According to him, “Those big players behind the crude oil theft are not from the region but are based in Lagos, Abuja and other parts of the world,” he said.
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“While the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) are trying their best to allocate the crude for us, the IOCs are deliberately and willfully frustrating our efforts to buy the local crude
ASHENEWS reports that the federal government has expressed optimism that the National Gold Purchase program will contribute to enhancing the country’s reserve and strengthening the value of the Naira.
However, the experts said though the behemoth refinery is located in Lagos, Nigeria, the input cost for the operationalisation of the $20 billion facility is import-dependent, adding that the volatility of the foreign exchange rates might make it difficult for any marginal reduction in the prices of the premium commodities.
“We don’t put pressure on the grid. We produce about 1,500 megawatts of power for self-consumption,” Aliko Dangote said at the Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas.
The country began producing oil for the first time last week, with the Sangomar deep-water project aiming to produce 100,000 barrels of oil per day.
Without mentioning names, the businessman stated that foreign banks are not interested in helping Africa grow, explaining that indeed some of them clandestinely attempted to push the company into loan default during the COVID-19 pandemic.
“We had a bit of delay but PMS will start coming out by the 10th, or 15th of July but then we want to keep in the tank to make it settle. By the third week of July, we will be able to sell it in the market.”
Two sources confirmed that the Doric Breeze ship marked the inaugural BP cargo, loading 45,000 mt of supply from Lekki on May 27, according to S&P Global Commodities at Sea data.
The project, valued at N24.5 billion, twhich raverses mangrove forests with seven bridges and five culverts and connects 14 communities, is a part of activities to mark the one-year anniversary of the President Bola Ahmed Tinubu administration.