President Muhammadu Buhari is expected to commission the first phase of a brand new petroleum refinery, which is located at Ibigwe, Imo State and owned by oil and gas integrated firm, Waltersmith Limited, this week.
The Federal Government holds a stake in the refinery, following an investment by the Nigerian Content Development and Monitoring Board (NCDMB).
This disclosure was made by the presidency through a tweet post on his official Twitter handle on Sunday, November 21, 2020.
The presidency in its tweet post said, “This week President Muhammadu Buhari will commission the first phase of a brand new petroleum refinery by WalterSmith Limited, located at Ibigwe in Imo State. The Nigerian Government holds a stake in the refinery, following an investment by NCDMB.”
The phase 1 of the project is the delivery of 5,000 barrels per day (BPD) Modular capacity refinery that is strategically located near the existing flow station and will process the circa 6,000 barrels of oil equivalent per day (boepd) currently produced by the upstream business to the readily available market in the south-eastern part of Nigeria.
This is expected to contribute about 271 million litres of refined products including Diesel, Naptha, HFO and Kerosene annually to the domestic market and create both direct and indirect jobs particularly within the host communities.
The second phase is the delivery of 25,000 BPD crude and condensates refinery; an upgrade on the 5,000bpd modular refinery.
The project is still at an early stage of development but is designed to produce the following products: gasoline, diesel, LPG, kerosene and aviation fuel.
This is a huge boost to the Federal Government’s efforts to increase the country’s refining capacity of petroleum products and stop its importation.
Apart from the 650,000 barrels per day Dangote refinery that is expected to come on stream, there are several other modular refineries that are expected to take off.
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This week President @MBuhari will Commission the first Phase of a brand new Petroleum Refinery by WalterSmith Limited, located at Ibigwe in Imo State. The @NigeriaGov holds a stake in the Refinery, following an investment by @OfficialNCDMB: https://t.co/BMlW8p8gMR
— Presidency Nigeria (@NGRPresident) November 22, 2020
TCN breaks transmission record again in 2021, hits 5,584.40 MW
The TCN has broken its transmission record once again, after hitting a record of 5,584.40 MW.
The Transmission Company of Nigeria has announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.
This was disclosed by the Minister of Power, Engineer Sale Mamman in a social media statement on Sunday evening.
Sale tweeted, “A New National Transmission Peak and Maximum Daily Energy at 8:15pm on Friday, February 26, 2021.
“5,580.40 MW at 116,891.14 MW per hour.
“Impressive from everyone at the Transmission Company of Nigeria. We will do better for Nigerians.
A New National Transmission Peak and Maximum Daily Energy at 8:15pm on Friday, February 26, 2021.
5⃣,5⃣8⃣4⃣.4⃣0⃣Megawatts 💡⬆️ 🇳🇬
Impressive from everyone at the Transmission Company of Nigeria.
We will do better for Nigerians.
— Engr. Sale Mamman (@EngrSMamman) February 28, 2021
In case you missed it
NNPC says it does not plan to increase ex-depot price of petrol
The NNPC has said that it has no plans to increase the ex-depot price of petrol in March 2021.
The Nigerian National Petroleum Corporation (NNPC) has said that it has no plans to increase the ex-depot price of Premium Motor Spirit (PMS), otherwise known as petrol, in March 2021.
This was disclosed in a press release by the NNPC and signed by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Sunday, February 28, 2021.
NNPC, in the statement, warned petroleum products marketers against engaging in arbitrary price increases or hoarding petrol, so as to avoid artificial scarcity and undue hardship for Nigerians.
The statement from NNPC partly reads, “Contrary to speculations of an imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March 2021.
“The Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.
“NNPC also cautioned petroleum products, marketers, not to engage in an arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.”
The statement further stated that the corporation had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
It also called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.
What you should know
- The ex-depot price is the price at which depot owners sell petroleum products to retail outlet owners and petrol marketers across the country.
- It is a major determining factor in fixing the retail pump price of petroleum products.
- Since the increase in the global price of crude oil, there has been a lot of speculation that the retail pump price of petrol would increase to between N190 and N200 per litre as against the present N162 per litre, following the removal of petrol subsidy and the announcement of full deregulation of the downstream sector of the oil industry.
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