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Tag Archives: NNPC

NNPC gives insights on how Ifeanyi Ubah diverted N11bn PMS

Since the arrest and detention of the Managing Director of Capital Oil and Gas Limited, Ifeanyi Ubah, by the security agencies on the orders of the Nigerian National Petroleum Corporation (NNPC), more facts have emerged on how the problem started and was carried out. The NNPC had already opposed the suit filed by Ubah, seeking to be released from the ...

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Failed refineries, stoppage of imports by independent markets force NNPC to SWAP deals

NNPC Headquarters.

Indications have emerged that the Nigerian National Petroleum Corporation (NNPC) is currently in serious trouble of sustaining the current pump price of petrol following the inability of all four refineries to measure up to expected rise in production after repairs. Another factor creating the anxiety is the stoppage of products imports by independent marketers, thus exerting excess pressure on NNPC. ...

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Conversion of illegal refineries to modular may worsen environmental crisis in N/Delta if…

refinery Illegal

Petroleum products refining experts have warned the federal government to be very careful in setting out the guidelines for the conversion of hundreds of illegal refineries popularly called ‘Kpor-Fire’ in the oil rich Niger Delta for the sake of associated pollution multiplier effects. It would be recalled that the Acting President, Prof Yemi Osinbajo had given the hint after a ...

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Danger looms as NNPC gives signal showing tired of importing Petrol alone

Ibe Kachikwu

Indication emerged in Lagos on Wednesday that crisis causing scenario may be hovering in the nation’s downstream petroleum sector which may land the country in another deadly round of fuel scarcity and eventual hike in pump price even in recession. This is coming from the position of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who disclosed that ...

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How IOCs failed to pay $14.3b penalty for gas-flaring to FG in 8 years

Ibe Kachikwu

Fresh figures from the Department of Petroleum Resources (DPR) and Nigerian National Petroleum Corporation (NNPC) have shown that International Oil Companies (IOCs) failed to pay about $14.298 billion between April 2008 and October 2016 as penalty for gas-flaring to the federal government. Whereas DPR figures showed $850 million (N306 billion) loss to gas-flaring in 2015, NNPC latest report put losses ...

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DSS arrested Capital Oil boss, Ifeanyi Ubah over N11 billion dirty petrol runs

The Department of State Security (DSS) has given the reason behind the weekend arrest of Mr. Ifeanyi Ubah, the chairman of Capital Oil and Gas Limited. In a statement issued by the Service and signed by the spokesman, Tony Opuiyo, DSS revealed that the oil magnate who was arrested on Friday was beging questioned on his involvement in the theft ...

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Militancy set to end as Senate passes law to establish Maritime Varsity in N/Delta

Nigerian Senate

There are signals that this present government has started permanent resolution of issues raised by rampaging militants in the oil rich Niger Delta. It was observed that since the last peace meeting with the federal government where the demands of agitators in the region were laid down, government has started delivering on the promises which resulted in the rising oil ...

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Bello gives hope of early disbursement of CVFF, says committee is working on it

hassan bello, NSC

The Executive Secretary of the Nigerian Shippers’ Council (NSC), Hassan Bello has once again disclosed that his agency is working with other strategic federal agencies to develop a framework for the emergence of the national carrier. Speaking recently during the inauguration of new executives of Shipowners’ Association of Nigeria (SOAN), Bello named Nigerian National Petroleum Corporation (NNPC) and the Nigerian ...

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NNPC mulls commercializing communication infrastructure for broadband penetration

NNPC MD

As part of renewed efforts to raise viability of other infrastructure within its domain, the Nigerian National Petroleum Corporation (NNPC), said it will commercialise some of its critical Information and Communications Technology (ICT) facilities to drive broadband penetration. Group Managing Director of the Corporation, Dr. Maikanti Baru, made this known while receiving the Minister of Communications, Adebayo Shittu, who paid ...

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NADDC flags off reduction of Sulphur content in petrol, diesel, kerosene from July

nnpc

The National Automotive Design and Development Council (NADDC), has announced a mandatory reduction in the sulphur content in refined petroleum products including petrol, kerosene and diesel from the first day of July. Delivery specification form July 1, according to the agency show that all diesel fuel in the country should have maximum sulphur levels of 50 parts per million (ppm), ...

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