Buhari demands transparency from Boards of NNPC, NCDMB, NNRA

President Buhari in a group photo with Members of Nigerian Content Development Monitoring Board (NCDMB) shortly after inaugurating Board of Parastatals in the Ministry of Petroleum Resources at the State House on 18th November 2016.Facebook/Femi Adesina

President Muhammadu Buhari yesterday inaugurated the boards of the Nigerian National Petroleum Corporation (NNPC), Nigerian Content Development Monitoring Board (NCDMB) and the Nigeria Nuclear Regulatory Authority (NNRA), with a call on the board members to uphold transparency in the management of ‎the organizations.
He also asked them to come up with new ways to overcome the present economic challenges.
Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, will chair the boards of the agencies under his ministry.
In a short remark, the president charged the members to ensure propriety in the management of the agencies.
The president noted that the boards came at a time when the global petroleum industry was going through a downturn in purchase which he said, had also translated into dwindling production by most producer nations.
He said Nigeria had been hit by the misfortunes of oil industry adding that several countries had been hit much harder.

Brexit will boost UK-Nigeria business ties – Envoy

British High Commissioner to Nigeria, Paul Arkwright, on Friday said the decision by the UK to exit the European Union would boost business ties between it and Nigeria.
Arkwright said this in Lagos at a roundtable organised for workers and business entrepreneurs.
He said the target of the British Government was to grow its market.
According to him, relations between Nigeria and the UK will become stronger after exiting the EU.
He added that the British Government had decided to leave the EU and it would not renege on its decision.
The envoy noted that the British Government would give priority to smooth transition that would minimise disruption and there would be no immediate changes to their relationship with the EU.
Arkwright said: “Until we exit formally, UK will remain a member of the EU with all the rights and obligations of membership.”
Arkwright said the UK was working toward encouraging more businesses in Nigeria and would invest and

NNPC set to commence production of aviation fueI in Port Harcourt refinery

As part of the management of Port Harcourt Refining Company (PHRC) has announced its readiness to commence the production of Aviation Turbine Kerosene (ATK) popularly known as aviation fuel.
This part of efforts the Nigerian National Petroleum Corporation (NNPC), to reposition company for profitability in line with the 12-point agenda.
The Managing Director of PHRC, Dr. Bafred Enjugu, who disclosed this in a presentation made to the Group Managing Director of NNPC, Dr. Maikanti Baru, during an official tour of the 210, 000 barrels per day facility, said the refinery has met all the international parameters for the production of aviation fuel.
“The good news from our stand point is that we have scored 24 out of the 24 parameters for the production of aviation fuel and I must say that this is made possible because of the never-give-up attitude of workers of the great PHRC,” he said.
Dr. Enjugu said the refinery has successfully blended ATK and was only waiting for appropriate conditions to commence full scale production of the product in response to demand of the aviation sector.

PENGASSAN may declare strike over job losses in oil sector

There are indications that the Petroleum and Natural Gas Senior staff Association of Nigeria (PENGASSAN) may begin industrial action soon if the job losses in the oil and gas sector are not halted.
The President of the union, Olabode Johnson, who said this in Abuja, berated oil companies for reneging on the agreement reached over pathways to halting job losses and paying sacked workers their entitlements in full.
“What is very sad in this country is that high-level meetings are held at the ministerial level and decisions arrived at are not taken seriously by the International Oil Companies (IOCs) and other oil companies on issues that have to do with the welfare of workers. We now have a situation where the oil companies are now reneging on the agreement. This is a slap on the face of the Federal Government of Nigeria.
“We have said times without number that these IOCs cannot do what they are doing in Nigeria in their countries of origin. If they find it difficult to obey our laws here, then they should pack their equipment and

Trump plan to boost oil, coal could send prices lower

President-elect Donald Trump has pledged to boost the oil and gas sector and bring back coal, reversing President Barack Obama’s efforts to encourage renewable energy and cut dependence on fossil fuels.
But analysts say Trump’s policies could serve to worsen the global energy glut, which would reduce prices while doing little to revive the fortunes of “Big Coal.”
Trump has made no secret of his support for fossil fuels. His policy advisors include top oil industry lobbyists, fracking king Harold Hamm, and oil-rich North Dakota’s congressman Kevin Cramer.
Trump has promised to eliminate regulations restricting fracking; support oil and gas pipeline construction, including the Keystone XL project blocked by the Obama administration; open now-restricted federal lands and offshore areas, for exploration, including Alaska; and end Obama’s 2015 Clean Power Plan, which

Billionaire Warren Buffett invests in 3 big US airlines

Billionaire investor Warren Buffett has taken stakes in three large US airlines, in a $1.3 billion bet that marks a sharp U-turn of his antagonistic views on the sector.
Buffett’s Berkshire Hathaway Inc. invested $797 million in American Airlines, $249 million in Delta Air Lines and $237 million in United Continental Holdings, according to a regulatory filing reviewed Monday by AFP.
Berkshire Hathaway also took a stake in Southwest Airlines, CNBC television network reported Monday.

NNPC appoints, redeploys management staff

The Nigerian National Petroleum Corporation, NNPC, has announced the appointment and redeployment of top Management staff across board in a major exercise said to be designed to reflect operational realities and ensure sustained performance and profitability.
In a podcast to the staff, Group Managing Director of the Corporation, Dr. Maikanti Baru, said that the changes were informed by the desire to consolidate on the restructuring exercise through realigning jobs with requisite competences and experiences in line with international best practices, while taking deliberate measures to ensure fairness and equity as well as the capacity to deliver.
“As you might have heard, His Excellency Mr. President has approved the High Level Organogram of the Corporation and appointment of Staff into various positions. Most importantly, the changes were done in the

FG yet to take decision on NNPC’s NSE listing

The federal government has not taken a precise decision on the proposed listing of the stocks of the Nigerian National Petroleum Corporation (NNPC) on the Nigerian Stock Exchange (NSE) or any other stock exchange, it was learnt on Monday in Abuja.
According to authoritative sources within the ministry of petroleum resources, the proposal to list the stocks of NNPC on the exchange after its restructuring as contained in a new draft national oil policy has not yet been approved by the government.
The draft policy document was released last week by the ministry of petroleum resources. It indicated that parts of the stocks of the NNPC would be listed for trading at the NSE or other exchanges after its restructuring and corporation.
According to it: “The NNPC will be made autonomous from the state, it will relinquish all its policy making