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Energy

NNPC to support alternative energy initiative by deploying CNG plants across the country

NNPC will activate Compressed Natural Gas refill stations for motorists to access.

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Crude oil market remains unpredictable- NNPC Boss

The Nigerian National Petroleum Corporation (NNPC), has promised to support ongoing initiatives by the Federal Ministry of Petroleum Resources, to provide an alternate energy source to Nigerians, through aggressive activation of Compressed Natural Gas (CNG) refill stations, for motorists across the country.

According to a press statement issued by the Group General Manager, Group Public Affairs Division of NNPC, Dr.Kennie Obateru; the Group Managing Director of the Corporation, Mallam Mele Kyari, speaking on TVC Business show, affirmed that the NNPC has already keyed into the gas penetration agenda, championed by the Minister of State for Petroleum Resources, Chief Timipre Sylva.

READ: These companies are partnering to take advantage of Nigeria’s flared gas

“As an energy company with a focus on cleaner and cheaper sources of fuel, the Corporation would continue to work with other stakeholders in the industry to provide viable alternatives to petrol, which would ultimately lead to a reduction in demand for the product and eventual reduction in price,” said Kyari

While reiterating the commitment of the oil giant towards openness and greater transparency in its operations, the NNPC GMD, noted that, in the coming months, NNPC would publicly release its 2019 Audited Financial Statements, as a sequel to the 2018 AFS released in June.

Kyari also shed more light on the status of the nation’s refineries, noting that the plants were deliberately shut down, to allow for a robust diagnosis of the issues which have overtime made it impossible for the facilities to operate at the expected capacity.

READ: World Bank hopes to cut down debts of poor countries rather than delay payments

In addition, he also disclosed that, the shutdown of these state-owned refineries was inevitable, due to difficulties in feeding them with crude oil, through the pipelines that have been completely compromised by vandals.

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He said the corporation was moving rapidly to execute complete rehabilitation of the refineries, under an exercise that would guarantee restoration of the facilities, to at least 90% capacity utilization.

Nairametrics had earlier reported, that the Federal Government said Nigerians, with effect from next month, can now convert their cars, that use petrol to gas – a cheaper alternative.

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READ: NNPC takes legal action against Mexican firm over $125 million ‘attempted fraud’

“To give deregulation a human face, the Federal Government is introducing an alternative fuel,” said Timipre Sylva, “if you go to a filling station, and you cannot convert your car to dual capability (dual fuel), then you can drive into a typical filling station where you will find gas, that is LPG, CNG, and NLG.”

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business News

Power Minister explains why power outages have risen

The Minister cited a breakdown of some National Integrated Power Plants supplying electricity to the national grid as being behind the recent power outages.

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The Minister of Power, Engr. Sale Mamman explained why power outages have increased in Nigeria citing a breakdown of some National Integrated Power Plants supplying electricity to the national grid.

The Minister disclosed this in a statement on Thursday morning, assuring Nigerians that the FG is working assiduously to restore the National grid to its previous historical levels and exceed that.

READ: Despite $1.6bn investments, Nigeria’s national grid still worrisome

What the Minister is saying

  • I sincerely regret the recent power outages across the Nation and the difficulties it has brought with it.
  • The problem is caused by the breakdown of some National Integrated Power Plants supplying electricity to the national grid. The plants are namely, Sapele, Afam, Olonrunsogo, Omotosho, Ibom, Egbin, Alaoji and Ihovbor. The Jebba Power Plant was shut down for annual maintenance.

The Minister added that seven power plants are currently experiencing gas constraints including Geregu, Sepele, Omotosho, Gbarain, Omuku, Paras and Alaoji while Shiroro hydroelectric power plant has water management issues.

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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

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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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