Dangote Group says petroleum products from its 650,000 per day refinery will hit the market by early 2022 against the previous 2021 fourth-quarter target. Devakumar Edwin, executive director of capital projects and portfolio management at Dangote Group, told Arise TV that the earlier completion and products production date could not be met due to the…

The Dangote Group has said the International Monetary Fund (IMF), the global financial watchdog, is projecting that Dangote Refinery would help to rebound the economy when it is completed and begins production by 2022. According to a statement from Dangote, it cited the latest IMF report on Nigeria’s economy, with the Fund hopeful that the…

International oil companies have started reporting their 2020 results, and three of those operating in Nigeria posted record losses, a development that poses further threats to major projects in the country. Some multibillion-dollar projects in the country have not been sanctioned by the IOCs several years after they were announced. The slump in oil prices…

Royal Dutch Shell Plc said its carbon emissions and oil production have peaked and will decline in the coming years as the company laid out a detailed plan for its transition to cleaner energy. In a sign of how much the petroleum industry has shifted away from its mantra of growth and exploration, Shell said…

Baring any unforeseen developments in the local and international economy, the 200,000 barrels per day BUA Petroleum Refinery will commence full commercial operation in 2024, after a groundbreaking ceremony billed for May this year. Giving graphic details on the economics of Nigeria’s second largest petroleum refining complex in Lagos at the weekend, Executive Chairman of…

Members of the Independent Petroleum Marketers Association of Nigeria on Wednesday disrupted loading of petroleum products at private depots in Apapa as well as Ibadan, Ejigbo and Mosimi depots belonging to the Nigerian National Petroleum Corporation. Our correspondent learnt that the marketers picketed the facilities to protest their inability to get products due to a…

11 PLC, which until October 2016 was known as Mobil Oil Nigeria Plc, hopes to delist its more than 360.592 million ordinary shares from the daily official list of the Nigerian Stock Exchange (NSE) by the end of the first quarter, in furtherance of a resolution passed at its last annual general meeting in October.…

Total SE bucked the trend of a disappointing fourth quarter for Big Oil, reporting earnings that exceeded expectations and pledging more cash for cleaner energy. The results show once again how the French giant has outperformed its peers throughout the downturn caused by the coronavirus pandemic. As its more heavily indebted rivals have stumbled, Total’s…

Axxela Limited(Axxela), has been accorded favourable national scale issuer ratings of BBB+(NG) and A2(NG) in the long term and short term by Global Credit Ratings (GCR). The ratings are valid until September 2021 and were ascribed due to Axxela’s strategic initiatives, continued diversification of revenue sources, and robust business continuity plans. Before now, Agusto &…