imported 49,141 gigawatt-hours (GWh) of natural gas in 2024, of which around 96per cent was LNG, data from electricity and…
The Nigerian Air Force (NAF) has denied its alleged involvement in the explosion that rocked the Nigerian National Petroleum Corporation Limited (NNPCL) wellhead in Buguma Community of Asari-Toru Local Government Area of Rivers State. It described such allegations in some sections of the media as “false and unfounded”. A statement, by the Director Public Relations…
