Nigeria

The Dangote Oil Refinery has capability to produce winter season diesel for the European market, an executive stated on Tuesday, a more sign of its capacity to disrupt the global refining market. The refinery developed by Nigerian billionaire Aliko Dangote on the borders of Lagos is expected to hit production of 550,000 barrels daily (bpd) this year, equivalent to 85% of its 650,000-barrel capacity. It started operations in January with output of products consisting of naphtha and jet fuel and started processing gas in September. We will have surplus production for export in all our items - gas, diesel, jet...

Nigeria's Dangote oil refinery has a stockpile of 500 million litres of fuel, its billionaire creator stated, countering claims by online marketers who asserted they required to supplement Dangote's supplies with imports to meet fuel lacks. Nigeria's President, Bola Tinubu, had summoned oil regulators, the head of the state-owned NNPC, the finance minister, and Aliko Dangote to a meeting in Abuja on Tuesday. The function was to examine a policy requiring NNPC to offer petroleum to the Dangote refinery in local naira currency in an effort to ease forex pressure and help the mega refinery safe sufficient crude to meet...

The following are the leading stories in the Financial Times. Reuters has actually not verified these stories and does not attest their accuracy. Headings - Volkswagen fined by UK regulator for treatment of consumers in monetary problem - Nigeria declines Shell's planned sale of $1.3 bln onshore production system - UK will offer $3 bln towards G7 loan for Ukraine - UK workers' rights reforms to cost services 5 bln pounds a year - Serious Scams Workplace probes ₤ 112mn hotel developed by leading UK trade union Introduction - UK's monetary regulator, the Financial Conduct Authority, on Monday fined Volkswagen...

Nigeria took a significant step in its quest to earn revenue from its large gas reserves, signing a. handle joint venture partners to provide gas to a proposed. $ 3.5 billion Brass fertilizer and petrochemical plant, an. official stated on Friday. Under the agreement, joint venture partners including Shell. , TotalEnergies and Eni will deliver. an approximated 270 million standard cubic feet of gas daily to. the plant in Brass, in Nigeria's coastal Bayelsa state. Petroleum Ministry Permanent Secretary Nicholas Agbo Ella. stated the Gas Sale and Purchase Arrangement is a part of the Brass. Fertilizer and Petrochemical Job, which...

An Italian court sentenced on Tuesday 2 Milan district attorneys to 8 months in jail for failing to file documents that would have supported energy group Eni's position in a worldwide corruption case. Eni, Shell, and all the defendants were nonetheless acquitted by a court in Milan in March 2021 in what became referred to as the market's most significant corruption case, which focused on the $1.3 billion acquisition of a Nigerian oilfield a years earlier. Judges in a court in the northern city of Brescia ruled that Milan district attorneys Fabio De Pasquale and Sergio Spadaro had a. legal...

Nigeria's Dangote Oil Refinery has actually begun processing gas after delays caused by current crude shortages, an executive stated on Monday. The $20 billion refinery on the borders of Lagos, constructed by Nigerian billionaire Aliko Dangote, started operations in January with output of products consisting of naphtha and jet fuel. With a capability of 650,000 barrels each day, Africa's largest refinery promises to relieve oil producer Nigeria's expensive reliance on imported oil items. We are evaluating the item (fuel) and subsequently it will start flowing into the item tanks, said Devakumar Edwin, a vice president at Dangote Industries Limited. He...

Nigeria's stateowned NNPC Ltd. oil business said it has started the tender procedure for the. operation of the Warri and Kaduna refineries, which are. arranged to start processing crude this year. The oil refineries, which are being upgraded after being. shut for a number of years, have the capacity to process 125,000. barrels per day (bpd) and 110,000 bpd, respectively. Nigeria, which is Africa's biggest oil producer, is looking for. operators to make sure reliability and sustainability towards. satisfying the country's fuel supply and energy security. commitments, NNPC said in a public notification on Thursday. Warri and Kaduna are amongst...

Nigeria's President Bola Tinubu will fulfill Chinese leader Xi Jinping throughout a visit to China next week to talk about cooperation on the economy, agriculture and satellite technology, a Nigerian federal government representative stated on Tuesday. Tinubu, who has set in motion deep reforms in Africa's. largest economy, will remain in Beijing together with other African. leaders to attend the China-Africa Cooperation Summit. This is going to become part of a wider engagement where the. 2 presidents will go over matters of mutual interest. across not just the economy, however also on issues of nationwide,. regional, and international security, the...

