Business
NNPC begins export of new crude oil grade to Spain
NNPC begins export of new crude oil grade to Spain
The Nigerian National Petroleum Company Ltd says it has commenced the exportation of a new grade of crude oil into the international market.
The NNPC Ltd aannounced this on Monday and gave the new grade as the Utapate crude oil blend.
Located offshore Akwa Ibom State, Nigeria, Utapate’s current crude oil production is at 28,000 barrels per day.
It is said to have the potential to increase its production to 50,000 barrels per day. Also, the sulphur content of the new crude is put at 0.0655 per cent
Similar to the Nembe crude oil grade, the Utapate crude oil blend is said to have a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.
The crude oil grade From Oil Mining Lease (OML) 13, fully operated by NEPL, NNPC Ltd’s upstream subsidiary, commenced operations in July 2024, as its first cargo headed for Spain.
The NNPC said Spanish oil giant, Repsol, won the tender for the initial cargo of 950,000 barrels of the new crude blend, which is comparable to the much sought after Amenam crude.
Gulf Transport and Trading, another leading crude oil dealer, has also secured the cargoes’ tenders for August and September 2024.
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During the Argus European Crude Conference in London last year, NNPC Ltd announced the launch of Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture (JV).
This achievement signals the commitment of the NNPC Ltd to increase Nigeria’s crude oil production and grow reserves through the development of new assets.
The addition of the new crude oil grade in addition to others at the market comes at a time the country is making efforts to grow its oil production to two million barrels per day in a bid to shore up revenue.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, recently disclosed that the country’s average daily production stood at 1.61 million barrels per day as of July 23.
Komolafe revealed that at the House of Representatives Special Committee’s two-day public/investigative hearing on oil theft/losses.
“As of July 23, 2024, Nigeria’s average daily production stands at 1.61mbpd,” he disclosed.
This is coming barely two weeks after the commission announced that the average daily oil production for June was 1.25mbpd.
NNPC begins export of new crude oil grade to Spain
Business
Bitcoin hits record above $109,000 awaiting Trump
Bitcoin hits record above $109,000 awaiting Trump
Bitcoin hit a record high above $109,000 on Monday as Donald Trump, who has signalled plans to deregulate the cryptocurrency sector, prepares to be sworn in as US president.
Bitcoin surged to reach an all-time peak of $109,241 ahead of Trump’s inauguration ceremony, before falling back to $107,765 at around 0740 GMT.
The world’s biggest cryptocurrency has soared since Trump won the presidential election in November, with bitcoin surpassing $100,000 for the first time in early December.
It came after he nominated cryptocurrency backer Paul Atkins to head the US securities regulator, reinforcing optimism the new president will deregulate the sector.
Despite having once branded cryptocurrencies a “scam”, Trump changed his stance and was a major advocate of them during his election campaign.
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Over the weekend, he launched his own cryptocurrency, appropriately called $TRUMP, sparking feverish buying that sent its market capitalisation soaring to several billion dollars.
When bitcoin reached the landmark $100,000 level, Trump wrote on his Truth Social platform: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.
Bitcoin was conceived in 2008 by a person or group writing under the name Satoshi Nakamoto.
It was pitched as a way to break free of mainstream financial institutions by establishing a decentralised platform for transactions.
The digital currency is created — or “mined” — as a reward when powerful computers solve complex problems to validate transactions made on a meddle-proof register known as the blockchain.
Business
Petrol: Dangote says MRS, 2 others to sell N970/litre
Petrol: Dangote says MRS, 2 others to sell N970/litre
Dangote Refinery has attributed its recent increase in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to the rise in global crude oil prices.
In a statement issued on Sunday, Mr. Anthony Echiejina, Head of Corporate Communications at Dangote Industries, clarified that the price adjustment was a direct result of fluctuations in global oil markets.
On January 17, Dangote Refinery raised the price of petrol also known as fuel from N899 to N955 per litre.
Echiejina explained that as crude oil remains the main raw material for petrol production, any shift in international crude prices directly impacts the cost of the finished product.
“Any change in international crude prices inevitably affects the cost of the finished product,” Echiejina stated.
He further explained that the five percent increase in the ex-depot price, which moved from N899.50 to N950 per litre, was still much lower than the 15 percent increase in global crude oil prices, with Brent Crude rising from $70 to $82 per barrel.
