Oil
Russia ready for oil freeze as Putin hails OPEC deal
Yemie ADEOYE with Agency reports
HOUSTON– RUSSIA appears President Vladimir Putin says he sees no obstacles to OPEC reaching an agreement later this month, and Russia is willing to freeze its crude oil output at current levels as he thinks that oil exporters have overcome major differences in their positions.
“Whether an agreement will be reached, I can not say for one hundred percent, but there is a strong likelihood that it will be achieved,” Putin told reporters on Sunday after he attended the Asia-Pacific Economic Cooperation summit in Lima. “Main contradictions within OPEC if not yet eliminated, they can be eliminated.”
The world’s biggest energy exporter is struggling to pull out of its deepest recession in two decades after a slump in oil prices and international sanctions over its annexation of Crimea in 2014. In addition to the OPEC talks, closer ties with the U.S. may also help Russia ease pressure on its economy.
During the campaign, now President-Elect Donald Trump called for an alliance with Russia to fight Islamic State and suggested sanctions imposed against Russia over the Ukrainian crisis could be eased. Putin say he is glad to wait to see whether this pledge comes true.
In a recent phone conversation, Trump confirmed his intention to normalize relations between the U.S. and Russia. “For my part, I did the same,” Putin said. They agreed that their staffers will have a meeting before two leaders will meet in person.
Trump is “actively forming his team”, but he has “no official staffers yet”, Putin said. “We will wait. There is still time”.
In fact Putin doesn’t know yet how his relation with Trump will go. Earlier this month he warned that “it won’t be an easy path” to restoring relations. Meanwhile he has his own domestic challenges and the main one is presidential elections in March 2018.
Recent wave of highly publicized criminal cases against governors, deputy ministers and other officials for alleged corruption, fraud and extortion has been described by analysts as one of key elements of Putin’s agenda for re-election, as Russia is still the most corrupt of major world economies, according to Berlin-based Transparency International.
Corruption scandal
The latest case has rattled the country’s elite. The Economy Minister Alexei Ulyukayev was arrested on bribery charges linked to purchase of the oil company Bashneft by state-controlled oil giant Rosneft. Putin was quick to remove him from the position in the government.
Although Putin says he can’t comment on Ulyukayev case before law enforcement agencies, judicial system, he said that such actions of law enforcers “only strengthen business climate in Russia” and all should know that “the law will be applied to everyone equally”.
Putin also strongly defended his economic policy and rest of the team. The “regrettable” detention of Ulyukayev, “has not affected my attitude to government in general,” Putin said, adding that he plans to move forward with the privatization of state assets.
“This sad event can’t influence in any way the acquisition of Bashneft stake by Rosneft”, he said. Russia will not abandon plans to sell Rosneft stake as well.
“This will be a direct privatization of state assets”, Putin said. The government and management will work on selling the state stake in Rosneft, he said.
Bloomberg-
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.
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.
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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