Glencore's former head of oil Alex Beard has actually been charged with bribery offenses relating to the Swiss commodity trader's operations in Africa, Britain's Serious Scams Office (SFO) stated on Thursday. Beard, 56, is charged with 2 conspiracies to make corrupt payments to government officials and authorities of state-owned oil business in Nigeria in between 2010 and 2014 and in Cameroon between 2007 and 2014, the SFO stated. He is among five ex-Glencore staff members charged with conspiracy to make corrupt payments and is the most high-profile commodity trader to have been charged in Britain for declared corruption. Beard joined...

Eni might pocket more than 8 billion euros ($ 8.7 billion) in net profits from disposals by 2027, CEO Claudio Descalzi stated on Friday after the Italian energy group reported secondquarter outcomes ahead of agreement. We have been performing our disposal plan much faster than anticipated, Descalzi stated, speaking with analysts on a. post-result teleconference. In its updated company strategy to 2027, the group stated it. intended to gather around 4 billion euros from the sale of oil and. gas assets and a similar quantity from minority stake sales and. initial public offerings of its low-carbon systems. The potential customers...

India's monthly oil imports from its greatest supplier Russia slipped partially in June while those from the United States rose to the greatest given that Feb. 2022, information obtained from the industry sources showed. India is the world's third-biggest oil importer and customer, importing more than 80% of its oil needs. Indian refiners had actually positioned orders in May for the majority of the June-arrival oil barrels Refiners in India together delivered in 1.98 million barrels. each day (bpd) of Russian oil in June, down 3.7% from the previous month, the data revealed. However, throughout the very first fiscal quarter...

Nigeria is broadening the variety of oil blocks slated for auction in its 2024 licensing round in addition to extending the due date for ending the workout amid keen interest in the offer, the oil regulator told on Thursday. Nigeria opened a licensing round in April using an overall of 19 onshore and deepwater oil obstructs to investors. This has now been expanded to include an extra 17 deep offshore blocks to the 2024 licensing round. We have undertaken more exploratory activities and as a. result acquired more information to expand the offer and extend the. due date. This has...

India's month-to-month oil imports from Russia fell by 18.3% to about 1.7 million barrels each day (bpd) in August from the previous month due to lower crude processing by some refiners, tanker information gotten from trade sources showed. In contrast, China stepped up purchases of Russian oil last month, reclaiming the area of Moscow's leading oil client after India became the greatest purchaser for the very first time in July. The share of Russian oil in India's August imports declined to about 36% after rising for five straight months, the information showed. In July, Russian oil accounted for about 44%...

Nigeria's significant Dangote oil refinery is reselling freights of U.S. and Nigerian crude, 4 trade sources familiar with the matter said on Friday. 3 of the sources stated the reoffer was linked to technical issues at the refinery. A Dangote executive, asked about the offers and talk in the market that the refinery is having operational concerns affecting the unrefined distillation system, said the CDU functions. The refinery began production in January and will be the biggest in Africa and Europe when it reaches full capacity. It might overthrow what has actually been an extremely rewarding Europe-to-Africa fuel trade and...

Nigeria's Dangote refinery is in talks with Libya to protect crude for the 650,000 barrels per day (bpd) plant and will likewise look for Angolan oil, a senior executive stated, as it looks for to overcome issues with domestic supplies. The $20 billion refinery, constructed by Africa's wealthiest man Aliko Dangote on the borders of Lagos is Africa's biggest, and is designed to end Nigeria's dependence on imported fuels because of inadequate refining capacity. Given that Dangote began operations in January, it has been unable to get adequate unrefined supplies in Nigeria, which, although Africa's biggest oil producer, is battling...

Kazakhstan resumed gas exports in May that had actually been on hold since May 2022, sending 2,000 metric tons of the fuel to Georgia in May, 3 market sources familiar with the matter stated on Wednesday. Kazakhstan banned fuel exports 2 years ago to protect its domestic market from fuel lacks. Before the ban was introduced, in April 2022, Kazakhstan delivered some 26,000 tons of gas to foreign markets. Prior to this Kazakhstan likewise suspended fuel exports in 2021, while in 2020 its fuel exports totaled up to 494,000 tons. The Condensate refinery, an independent refinery in Kazakhstan, was granted...

Russia became the top oil provider to India throughout the 2023/24 for a. second year in a row, squeezing the market share of Middle. Eastern and OPEC producers to historical lows, ship tracking data. from industry sources revealed. New Delhi has been gorging on Russian oil sold at a discount rate. after Western countries avoided purchases and imposed sanctions on. Moscow over its intrusion of Ukraine. As an outcome Russia is now. the top provider to the world's third-largest oil importer. India has actually continued to buy Russian oil regardless of problems. posed by a raft of sanctions aimed at...