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BREAKING : Saudi Arabia agrees to invest in Kaduna refinery, others, promises to pump dollars into Nigerian economy

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1 year ago

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BREAKING : Saudi Arabia agrees to invest in Kaduna refinery, others, promises to pump dollars into Nigerian economy

Saudi Arabia has pledged to invest in the revamp of  Port Harcourt, Warri and Kaduna refineries, as well as provide financial support to sustain the government’s foreign exchange reforms.

Saudi Crown Prince, HRH Mohammed bin Salman, made the pledges at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.

A statement signed by Mohammed Idris – Minister of Information and National Orientation, on Friday, said the Saudi government also pledged support for the Central Bank of Nigeria’s ongoing reforms of foreign exchange regime, promising to make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.

Prince bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi Government to supporting these reforms, and enabling Nigeria to reap the full benefits. According to him, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize its full potential as the economic giant of Africa.

In addition to these, Prince bin Salman also highlighted Agriculture and Renewable Energy as areas of investment interest for Saudi Arabia, in Nigeria, to help the country attain food and energy security, respectively.

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The Crown Prince hinted that the refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two- to three-year timeframe.

The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+.

President Tinubu thanked the Saudi leader for the proposed investments, and pledged that Nigeria would ensure judicious management and oversight. The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes.

Also, President Tinubu and Crown Prince bin Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region.

The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.

The bilateral meeting was attended by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Minister of Information and National Orientation, Mohammed Idris, Nigerian Ambassador to Saudi Arabia, Ambassador Yahaya Lawal and the state Chief of Protocol, Ambassador Adekunle Adeleke.

BREAKING : Saudi Arabia agrees to invest in Kaduna refinery, others, promises to pump dollars into Nigerian economy

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Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

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11 hours ago

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December 31, 2024

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Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.

The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.

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Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.

Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.

 

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

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Warri refinery: Marketers hopeful of further petrol price drop

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23 hours ago

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December 31, 2024

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Warri refinery

Warri refinery: Marketers hopeful of further petrol price drop

There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.

This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).

The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.

This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.

The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.

Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

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Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

He said though the repairs on the facility were not 100 per cent complete, operations had commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).

The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.

It’s good for business, prices may reduce – Marketers

Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.

Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.

“The market becomes more competitive and we are diversifying supply,” he said.

On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”

National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”

Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.

“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.

Warri refinery: Marketers hopeful of further petrol price drop

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Shell, partners employ 133 young graduates after internship engagement

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2 days ago

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December 30, 2024

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Shell, partners employ 133 young graduates after internship engagement

Shell Petroleum Development Company of Nigeria Ltd (SPDC) and its partners have offered jobs to 133 young graduates after their engagement in internship programme.

They are part of 170 young graduates that benefitted from the NCDMB/PETAN/SPDC JV Graduate Internship programme attached to indigenous technical oilfield service companies in the upstream and downstream sectors for hands-on experience.

A statement obtained on Monday said the 133 employed by the companies indicated the success of the programme as a talent pipeline for the oil and gas industry in Nigeria.

It disclosed that the latest batch of 49 intakes graduated at a ceremony in Port Harcourt early this month after completing their internship which began in 2022.

Speaking at the ceremony, Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, commended the Shell Petroleum Development Company of Nigeria Ltd (SPDC) Joint Venture for the support for the programme, helping to build local manpower for a critical sector of the economy.

SPDC and PETAN had jointly set up the programme in 2014 whereby young graduates are attached to the over 100 member companies of the organisation with SPDC paying them monthly stipends.

From 2022 when the Nigerian Content Development and Monitoring Board (NCDMB) joined the collaboration, the programme has run for two years with 100 intakes.

The NCDMB/PETAN/SPDC JV Graduate Internship programme has been lauded as a key human capital development initiative which is central to the promotion of Nigerian content in the oil and gas industry.

SPDC’s General Manager Nigerian Content, ‘Lanre Olawuyi, said, “The internship is more than a learning opportunity. It provides fresh graduates with technical expertise, equipping them with the practical skills needed to excel in their careers.

“It aligns with SPDC’s broader educational initiatives, contributing significantly to the actualisation of the UNESCO ‘Education for All’ agenda and the Sustainable Development Goals in Nigeria, particularly in the Niger Delta.

“We owe the success of the programme to the untiring support of our JV partners, the Nigerian National Petroleum Company Limited (NNPCL,) TotalEnergies and Nigerian Agip Oil Company Limited for which we’re grateful.”

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