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Kaduna refinery back on stream with 3.2 million liters of petrol daily

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By Yemie ADEOYE
ABUJA-HOPE that the queues at fuel stations across the country would ease-off soon appeared in the horizon on Wednesday with the commencement of daily production of 3.2 million litres of petrol by the Kaduna Refining and Petrochemical Company, KRPC.
Minister of state for Petroleum, Dr. Ibe Kachikwu

Minister of state for Petroleum, Dr. Ibe Kachikwu

A statement by the NNPC confirmed that the plant which commenced production over the weekend with an initial PMS yield of about 1.5 million litres has ramped up its daily yield to 3.2 million litres.   

“The injection of this volume into the system will significantly impact ongoing special intervention efforts designed to bring relief to motorists across the country,” the Corporation stated.
Meanwhile, less than 48 hours after the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, ordered staff of the NNPC to intervene in the monitoring of fuel distribution and retail system at filling stations across the country, the initiative has started yielding positive results in Abuja and environs.
The situation at most filling stations visited in Abuja remains calm and orderly as the staff of the Corporation helped to fast-track the process of dispensing fuel to motorists in the Federal Capital Territory.
Speaking shortly after visiting some retail outlets within Abuja’s Central Area, the Group Executive Director, Commercial& Investment of the NNPC, Dr. Babatunde Victor Adeniran said so far, the exercise has recorded some success.
“Our staff are putting in all their best to ensure that orderliness is restored in most of the filling stations. They are also there to ensure that nobody creates a situation that will hamper the discharge of products to ordinary Nigerians. So far, they are doing well in this regard,” Dr. Adeniran stated.
He explained that the exercise was a hands-on approach designed to ensure that Nigerians do not suffer unnecessarily at the hands of unscrupulous marketers, adding that the situation would be improved upon.
He also called on security agencies to complement the efforts of NNPC at the filling stations. “At one of the filling stations in Asokoro today, the police came to assist us to clear out some motorists trying to jump the queue. That is most commendable”.
Dr. Adeniran further urged Nigerians to cooperate with the NNPC and ensure the success of the initiative by being law-abiding and orderly to avoid chaotic situations at the filling stations.
“I hope Nigerians can have the spirit of orderliness, the spirit of cohesion and the spirit of responsibility in order to help this process,” he observed.
It would be recalled that on Monday while addressing an emergency meeting of senior staff of the corporation at the NNPC Towers, the Minister of State for Petroleum Resources ordered the deployment of NNPC staff to filling stations across the country for effective monitoring of the distribution system.
Dr. Kachikwu assured that there was sufficient petrol for Nigerians and again appealed to motorists to desist from panic purchases and warned that unscrupulous marketers who either hoard or divert products would henceforth be treated as economic saboteurs.
 

Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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Oil

ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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