Tag: NNPC
-
More woes for Nigeria as NNPC projects zero remittance for May
Nigeria may face more dire times following the projection of a deflated revenue for the three tiers of government, federal, states and local governments as the Nigerian National Petroleum Corporation (NNPC) battles to cover for subsidy on petrol while it has warned monthly remittance to the federation accounts allocation committee (FAAC) for May will be…
-
Buhari restores ownership of OML 123, others to NNPC
President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in production sharing contract with Addax Petroleum. Addax Petroleum is wholly owned by Government of the People’s Republic of China. The leases belonging to the Federation were revoked on…
-
Petrol queues will normalize in hours – NNPC GMD
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has frowned at the re-emergence of petrol queue across the country, assuring that the situation will normalize in hours. Kyari gave the assurance when he addressed State House correspondents after giving an update on the petroleum sector to President Muhammadu Buhari at…
-
NNPC calms nerves, says no increase in petrol price in May
The Nigerian National Petroleum corporation (NNPC) says it will not increase the ex- depot price of Premium Motor spirit also known as petrol in May. The Group Managing Director, Malam Mele Kyari, made this known at the end of a closed door meeting with Petroleum Transport Drivers (PTD), National Association of Road Transporters Owners (NARTO)…
-
NNPC records 37.21% drop in oil pipeline vandalism
The Nigerian National Petroleum Corporation (NNPC) has announced a 37.21 % decrease in cases of pipeline vandalism across the country in the month of January 2021. This is contained in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public…
-
BREAKING: FG signs contract for $1.5bn rehabilitation of Port Harcourt refinery
The federal government of Nigeria on Tuesday signed the contract for the $1.5 billion rehabilitation of the Port Harcourt refinery, located in Port Harcourt, Rivers State. TheNewsGuru.com (TNG) reports the contract was signed between the Nigerian National Petroleum Corporation (NNPC) and Tecnimont S.p.A, a subsidiary of Maire Tecnimont S.p.A. The contract entails engineering, procurement and…
-
BREAKING: NNPC says petrol price remains at N165 despite burden of subsidy
The Nigerian National Petroleum Corporation (NNPC) on Friday said it would sustain its current N162-N165 petrol price until the conclusion of talks with labour and other stakeholders. Dr. Kennie Obateru, the Group General Manager, Group Public Affairs Division, said the Corporation, at the moment, bears the burden of importing refined petroleum products. He said NNPC…
-
NNPC Records 80.12% Increase in Trading Surplus in December
The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 80.12% in trading surplus for the month of December 2020 which stands at ₦24.19billion compared to the ₦13.43billion surplus recorded in November 2020. This is contained in the December 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press…
-
BREAKING: We’re still paying N120bn monthly to subsidise petrol – NNPC
The Nigerian National Petroleum Corporation (NNPC) says it pays N120 billion every month to subsidise Premium Motor Spirit (PMS), also known as petrol. NNPC Group General Manager (GMD), Mele Kyari, disclosed this at the weekly presidential ministerial media briefing on Thursday at the State House in Abuja, the nation’s capital. He lamented that the burden…
-
We need $10 billion to build new refinery in Nigeria – NNPC
The Nigerian National Petroleum Corporation (NNPC) has said a whopping $10 billion is needed to build a new refinery in the country, far beyond the $1.5 billion earmarked for the rehabilitation of the Port Harcourt refinery. TheNewsGuru.com (TNG) reports Mele Kyari, NNPC Group Managing Director, disclosed this on Monday in Abuja while engaging newsmen on…