Kindly click on Login or Register (if you are a new user) to view today’s prices
Category: Uncategorized
17-08-2021
Kindly click on Login or Register (if you are a new user) to view today’s prices
16-08-2021
Kindly click on Login or Register (if you are a new user) to view today’s prices
13-08-2021
Kindly click on Login or Register (if you are a new user) to view today’s prices
12-08-2021
Kindly click on Login or Register (if you are a new user) to view today’s prices
11-08-2021
Kindly click on Login or Register (if you are a new user) to view today’s prices
10-08-2021
Kindly click on Login or Register (if you are a new user) to view today’s prices
09-08-2021
Kindly click on Login or Register (if you are a new user) to view today’s prices
BREAKING: FG Approves $1.5bn For Rehabilitation Of Refinery
The Federal Government has approved the sum of $1.5bn for the rehabilitation of the Port Harcourt Refinery.
The Minister of State for Petroleum Resources, Timipre Sylva, stated this while briefing newsmen at the end of the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja, on Wednesday.
The minister said that the rehabilitation, which would be in three phases, will commence immediately and to be handled by an Italian firm, Tecnimont S.P.A.
He explained that the first phase would be completed in 18 months, the second phase in 24 months and the final phase would be within 44 months.SPONSORED CONTENT
He assured that the other three refineries will be put in place before the end of the Buhari-led administration.
He said: “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5 billion, and that memo was $1.5 billion and it was approved by council today(Thursday).
“So we are happy to announce that the rehabilitation of productivity refinery will commence in three phases.
“The first phase is to be completed in 18 months, which will take the refinery to a production of 90% of its nameplate capacity.
“The second phase is to be completed in 24 months and all the final stage will be completed in 44 months and consultations are approved.
“And I believe that this is good news for Nigeria.”
(Vanguard)
BREAKING: Oil Price hits $71.28 on OPEC decision
For the first time in 2021, the price of oil has risen to $71.28 per barrel in the international market, barely a few days after the Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members had resisted pressure to increase output.
Prior to the crucial 14th Meeting of OPEC and non-OPEC ministers, which took place via video conference on Thursday, March 4, 2021, the oil price had hovered at about $65 per barrel.
But close monitoring of the market by Vanguard showed that the price, fuelled by the continued removal of excess supply, started surging towards $70, before hitting the current level on Monday, March 8, 2021.
Specifically, while the price of Brent increased from $65 to the current $71.28 per barrel, the price of Nigeria’s Bonny Light, hovers at $67.69 per barrel, showing an excess of almost $30 as the nation’s 2021 budget was based on $40 and 1.8 million barrels per day, mb/d, including Condensate.
Source: Vanguard