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Echiejina pointed out that Dangote Refinery had absorbed approximately 50 percent of the cost increase driven by rising crude prices, and had kept the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
“As a result, all Dangote Refinery partners, including Ardova, Heyden, and MRS Holdings, will offer petrol at a retail price of N970 per litre across the nation,” Echiejina added.
Despite the global price surge, Dangote Refinery said it has sought to limit the impact on Nigerian consumers by absorbing the increased logistics costs, striving for consistent pricing across the country.
“If we were to pass on the full increase in crude oil prices, the retail price of PMS could have risen to as much as N1,150 to N1,200 per litre in some areas, compared to the current N970 per litre,” he said.
The refinery has reaffirmed its commitment to providing high-quality petrol at competitive prices, even amidst the volatile global oil market.
Echiejina highlighted that Dangote Refinery’s priority remains shielding Nigerian consumers from the full effects of market shifts, while continuing to contribute to the nation’s economic growth and self-sufficiency.
In a bid to maintain transparency, he revealed that the company will publish its ex-depot price, ex-vessel price, and pump price on a weekly basis to ensure consumers are informed and protected from price exploitation.
He also expressed appreciation for President Bola Tinubu’s Naira for Crude Initiative, which has facilitated steady access to quality petrol and alleviated some of the pressures from global market shifts.
Petrol: Dangote says MRS, 2 others to sell N970/litre
Auto
Toyota Nigeria celebrates Auto Company of the Decade award
Toyota Nigeria celebrates Auto Company of the Decade award
Toyota (Nigeria) Limited (TNL) ended the 2024 business year on a high emerging as the Auto Company of the Decade.
The company excited about the honour it received at the recently held Nigeria Auto Journalists Association in Lagos, which was one of the biggest awards at the event.
It was the first time any automobile firm in Nigeria would be given such major honour at the annual awards, which entered its 13th edition last year.
This is the second landmark honour bestowed on the TNL at the close of the 2024 business year.
Just a few days earlier, the company was named as one of the top 50 brands in Nigeria, an annual assessment of top brands in the country.
TNL commenced operations in 1996 as a wholly indigenous and privately owned company, after it was appointed by Toyota Motor Corporation as its sole distributor in Nigeria.
The company, in partnership with its seven accredited dealers, has remained a forerunner in the marketing of Toyota products in the Nigerian automobile industry, providing exceptional services in auto sales, services, and distribution of genuine parts.
The firm has over the years consistently won many NAJA awards and other top-rated laurels for its quality products and services in the automotive industry.
Apart from vehicle sale, the company says it has invested heavily in after-sale service delivery by constructing a global Standard Service Centre in Lagos, which also doubles as a Dojo Centre, (a Japanese word for a place of immersive or experiential learning) for specialised services to customers and on-the-job training for its dealers.
The firm recalled its efforts in building the brand, noting, “In its early days in Nigeria, the Toyota brand had to strive for acceptance, particularly in the face of stiff competition from the established brands at the time.
“The ingenuity and resourcefulness of the board of directors under the indefatigable chairmanship of Chief Michael Ade. Ojo OON, coupled with his vision, industry, and tireless commitment to the brand for over 50 years, paved the way for the acceptance and success of the Toyota brand in Nigeria.”
Reacting to the honours including being rated as one of the top 50 brands in Nigeria this year, Managing Director of TNL, Mr. Kunle Ade-Ojo, said the company was excited and he attributed the success of the company to its loyal customers.
“I am quite elated and grateful to our esteemed customers as we celebrate a remarkable achievement – being recognised as the top automotive brand among the Most Popular and Top 50 brands in Nigeria (powered by Brand Nigeria).
“This could not have been achieved without the patronage and loyalty of our customers,” he said.
The Toyota (Nigeria) boss also said this was a recognition of the company’s latest huge investment in innovation and new technologies in the auto industry.
Apart from adequately stocking quality spare parts, it also has continued to raise topnotch workers in the face of challenging economy.
“As a matter of fact, our success would also not have been possible without the significant investments we have made vis-à-vis our well-stocked spare parts stores, latest technologies in the industry and most importantly, our people.
“Our team of dedicated professionals; from our skilled technicians to our committed staff members and accredited dealers, are the driving force behind our achievements.”
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