The capacity of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA) to import petroleum products has continued to weaken as unpaid subsidy claims and matured Letters of Credit (LCs) arising from the old subsidy regime hit $2 billion.
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The Minister of State for Petroleum Resources, Ibe Kachikwu has revealed that there will not be an open bidding for refineries’ repair.
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The Senate on Thursday passed the Petroleum Industry Governance Bill, which seeks to unbundle the Nigerian National Petroleum Corporation and merged its subsidiaries into a single entity.
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The move by the Federal Government to withdraw the refinery licences that have remained unutilised in the hands of some private investors is a step in the right direction.
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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said he would resign if Nigeria continues to import oil by 2019.
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The Petroleum and Natural Gas Senior Staff Association of Nigeria and a subsidiary of United States-based ExxonMobil Corporation, Mobil Producing Nigeria Unlimited, have reached an agreement to end a dispute over the sacking of some employees.
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—– NNPC now sole importer as oil price rallies The Minister of State for Petroleum, Dr. Ibe Kachikwu has stated that the federal government would re-visit the pricing modulation model introduced in 2016 and remove the multi-layer charges on importation of petroleum products to maintain the pump price of petrol at the current N145 per litre.
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The picketing of Mobil Producing Unlimited, an affiliate of ExxonMobil, continued on Thursday with oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) threatening to escalate the crisis to Shell, Chevron and Total by the weekend.
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Oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to shut down the operations of Mobil Producing Nigeria Unlimited, an affiliate of ExxonMobil until the sacked workers are recalled.
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A multi-national oil company, Agip has concluded plan to build a brand new refinery of 150,000 barrels capacity in Port Harcourt.
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The Federal Government on Wednesday said it would revoke licenses given to individuals and corporate organisations for private refineries but were yet to be utilised.
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