SABIC, the Middle East’s biggest petrochemical producer, announced the final investment decision for its $6.4 billion petrochemicals complex in Fujian, China. The FID will allow SABIC to move ahead with its 49 percent stake partner Fujian Fuhua Gulei Petrochemical to build the project with a mixed feed steam cracker with a production capacity of up […]Read More
Oil prices increased following Iran’s seizure of a tanker off the coast of Oman. The oil tanker, en route to Turkey, was redirected to an Iranian port by armed men. The price of Brent crude oil rose over 2 percent, reaching $78.40 per barrel after the incident. The UK government has modeled scenarios projecting potential […]Read More
the Nigeria National Petroleum Company (NNPC) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have joined forces to quell the rising tide of panic-buying sweeping through Nigeria, cautioning citizens to stay calm amidst swirling rumors of an impending surge in petrol prices. The specter of discord looms over fuel marketers and the NNPC, with […]Read More
The indigenous Kichwa community’s protests have prompted Ecuador’s state-run oil company, Petroecuador, to declare force majeure on three additional oil blocks, just days after taking the same action for another block. On Monday, the production from the three blocks, which were jointly producing approximately 142,000 barrels of oil equivalent, dropped to about 122,500. Despite accusations […]Read More
Despite the Federal Government’s initiative to lower the price of Liquified Petroleum Gas (LPG), commonly known as cooking gas, prices have continued to rise even during the festive season. Economist Ayo Anthony explained to the News Agency of Nigeria (NAN) in Abuja on Sunday that the impact of government policies on the economy takes time. […]Read More
Russia is set to reduce its oil exports from seaports in the coming month by an estimated 100,000 to 200,000 barrels per day compared to December levels, as indicated by industry insiders familiar with Russia’s export strategies. According to anonymous sources cited by Reuters, the decision to scale back is attributed to increased throughput at […]Read More
The Nigerian Agip Oil Company (NAOC) on behalf of NAOC Joint Venture has donated medical equipment to tertiary health institutions and hospitals in its four states of operations in Niger Delta, Nigeria. The commissioning and handover ceremonies were held recently during which the equipment were given to the medical facilities located in Rivers, Bayelsa, Delta […]Read More
Alexey Miller, Chairman of the Gazprom Management Committee, and Dmitry Krutoy, Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus to the Russian Federation, have met today to discuss cooperation in the gas industry. The two sides noted that Gazprom is a reliable supplier of Russian gas to Belarusian consumers. Gazprom Transgaz Belarus, a wholly-owned […]Read More
Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo has announced that the Nigeria-Morocco Gas Pipeline project is expected to begin construction in 2024. The ambitious project, which aims to connect Nigeria’s vast gas reserves to the European market, is a significant step towards boosting Africa’s energy security and economic development. Ekpo made the […]Read More
In a move to secure its energy supply, Turkey has extended its existing liquefied natural gas (LNG) contract with Algeria for three years. The deal, finalized during Turkish President Tayyip Erdogan’s official visit to Algiers, ensures Turkey’s continued access to 4.4 billion cubic meters of LNG annually from its Algerian partner, Sonatrach. Under the deal […]Read More
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