NNPC generates N234.63bn revenue from white products in March

The Nigerian National Petroleum Corporation (NNPC) on Sunday stated that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded N234.63 billion revenue from the sale of white products in the month of March 2021. This was stated in a statement by the Corporation spokesman, Dr Kennie Obateru, in Abuja.[Read More…]

Mele Kyari explains why NNPC is borrowing to acquire 20% equity In Dangote Refinery

The Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday explained why the national oil company is purchasing a stake in Dangote oil refinery. The refinery is expected to begin production in 2022 with an installed 650,000 barrels per day capacity. It has been touted as a[Read More…]

‘Petrol could cost as much as N256/Litre without subsidy’ – NNPC

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has outlined the heavy cost of fuel subsidies on the country’s economy. At a stakeholders meeting organised by NNPC on Wednesday, he said the federal government is injecting between N140 billion to N150bn monthly to keep petrol price[Read More…]

NNPC renews Oil Mining Lease 118 with Shell, Total, Exxon, Eni

The Nigerian National Petroleum Corporation NNPC has renewed Oil Mining Lease 118 with the local subsidiaries of Shell RDSa.L, Total TOTF.PA, Exxon XOM.N and Eni ENI.MI for another 20 years. According to a statement released by the NNPC on Tuesday, the deal signals the end of “long-standing disputes over the[Read More…]

Just In: Petrol stays at N162 to165 – Minister assures

The Ministry of Petroleum Resources has confirmed that there would be no increase in the price of Premium Motor Spirit (PMS) popularly referred to as petrol. The Ministry on Friday published this in a statement issued and signed by the Minister of State for Petroleum, Timipre Sylva as a reaction[Read More…]

‘Petrol subsidy continues in May’ Mele Kyari says

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari has said that there will be no increase the ex- depot price of Premium Motor Spirit, Petrol, in May. Kyari made the announcement at the end of a closed door meeting with Petroleum Transport Drivers, PTD,[Read More…]

Oil, Gas Export Revenue Dropped By $2.23Billion In 2020 – NNPC

The total revenue generated by the Nigerian National Petroleum Corporation from crude oil and gas exports plunged by 45.98 per cent last year amid the COVID-19 induced collapse in price and demand. Nigeria’s revenue from the exports of crude oil and gas fell to $2.62bn in 2020 from $4.85bn in[Read More…]

NNPC, Tecnimont SpA sign $1.5Billion to rehabilitate Port Harcourt refinery

The Nigerian National Petroleum Corporation (NNPC) and Tecnimont SpA, an Italian engineering company, on Tuesday, signed the engineering procurement and construction (EPC) contract for the rehabilitation of the Port Harcourt refinery in Rivers state. Ahmed Dikko, managing director of Port Harcourt refinery company (PHRC), signed for the refinery, while Davide[Read More…]

NNPC announces 80.12% increase in trading surplus for December

The Nigerian National Petroleum Corporation has announced an increase of 80.12% in trading surplus for the month of December 2020 which stands at 24.19billion compared to the 13.43billion surplus recorded in November 2020. According to the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, the[Read More…]

‘We are going through hell’ – Nigerians express frustration after another fuel hike

Nigerians are no longer holding their emotions in check as the price of fuel again increased under the administration of President Muhammadu Buhari. On Thursday night, the Petroleum Products Pricing Regulatory Agency, PPPRA, fixed the pump price of Premium Motor Spirit, PMS, also known as petrol, at N212.61 per litre,[Read More…]