Items filtered by date: Monday, 10 September 2018

French oil major, Total and the Nigerian National Petroleum Corporation (NNPC) as well as their project partners will launch Egina crude at this year’s Asia Pacific Petroleum Conference (APPEC) in Singapore later this month.

This was contained in a copy of an invitation to the conference on Wednesday, Reuters reports.

The Singapore’s APPEC, scheduled to hold between September 24 – 26, is one of Asia’s biggest annual petroleum industry gatherings, during which producers, refiners and merchants sign and renew supply deals and exchange information.

Last month, a $3.3 billion worth Egina Floating Production, Storage and Offloading (FPSO) had sailed from LADOL Island in Lagos to its oil field located in Oil Mining Lease (OML) 130 located some 130 kilometers off the coast of Nigeria at water depths of over 1,500 meters.

The oil field was projected to raise Nigeria’s crude oil production by 200,000 barrels per day, an approximate of 10 percent of the country’s total oil production output, when it comes on stream in December.

The project, built by Samsung Heavy Industries of Korea (SHI) for the Egina oil field was primarily operated in Nigeria by the global oil giant, Total, at a cost of $16 billion.

In October last year, the Egina FPSO had sailed from the quayside at Samsung Yard in Geoje, South Korea, before arriving at the Samsung Yard (SHI-MCI FZE quayside) in Lagos in January 2018.

Thereafter, it was fabricated and integrated locally at the yard by Samsung Heavy Industries Nigeria Limited to accelerate the pace of Nigeria’s industrial fabric, transfer of technology and make the nation the hub of FPSO integration in Africa.

The FPSO, weighing close to 220,000 metric tons and measuring 330 meters long by 60 meters wide, is reputed as the largest ever built by Total.

Also, Saudi Arabia’s state-owned oil giant Aramco will team up with South Korean refiner S-Oil Corp for a joint reception at the conference, according to two industry sources.

Aramco became the single largest shareholder of S-Oil in January 2015, part of its drive to expand its footprint in the downstream petroleum sector and establish commercial offices in global oil trading hubs like Singapore.

   

Vanguard...

Published in Business

The Nigerian Civil Aviation Authority (NCAA) said the proposed December take off of the national carrier, Nigeria Air, was still feasible as it could still issue necessary operational certificates before the end of the year.

The Director-General of NCAA, Capt. Muktar Usman, disclosed this at a press briefing in Lagos on Tuesday.

According to Usman, NCAA would deliver the Air Transport Licence (ATL) and the Aircraft Operators Certificate (AOC) to the carrier in the next 90 days to enable it commence operation.

The Airline Transport Licence (ATL) also referred to as Airline Transport Pilot Licence (ATPL) is the highest license one can earn as a civil airplane pilot.

The Air Operator’s Certificate (AOC), on the other hand, is the approval granted by a nation’s aviation authority to an aircraft operator to allow it to use aircraft for commercial purposes.

The NCAA boss assured that the government was leaving no stone unturned to ensuring the airline successfully take off at the stipulated time, adding that the government would not relent on its efforts to meet the deadline.

“We still have more than 90 days to the end of the year, so, it is still feasible, all things being equal. I am just talking from the regulatory point of view.

“The government intention about the takeoff of Nigeria Air is to get the best for the flying public because Nigerians have been yearning for a strong and viable carrier.

“We want a carrier that will meet the demands and potential of the domestic market, the regional market and the international market,” he said.

Nigeria is planning to set up a new national carrier about fifteen years after the old Nigeria Airways ceased operations in the country.

On July 18, the Nigerian government through the Minister of State for Aviation, Hadi Sirika, had officially unveiled the name and logo of the country’s new carrier at the Farnborough International Public Airshow in London, United Kingdom.

According to the minister, the new national airline would be private sector-led and driven through Public Private Partnership (PPP) arrangement, with the government owning not more than five percent equity and zero interference.

 

The Guardian.

Published in Travel & Tourism

India has overtaken the Netherlands as Nigeria’s major export trading partner in the second quarter of 2018, according to the National Bureau of Statistics (NBS).

The NBS had ranked the Netherlands as the country’s leading export trading partner in Q1 2018, having recorded N963.5 billion in value of exported commodities.

But the latest Foreign Trade Statistics by the bureau showed that 16.19 percent of the Nigeria’s Q2 2018 export trade worth N722.6 billion was moved to India against N457.6 billion worth of commodities exported to the Netherlands in the review quarter.

It said other major export destinations of the country include Spain, South Africa and United States with value of commodities at N426.1 billion or 9.6 percent, N359.8 billion or 8.1 percent and N306.5 billion or 6.9 percent respectively.

“In the reviewing quarter, mineral products accounted for N4,275.3 billion or 95.8% of the total export from Nigeria. This category of export was dominated by Crude Oil exports which contributed N3,728.4 billion or 83.5% of total exports,” it added.

According to the statistics bureau, the total value of Nigeria’s merchandise trade dropped from N7.21 trillion in Q1, 2018 to N6.57 trillion in the second quarter of 2018.

It said the contraction of total trade in the reviewing quarter was mainly driven by the decline in both
imports and exports.

“The trade balance in Q2, 2018 was a surplus of N2,356.60 billion, which is an 8.36% increase from the
figure in Q1, 2018 (N2,174.60 billion) and a 399.82% increase from the figure in Q1, 2017 (N471.48 billion),” it said.

“Total Imports value was N2,106.7 billion in Q2, 2018, -16.3% lower than Q1, 2018 (N2,518.26 billion) and –
19.9%% lower than Q1, 2017 (N2,631.65 billion),” the NBS said.

The top five import destinations for Nigeria were China, Netherlands, Belgium, India and United States which respectively accounted for N531.6 billion or 25.2 percent, N181 billion or 8.6 percent, N170.9 billion or 8.1 percent, N145.0 billion or 6.9 percent and N141.5 billion or 6.7 percent.

The bureau further said, “Total export value amounted to N4,463.3 billion in Q2, 2018, representing a contraction of -4.9% over Q1, 2018 (N4,692.86 billion) and a growth of 43.8% over Q2, 2017 (N3,102.14 billion).”

 

Source: The Ripples

Published in Business

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