BUSINESS

Price hike: DPR seals 10 filling stations in Zamfara

Daily Dispatch December 15, 2017

The Department of Petroleum Resources (DPR) on Friday said it had sanctioned 10 petrol filling stations in Zamfara for selling fuel above official pump price. The Acting Controller of the department in Gusau, Saleh Audu, told newsmen in Gusau. Audu said DPR had visited 35 filling stations

BUSINESS

Dangote refinery to create 4,000 jobs, crash prices

Daily Dispatch December 14, 2017

Dangote Refinery currently under construction would save Nigeria $12 billion annual import substitution, create 4,000 direct jobs and crash prices of petroleum products. Mr Babajide Soyode, the Technical Consultant to Alhaji Aliko Dangote, said the project would add value to the economy as it would also create 145,000 indirect jobs. He said that the refinery […]

BUSINESS

Nigeria loses $21b on oil Production Sharing Contract

Daily Dispatch December 14, 2017

Minister of State for Petroleum Resources Ibe Kachikwu said yesterday that Nigeria has lost $21 billion to oil Production Sharing Contact (PSC) in the 20 years. According to him, previous governments failed to exploit the opportunity of the Deep Offshore Act that made provision for premium element to be shared once the price of crude exceeds $20 a barrel. […]

BUSINESS

FG generates N17bn from VAIDS

Daily Dispatch December 13, 2017

The Federal Inland Revenue Service (FIRS) says that the Federal Government has realised the sum of N17 billion from the Voluntary Asset and Income Declaration Scheme (VAIDS) inaugurated in July. Mr Babatunde Flower, the FIRS Executive Chairman, said this in Lagos on Wednesday, at a media workshop on VAIDS. Flower said that the N17 billion […]

BUSINESS

Oil market to balance within a year – OPEC

Daily Dispatch December 13, 2017

Supply and demand in the global oil market are likely to balance out by the end of 2018 thanks to a pick-up in demand, notably from the transport sector, OPEC said on Wednesday. Demand is projected to grow by 1.51 million barrels per day (mb/d) next year, compared to an already higher-than-expected 1.26 million increase […]

BUSINESS

World Bank to stop financing oil, gas projects from 2019

Daily Dispatch December 13, 2017

World Bank will stop financing oil and gas exploration and extraction from 2019, it announced yesterday at a climate summit seeking to boost the global economy’s shift to clean energy. “The World Bank Group will no longer finance upstream oil and gas after 2019,” it said in a statement in Paris, where world leaders sought […]