The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement to Nigeria under a $3.3 billion crude oil-backed prepayment facility arranged for the Nigerian National Petroleum Company Limited (NNPCL). This latest disbursement for Project Gazelle Funding Limited brings the total funded facility size to $3.175 billion. Afreximbank, acting as the Mandated Lead Arranger, … Read more
In Apapa, Lagos State, a significant fire broke out at a tank farm, which the Lagos State Fire Service initially attributed to the facility of Nigerian National Petroleum Company Limited (NNPCL). A video capturing the blaze circulated on social media early Friday morning. However, NNPCL quickly refuted this claim, asserting that the fire originated from … Read more
Independent marketers expect the current fuel supply crisis in parts of the country to abate not later than next week. Their optimism is hinged on the ongoing efforts to free seven fuel-laden vessels trapped in Warri. The vessels are carrying a total of 150 million litres of Premium Motor Spirit (PMS) an official of the … Read more
President Bola Tinubu is set to commission three critical gas infrastructure projects being undertaken by the Nigerian National Petroleum Company Limited (NNPCL) and partners. The projects support the federal government’s effort to grow value from the nation’s gas assets while eliminating gas flaring. The delivery of the projects was accelerated from the inception of the … Read more
Dangote refinery is set to import crude from the US in the coming months, Bloomerg reports. According to Bloomberg, Trafigura Group is expected to sell two million barrels of WTI Midland to the Dangote refinery for end-February delivery, quoting traders with knowledge of the matter. With the development, sources said this is the first time … Read more