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Oil Producers Urge President Tinubu to Declare Crude Supply Emergency for Dangote Refinery

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Oil Producers Urge President Tinubu to Declare Crude Supply Emergency for Dangote Refinery

Amid escalating concerns over insufficient domestic crude oil supply to the Dangote Petroleum Refinery and other local refiners, the Independent Petroleum Producers Group (IPPG) has called on President Bola Tinubu to declare a state of emergency on crude oil production in Nigeria. This appeal is a response to the ongoing crisis impacting the sector.

The IPPG, comprising 28 Nigerian indigenous upstream exploration and production companies, including Oando Plc, Aiteo, Seplat, Energia, Eroton, First E&P, and Green Energy, warned of the potential for the 2024 budget to be only partially implemented due to the recent decline in crude production. Nigeria’s oil output has dropped from over 1.4 million barrels per day (excluding condensates) in January to approximately 1.2 million barrels per day in April.

At the Nigeria Oil and Gas conference in Abuja, Abdulrazaq Isa, Chairman of the IPPG, underscored the urgent need for extraordinary measures to address the industry’s long-term sustainability. He proposed that the President might need to declare a state of emergency in the oil and gas sector to expedite recovery efforts.

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Responding to these concerns, Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), announced a state of emergency on production in Nigeria’s oil and gas industry. Kyari asserted, “We have declared war on the challenges affecting our crude oil production. We have the right tools, and we know what to fight.”

Additionally, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, urged oil producers to boost their investments in the upstream sector to increase oil output. He emphasized that if each of the 28 IPPG members could produce at least 5,000 barrels daily, it would significantly enhance Nigeria’s oil production.

NNPC has also implemented medium to long-term strategies to boost and sustain production, such as replacing old crude oil pipelines and introducing a rig-sharing program with partners to ensure that production rigs remain in the country for four to five years, aligning with global standards. Furthermore, NNPC has engaged in the Presidential Compressed Natural Gas (CNG) drive and plans to inaugurate 12 CNG stations in Lagos and Abuja.

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.

In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”

Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”

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Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”

The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”

This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.

However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.

With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.

The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.

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Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.

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