Latest news with #NNPC
Zawya
4 days ago
- Automotive
- Zawya
Nigeria: Petrol tanker catches fire in Oyo
A petrol tanker laden with 33,000 litres of Premium Motor Spirit (PMS), commonly known as petrol, caught fire at Celica Junction in the Egbeda Local Government Area of Oyo State. Fortunately, no lives were lost in the incident, although it caused heavy gridlock along the Ibadan-Ife highway. Eyewitnesses attributed the accident to brake failure, which caused the driver to lose control of the vehicle 'The truck, which fell on its side, spilled its contents, leading to a fire outbreak,' one witness explained. Another source said, 'The tanker hit a Prado Jeep and another car. In the process, it fell and exploded. Although no casualties were recorded, the fire damaged both vehicles.' Confirming the incident, the Chairman of the Oyo State Fire Service, Maroof Akinwande, said in a statement: 'The incident was reported at exactly 18:27hrs on Thursday. 'Our firemen responded swiftly, applying chemical foam compound to contain the fire and prevent it from spreading to the nearby Nigerian National Petroleum Corporation (NNPC) petrol station and surrounding properties. 'The fire was eventually extinguished with the support of officers from the Federal Fire Service.' Akinwande added, 'The fire resulted from a brake system failure, which caused the truck to lose control, collide with a Prado Jeep and another car, and then overturn and catch fire. 'While no casualties were recorded, the trailer tanker and a car were affected, and the Jeep was pushed into a nearby gutter.'
Ya Biladi
6 days ago
- Business
- Ya Biladi
Morocco's ONHYM to take part in U.S.-Africa Energy Forum
The National Office of Hydrocarbons and Mines (ONHYM) will present Morocco's growing energy and mining ambitions to U.S. investors at the U.S.-Africa Energy Forum (USAEF) 2025 in Houston. Nawfal Drari, ONHYM's Director of Project Finance, will speak at the Forum, which will take place from August 6 to 7, 2025, in Texas. Drari will join global stakeholders in Houston to discuss financing, infrastructure, and cross-border cooperation, underscoring Morocco's expanding role as an energy and mining hub. His participation follows the signing of a tripartite Memorandum of Understanding for the Nigeria-Morocco Gas Pipeline with Nigeria's NNPC and Togo's SOTOCO, marking a key step in regional energy integration. The 5,600-kilometer pipeline is set to connect 13 West African countries and supply gas to Europe via Morocco. Morocco is also advancing structural reforms, including the transformation of ONHYM into a joint-stock company to improve governance, transparency, and its appeal to foreign investors. The country is actively promoting opportunities in critical minerals, such as lithium, cobalt, and rare earth elements, as well as green hydrogen, with more than 520 GW of renewable energy potential identified.
Zawya
14-07-2025
- Business
- Zawya
Morocco reports progress on trans-Africa gas pipeline
The Morocco-Nigeria gas pipeline project seems to be making significant progress, with Rabat hosting this week several high-level meetings to discuss the project. The project, which will stretch across 13 African countries, gained momentum during technical and steering committee meetings held during 10-11 July in Rabat. The gatherings brought together top executives from national oil companies across West Africa to review the project's progress. The ambitious pipeline has already cleared several important milestones with detailed design completed in 2024, and environmental and social impact assessments completed for the northern section. Similar studies for the southern segment, running from Nigeria to Senegal, are now underway. The pipeline will carry 30 billion cubic metres of gas annually when complete. Developers plan to build it in phases, with a holding company overseeing financing and construction. Three separate project companies will handle different segments of the route, according to Moroccan officials. During the Rabat meetings, officials signed a new memorandum of understanding between three key players, namely Nigeria's National Petroleum Company Limited (NNPC), Morocco's ONHYM, and Togo's National Gas Company (SOTOGAZ). The agreement marks Togo's official entry into the project and completes the series of partnerships with all countries along the pipeline route. The pipeline will start in Nigeria and run along the Atlantic coast through Benin, Togo, Ghana, Côte d'Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, and Mauritania before reaching Morocco. From there, it will connect to the existing Maghreb-Europe Pipeline and European gas networks. The project will also supply gas to three landlocked countries, including Niger, Burkina Faso, and Mali. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Business Insider
14-07-2025
- Business
- Business Insider
The sale of Nigeria's run-down refineries gains popularity
