Category: International

The Chief Executive Officer of Dangote Refinery, Aliko Dangote, has announced that the Nigerian National Petroleum Corporation (NNPC) Limited no longer holds a 20% stake in the refinery. During a press briefing at the refinery on Sunday, Dangote stated that NNPC’s ownership had been reduced to 7.2% due to their failure to pay the balance of their share, which was due last month in June, as reported by Nairametrics. In 2021, NNPC planned to raise

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Nigeria’s daily oil production for June saw a modest increase, rising by 25,000 barrels per day compared to the previous month. This uptick is a positive development amid a year marked by consistently declining oil production. According to the Nigeria National Petroleum Company Limited (NNPC), the country’s oil production has been in a state of emergency. The Organization of the Petroleum Exporting Countries (OPEC) reported in its Monthly Oil Market Report for June that Nigeria’s

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Oil suppliers are increasingly suspending business with the Nigerian government due to escalating debts, which have reached as high as $6 billion. Sources indicate that the Nigerian National Petroleum Corporation (NNPC) owes oil suppliers payments dating back to January, with debts originally reported at $4 billion now doubling. A report by Reuters highlighted the significant debt the Nigerian government owes to oil suppliers, exacerbated by the NNPC’s struggle to manage the disparity between fixed domestic

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Kenya has increased the bond fee for fuel consignments destined for Uganda from $15 million to $45 million at the VTTI facility in Mombasa. This higher bond fee is expected to impact Uganda’s direct fuel import scheme, potentially making fuel more expensive for Ugandan consumers. Both Kenya and Uganda already have the highest fuel prices in East Africa, with Uganda relying on direct importation to mitigate costs. Currently, a litre of diesel costs $1.37 in

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