The report of the House of Representatives ad hoc Committee investigating the Structure and Accountability of Joint Venture (JV) Business and Production Sharing Contract (PSC)of NNPC has indicted several oil companies for alleged tax evasion.
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Godwin Obaseki, the Governor of Edo State on Tuesday, said that the newly-inaugurated 650,000 barrels per day (bpd) Dangote Refinery and Petrochemical Company will save Nigeria over $3 billion annually from importation of petroleum products.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has given operators of gas, petroleum and diesel nine days within which to obtain their operating licences or face shutdown of their operations.
President Muhammadu Buhari has inaugurated Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, and the largest petrochemical company in the world.
OPEC Secretary General, Haitham Al Ghais on Monday said that underinvesting in the oil and gas sector could cause market volatility in the long term and imperil growth.
Aliko Dangote says the first product of the Dangote Petroleum Refinery and Petrochemicals “will be in the market before the end of July, beginning of August this year.”
The petroleum refinery with a capacity to process 650,000 barrels per day (bpd), is sitting on a 2,635 hectares of land located in Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will provide employment to over 100,000 persons. The coming onstream of the gigantic project is expected to mark Nigeria’s exit from the league of oil-rich nations that are heavy importers of petroleum products.
No policy in Nigeria’s petroleum industry has generated more controversy than subsidy removal. Since the return to democracy in 1999, it has defied ministers and even the entire lifespan of administrations.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has appealed to President Muhammadu Buhari to sign the Energy Commission of Nigeria Amendment Bill before handing it over to the incoming administration.
Major oil firms operating oilfields in Bayelsa have faulted claims by the Bayelsa Oil and Environmental Commission (BSOEC) in its final report presented to Gov. Douye Diri of Bayelsa at House of Lords on Tuesday in London.