The reconstruction of Nigeria's state-owned refineries, as described by the country's richest man, Aliko Dangote, has been a complete waste of resources. Dangote claimed that the possibility of the state-owned Port Harcourt, Warri, and Kaduna refineries being operational again was very unlikely. This prompted a response from the NNPC, suggesting that the sale of the said refineries could be an option. 'What we are saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we're doing now,' the NNPC chairman said, during an interview with Bloomberg in Vienna. As recently reported in the Punch newspaper, the idea appears to have gained popularity among primary stakeholders in the country's oil sector. In favor of the planned sale of Nigeria's refineries under the control of the Nigerian National Petroleum Company Limited, oil marketers and industry players have urged accountability, openness, and inclusivity in the process. According to the marketers, the sale and privatization of the refineries could halt what many have called a financial black hole, guarantee fairer pricing, and allow competition in the downstream sector. Given the assets' history of inefficiency, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, said that the privatization of the assets appears to be the most sensible course of action. Nonetheless, Gillis-Harris questioned the reasons for the timing of this discussion in an interview with The Punch on Sunday, stating, 'We need to be sure of what is driving this process and understand what is the influence behind it. Well, if you go back a few months, PETROAN had done a very careful evaluation of the situation, and we had advised that privatisation of the refinery will be the best option.' He also added, 'And we still maintain the same mindset. So if NNPCL has come around, almost about six months or thereabout to get to the same conclusion. It only tells you that PETROAN does a very well detailed empirical analysis. We do wish them well.' Nigerian refineries and billions wasted Several billion dollars have been spent to revive Nigeria's state-owned refineries. In March 2021, the federal government authorized $1.5 billion for the Port Harcourt refinery's renovation. Later that year, the Federal Executive Council (FEC) authorized $1.48 billion for the phased restoration of the Warri and Kaduna refineries, which have timeframes of 21, 23, and 33 months, respectively. Despite the significant expenditure, the facilities still do not produce any refined goods. Africa's richest man last week had spoken about the refineries, and the amount wasted on them over the years, stating; 'As of today, they have spent about $18bn on those refineries, and they are still not working. And I don't think, and I doubt very much if they will work.'
Business Insider
12-07-2025
- Business
- Business Insider
Nigeria's NNPC considers refinery sale despite billions spent on repairs
Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, says efforts to revive Nigeria's state-owned refineries are becoming 'a bit more complicated.' Efforts to revive Nigeria's state-owned refineries are encountering increased complications, according to the CEO of NNPC Limited, Bayo Ojulari. Despite significant investments into modernizing refinery technology, expected improvements have yet to be realized due to unforeseen challenges. The Port Harcourt refinery continues to face operational issues, requiring periodic shutdowns for maintenance following its initial restart. The Nigerian National Petroleum Company (NNPC) Limited is weighing the option of divesting its state-owned refineries, following years of expensive rehabilitation efforts that have produced little progress. Speaking to Bloomberg on the sidelines of the 9th OPEC International Seminar in Vienna, the Group Chief Executive Officer of NNPCL, Bayo Ojulari, said the NNPC is currently reassessing its refinery strategy, with plans to complete the review by the end of the year. What Bayo said: 'So refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies. We've been challenged, ' he said. 'Some of those technologies have not worked as we expected so far. But also, as you know, when you're refining a very old refinery that has been abandoned for some time, what we're finding is that it's becoming a little bit more complicated," 'So we're reviewing all our refinery strategies now. We hope before the end of the year, we'll be able to conclude that review. That review may lead to us doing things slightly differently.' His comments come amid renewed scrutiny of the Port Harcourt refinery, which NNPC announced had begun crude oil processing on November 26, 2024. However, the plant was shut down again in May for maintenance. Several billions of dollars have been pumped into reviving Nigeria's state-owned refineries. In March 2021, the federal government approved $1.5 billion for the rehabilitation of the Port Harcourt refinery. Later that year, the Federal Executive Council (FEC) also approved $1.48 billion for the phased rehabilitation of the Warri and Kaduna refineries, with timelines of 21, 23, and 33 months respectively. Yet, despite the heavy investment, the facilities are still not producing any refined products. Africa's richest man and owner of the world's largest single-train refinery, Aliko Dangote, recently expressed scepticism about the viability of Nigeria's state-owned refineries in Port Harcourt, Warri, and Kaduna, despite an estimated $18 billion reportedly spent on their rehabilitation over the years.
