Ghana to import clean fuel as from July 1

27 March 2017, Sweetcrude, Accra – Ghana will as from July 1 this year commence importation of clean fuel, according to the government. To that effect, Chief Executive Officer of National Petroleum...

Iran’s Rouhani signals expansion in energy cooperation with Russia

*Iranian crude oil production. 27 March 2017, Tehran — Iranian President Hassan Rouhani said on Monday that Tehran welcomed Russian investment in its gas and oil fields, signaling major developments in energy cooperation between...

Saudi Arabia sets income tax rates for hydrocarbon producers

*Saudi Arabia’s King Salman. 27 March 2017, Sweetcrude, Riyadh — Saudi Arabia has set a range of income tax rates for producers of oil and hydrocarbons, the official Saudi Press Agency reported on Monday, quoting a royal decree. The...

OPEC, non-OPEC to look at extending oil-output cut by six months

*OPEC. 27 March 2017, Kuwait — A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. An...

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Power generation, marketing and distribution updates

Don’t bribe our workers, Eko Electric warns customers

EKEDC corporate head-office on Lagos Island 27 March 2017, Sweetcrude, Lagos – Eko Electricity Distribution Company, EKEDC, has warned its customers against offering bribe or other form of gratification to its workers. According to Mr. Godwin Idemudia, EKEDC’s General Manager, Communications, it was against the company’s policy for anyone to bribe its officials. Speaking in...

AEDC decries assault on workers, writes Police IG

*AEDC Plc. 27 March 2017, Sweetcrude, Abuja – The Abuja Electricity Distribution Company, AEDC, has decried what it termed an increasing spate of “unwarranted, vicious, inhuman and criminal.attacks on its field workers”. It said in a statement that it has written to the Inspector...

GE upgrades Egyptian power plant

*Kureimat III 750MW Combined Cycle Power Plant, Egypt. *To increase capacity, lower fuel use, increased efficiency 25 March 2017, Sweetcrude, Lagos — Working deep inside the gas turbines of the Kurimat power plant in Upper Egypt, a team of engineers from GE and...

Solar Nigeria earmarks 13m pounds to boost solar power generation

*Solar panels. Oscarline Onwuemenyi 25 March 2017, Sweetcrude, Abuja — Solar Nigeria, a Department for International Development (DFID) funded programme, has announced that it will provide an additional grant of 13 million pounds to help reputable companies involved...

Monitoring of ongoing projects undertaken by the Niger Delta Power Holding Company, NDPHC. View More Pictures...

Financial market products & services update

*Financial markets. 27 March 2017, Sweetcrude, Lagos — The local and international financial market products and services updates. NIGERIA: Capital released to Nigeria’s ministries and government...

Nigerian govt releases N1 trillion for 2016 capital projects – Official

*Nigeria’s Minister for Finance, Kemi Adeosun. 26 March 2017, Sweetcrude, Abuja — The Nigerian government has released over N1 trillion for capital projects to federal ministries, departments,...

Africa to receive $57bn from World Bank Group

*World Bank Group. 26 March 2017, Sweetcrude, Washington, D.C — The African Region is set to receive $57 billion from the World Bank Group to finance life-saving and life-changing projects over the...

IMF, Angola discuss budget, public debt management

*President Eduardo Dos Santos of Angola. 26 March 2017, Sweetcrude, Luanda — The evolution and management of Angola’s public debt, budget, economic projections and growth trends are high on the...

Global ship insurers to resume near full coverage for Iran oil – Officials

*A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf. REUTERS/Raheb Homavandi/File Photo. 17 January 2017, Tokyo/Singapore — Global shipping insurers have devised...

NAICOM threatens to sanction violators of local content policy

28 December 2016, Lagos —The National Insurance Commission, NAICOM, has threatened to sanction insurance operators that contravene local content policy by ceding businesses offshore, without fully...

Nigeria: Reps uncover massive fraud in insurance payments

*The House of Representatives. 05 October 2016, Abuja — A House of Representatives panel has uncovered massive fraud in the payment of billions of naira to government officials annually by insurance...

Nigeria: Forex scarcity stifling insurance operations, NIA, CIIN lament

*Forex. *Minimum capital for composite firms down to $16.13m from $25.12m 18 September 2016, Abuja — Even as insurance practitioners are complaining about the prevailing apathy by the public towards...

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Community petitions Senate over Ajaokuta Steel Company

*Section of Ajaokuta Steel plant. Kunle Kalejaye 27 March 2017 Sweetcrude, Lagos – The people of Kogi Central Senatorial District in Kogi State has petitioned the Nigerian Senate over the resuscitation...

Seven suspected illegal miners perish in Jos mine collapse

Illegal mining activities Oscarline Onwuemenyi 24 March 2017, Sweetcrude, Abuja – Seven people suspected to be illegal miners died while several others were injured when a section of a mining site collapsed in Jos, Plateau State last weekend. Relatives of the victims were said to be reluctant to report the accident to law enforcement agencies for fear...