Tag: NNPC
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NNPC records petroleum product sale of ₦234.63bn in March
The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded ₦234.63 billion revenue from the sale of white products in the month of March 2021. TheNewsGuru.com (TNG) reports the sum represents a 24.7% increase from the ₦188.15 billion sales recorded in the previous month of February…
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Senate faults NNPC over under-remittance of N3.8trn from crude oil sales
The Senate on Wednesday at plenary faulted the Nigerian National Petroleum Corporation (NNPC) over alleged under-remittance of N3.8 trillion revenue from domestic crude oil sales to the Federation Account between January and December 2015. It therefore urged the corporation to desist from further deduction at source, as the practice contravened Section 162(1) of the 1999…
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Mallam Kyari: Celebrating Two Years of Conciliatory Leadership
Last week, the Senate and the House of Representatives passed the long-awaited Petroleum Industry Bill to the elation of Nigerians, especially stakeholders in the Oil and Gas sector. In the celebration that greeted the feat across the media, a critical but salient aspect of the story was left out. That angle of the story has…
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Why completed refineries are yet to produce – NNPC
The Nigerian National Petroleum Corporation (NNPC) has explained why some completed private refineries are yet to commence production. Its Chief Operating Officer (COO), Refineries,Mr. Mustapha Yakubu, said investors were yet to conclude with the corporation on the procurement of feedstock for the refineries. He said ordinarily crude oil is sold in foreign currency, but owing…
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NNPC Commits to Ensuring Energy Sufficiency, Wealth Creation for Nigerians
The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to ensuring effective stewardship of the nation’s hydrocarbon resources to guarantee energy security and drive wealth creation in Nigeria. The Group Managing Director of NNPC, Mallam Mele Kyari, made this assertion while delivering the keynote address at the 2021 Nigeria Oil and Gas Conference and…
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NNPC celebrates passage of PIB, explains equity acquisition in Dangote Refinery
The Nigerian National Petroleum Corporation (NNPC) started its weekly activities on Tuesday with clarification of its position on the planned acquisition of equity participation in the Dangote Oil Refining Company (DORC). The Group Managing Director (GMD) of the NNPC, Malam Mele Kyari, who made the clarification at two different TV Breakfast Shows in Abuja, noted…
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NNPC, Partners to Rake in over $760million Revenue from OML 130 Gas Supply Agreements
The Nigerian National Petroleum Corporation (NNPC) and its partners in the Oil Mining Lease (OML 130) Production Sharing Agreements (PSA) and Production Sharing Contract (PSC) are set to earn over $760m from fresh Gas Supply Purchase Agreements (GSPAs) and Gas Entitlement Agreement (GEA) executed Thursday at the NNPC Towers. The agreements which are part of…
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EFCC seeks order to play video evidence in courtroom against ex-NNPC GMD
The Economic and Financial Crimes Commission (EFCC), on Wednesday, sought an order of a Federal High Court, Abuja, to play a video evidence in the ongoing trial of Andrew Yakubu, former Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC). The EFCC Counsel, Farouk Abdullah, made the request during a sitting presided over by the…
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JUST IN: There will be no fuel price increase in July – NNPC
The Nigerian National Petroleum Corporation (NNPC) has said there will be no increase in the official price of Premium Motor Spirit (PMS) otherwise known as petrol in July. Group Managing Director (GMD) of NNPC, Malam Mele Kyari who said this in an interview on Channels Television on Tuesday June 29, said the price of petrol…
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Why we are borrowing to acquire 20 percent stake in Dangote Refinery – NNPC
The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday explained why the national oil company is purchasing a stake in Dangote oil refinery. The refinery is expected to begin production in 2022 with an installed 650,000 barrels per day capacity. It has been touted as a groundbreaking project for energy…