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Business News

Why NUPENG threatened to ground Chevron’s operations

NUPENG has threatened to embark on industrial action against Chevron for disengaging about 500 workers, contrary to a protracted negotiation.

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NUPENG threatens to embark on strike, Chevron Nigeria Limited, Nigeria Union of Petroleum and Natural Gas Workers, Nigerian National Petroleum Corporation, Petroleum and Natural Gas Senior Staff Association of Nigeria, NUPENG and PENGASSAN, Chevron concludes gas sale deal with GenCo, one other , Chevron considers divesting from Nigeria, to focus on U.S Shale Oil, Chevron crisis continues as NUPENG issues new threat, Chevron bows to pressure, set to recall workers  

The United States multinational oil corporation, Chevron seems to be in trouble after the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) threatened to embark on industrial action against the company for sacking about 500 workers.

In a statement jointly signed by NUPENG’s President and General Secretary, Williams Akporeha and Afolabi Olawale respectively, the union threatened to ground Chevron’s operations  for sacking the workers.

The union, in the statement, gave the oil company a seven-day ultimatum to recall the dismissed workers, including members of its executives affected by the exercise.

READ MORE: Oando announces resignation of Non-Executive Directors amidst managerial crises

“Should Chevron Nigeria Limited and its contractors fail to honour or comply with our demands within the next seven days, we would also not hesitate to take all necessary legal options available to us; including industrial actions,” NUPENG said in the statement.

What you should know: NUPENG claimed that Chevron reneged in an agreement one year after a negotiation was brokered by the Nigerian National Petroleum Corporation (NNPC), National Petroleum Investment Management Services (NAPIMS) and the Ministry of Labour.

According to the  statement, stakeholders in the oil and gas industry, including labour unions, had a protracted discussion with Chevron on the company’s plan to sack more than 70% of its workforce.

READ ALSO: Ecobank’s head office shut over workers’ sack

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The discussion subsequently led to the reduction in the number of those Chevron planned to dismiss to 30%.  The exercise cut across various units in the organisation and affected members and non-members of petroleum workers unions.

It is on record that out of the 1,856  contract staff in Chevron, NUPENG has 1,120 members, 213 are Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) members, while the non-unionised workers are 523.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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    Macro-Economic News

    BREAKING: Nigeria’s inflation rate surges to 18.17% in March 2021

    Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

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    Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

    This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

    Food inflation spikes to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% from 12.38% recorded in February 2021.

     

    More details shortly…

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    Business News

    BUA Group, French company announce progress in 200,000 bpd refinery project

    This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

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    The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

    This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

    BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

    READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

    The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

    The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

    The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

    READ: FG reacts to reports of revoking 32 refinery licenses

    Sigma Pensions

    While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

    He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

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    Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

    READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

    He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

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    The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

    READ: FG to open LPG distribution channels in all local governments

    Bottom line

    The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

    This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

    The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

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