Oil & Energy
NNPC To Buy Stake In Dangote’s Refinery
The Nigerian National Petroleum Corporation (NNPC) is in talks to acquire a 20 per cent stake in the 650,000 barrels per day Dangote refinery.
This was disclosed by an official of the company, S&P Global Platts, which provides benchmark prices for commodity markets around the world, reported Thursday.
The Dangote oil refinery is an integrated project under construction in the Lekki free zone near Lagos.
The pipeline infrastructure at the refinery is said to be the largest in the world with 1,100 kilometres to handle 3 billion standard cubic foot of gas per day. The plant is expected to start commissioning early 2022.
S&P Global Platts quoted an NNPC spokesman as saying, “Negotiations have reached an advanced stage. We are hoping to wrap up the negotiations before the refinery goes on stream.”
“This is a deliberate move to ensure that the risk associated with refinery business does not weigh solely on Dangote Industries, and also a bold statement that the government is ready to encourage private investors in the building refineries,” the spokesman said.
A spokesperson for the NNPC, Kennie Obateru, did not respond to calls and a text message from premium times.
NNPC recently started repairs of the Port Harcourt refinery after securing financing.
NNPC says it expects the refinery to operate at around 90 per cent of capacity when repairs are completed by 2023.
The decision to repair the refinery has drawn criticisms from analysts who argue the facility should rather be privatised considering its state and the government’s inability to run it in the past.
The government pins its hopes of ending fuel imports largely on the completion of the Dangote refinery.
Oil & Energy
‘Revamping Moribund Refineries ‘ll Address Rising Cost Of Petroleum Products’
Oil & Energy
The Race To Cut Methane Emissions Is Exposing A Global Divide
By Felicity Bradstock for Oilprice.com 16
Oil & Energy
Delta Targets 120MW Power Boost, Moves To Cut Reliance On National Grid
The State Commissioner for Works (Rural Roads) and Public Information, Charles Aniagwu, disclosed this at a press conference in Asaba, weekend, noting that the initiative was part of wider reforms aimed at opening up the power sector to private investors.
Aniagwu, who was accompanied by the Executive Assistant to the Governor on New Media, Felix Ofou, said the state was exploring alternative sources of electricity to support businesses, households and communities while reducing pressure on the national grid.
He said the government was particularly interested in exploiting Delta’s abundant natural gas resources for power generation, pointing to the Kwale Free Trade Zone, which is part of the state’s special economic zone, as a major opportunity for investors.
According to him, prospective investors were taken to the zone during the state’s recent economic summit to enable them to assess the availability of gas as a key raw material for electricity generation. ComparePower Rates
The commissioner explained that generating more electricity locally would not only increase supply in Delta but also free up power on the national grid for use by other consumers.
Aniagwu cited the 8.5MW Independent Power Plant located behind the state secretariat in Asaba as an example of what could be achieved through alternative power sources.
He said the facility had enabled the secretariat complex to operate independently of the national grid, thereby making the electricity that would otherwise have been consumed there available to other users.
He added that the planned 120MW partnership with Supply Power would further strengthen the state’s electricity supply capacity and provide a more reliable power base for small and medium-sized enterprises.
Aniagwu said the state government was also intervening in areas traditionally regarded as the responsibility of electricity distribution companies because inadequate power supply could no longer be allowed to constrain economic development. LearnQuantum Physics
He identified the extension of the electricity grid from Abraka towards the Ndokwa axis as one of the interventions being undertaken to connect more communities to electricity.
The commissioner, however, raised concerns over the burden placed on communities that are often required to provide transformers and other electricity infrastructure, only for distribution companies to take over the facilities and subsequently collect electricity bills without adequately accounting for the investments made by the communities.
He said the state would continue to support efforts aimed at energising communities, noting that improved electricity supply would stimulate businesses, create jobs and help tackle social problems associated with unemployment and idleness.
On regulation, Aniagwu said the government was working with the Ministry of Energy and a committee set up to develop an appropriate regulatory framework for the state’s emerging power sector. SwitchEnergy Plans
He said the proposed energy commission would be responsible for regulating new electricity producers, determining appropriate tariffs and overseeing distribution networks.
The commissioner stressed that liberalising the sector required effective regulation to protect consumers and investors, adding that decisions on power distribution infrastructure, including the use of overhead or underground lines, must take into account the peculiarities and safety requirements of each location.
He warned that power expansion without adequate regulation could expose residents to electrocution and other hazards, stressing the need to protect electricity infrastructure while ensuring consumers were not subjected to unfair pricing.
Aniagwu said the state government’s broader objective was to build an efficient and sustainable electricity market driven by private investment and capable of powering businesses, households and communities across Delta State.
-
Sports2 days agoNigerian Trio Target Titles At PFL Africa Finals
-
Education2 days agoFCE Yola Graduates 3,555 Teachers , Seeks Upgrade to University
-
Niger Delta3 days agoDiri Restates Stance On Lagos-Calabar Coastal Highway
-
Niger Delta3 days agoC’River, NUJ Pay Tribute To Late Guardian Editor
-
News3 days agoNDLEA Recovers Tons Of Illicit Drug Consignments In Nine States
-
Opinion3 days agoChecking Voter Apathy In Nigeria’s Electoral Process
-
Politics2 days ago2027: DICKSON’S EX-ALLY VOWS TO WORK AGAINST NDC INTEREST IN BAYELSA
-
Politics2 days ago2027: GROUP PLEDGES 40,000 SUPPORTERS FOR COALITION CANDIDATES IN RIVERS
