Tag: Crude Oil
Ukraine Strikes Russian Oil Refinery in Novokuybyshevsk
Ukrainian authorities confirmed on Monday that their drones targeted a Russian oil refinery in the city of Novokuybyshevsk overnight. Andriy Kovalenko, head of the anti-disinformation center in Ukraine’s National Security and Defence Council, disclosed on Telegram that the refinery was of strategic importance to the Russian military, as it plays a critical role in ensuring…
Global Tariff War Impacts Nigeria’s Oil Revenue Target as Prices Decline
The ongoing global trade war, particularly between the United States and several developed economies, has intensified the decline in crude oil prices, posing a significant threat to Nigeria’s 2025 budget. Bonny Light, Nigeria’s premium crude oil grade, hit a new low of $70.3 per barrel over the weekend, marking a 13% decline since the 2025…
Naira Crude Sales Boost Local Refineries, Cut FX Risks – Tinubu
The Federal Government has announced that the introduction of crude oil sales in Naira is a strategic move aimed at enhancing the operational efficiency of local refineries by reducing foreign exchange risks and transaction costs. President Bola Tinubu disclosed this on Tuesday while declaring open the eighth edition of the Nigeria International Energy Summit (NIES)…
NNPC, Stena Bulk, and Caverton Launch Joint Venture to Transform Africa’s Energy and Maritime Sectors
In a landmark move set to revolutionize Nigeria’s maritime and energy sectors, the Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have announced the formation of a new joint venture. The partnership, formalized in London last week, aims to establish a world-class tanker operation to serve Nigeria and West Africa’s crude…
Nigeria Takes Major Step Towards Energy Self-Sufficiency: Crude Purchase and Product Sales in Naira Commence
Abuja, Nigeria – September 13, 2024 In a landmark development aimed at reducing pressure on the naira, eliminating transaction costs, and enhancing the availability of petroleum products, the Federal Government has officially launched the sale of crude oil to local refineries and the corresponding purchase of petroleum products in naira. The Honourable Minister of Finance…
Dangote Refinery Agrees to Sell Crude and Buy Fuel in Naira Amid Potential Losses
In a bold move aimed at supporting Nigeria’s economy, Aliko Dangote, Africa’s richest man and owner of the Dangote Refinery, has agreed to the federal government’s proposal to sell crude oil in naira and buy fuel in the local currency, despite the likelihood of incurring significant financial losses. The Vice President of Dangote Group, Edwin…
Federal Government Allows Domestic Refineries to Purchase Crude Oil in Naira or Dollars
In a move aimed at addressing the needs of local crude oil refiners and fostering a more flexible operating environment, the Federal Government announced on Monday that domestic refineries now have the option to purchase crude oil in either naira or dollars. The announcement came during a presentation in Abuja by the Nigerian Upstream Petroleum…
Nigeria Implements New Regulations to Boost Domestic Refining Capacity In a bid to enhance its domestic refining capacity and reduce dependence on imported refined products, Nigeria has introduced new regulations mandating local oil producers to prioritize supplying crude oil to domestic refineries. The regulations, initiated by the Nigerian Upstream Regulatory Commission, require all oil companies…