Business
NNPC shops for private firms to operate Port Harcourt refinery
NNPC shops for private firms to operate Port Harcourt refinery
The Nigerian National Petroleum Company (NNPC) Limited is seeking credible companies to operate and maintain the Port Harcourt Refining Company.
This is coming three weeks after the NNPC announced the completion of the turnaround maintenance phase one at the refinery.
In a statement on its X page on Monday, the national oil company said outsourcing the maintenance of the refinery is to ensure sustainability towards meeting the country’s fuel supply and energy security needs.
According to the NNPC, the operations and maintenance contract scope of work includes refinery business processes; long-term and short-term production/operations planning; production and operations execution; monitoring, reporting and optimisation of operations; maintenance planning (short term); maintenance execution; health and safety; and environmental management.
Others, the NNPC said, are reliability and inspection; process and controls engineering; quality control, quality assurance and laboratory; specialist engineering; environmental management; minor projects; non-hydrocarbon procurement; sub-contractor management; inventory and warehouse management; and turnaround maintenance planning and execution.
The NNPC said applicants must present audited accounts for the past four years (2019, 2020, 2021, and 2022) that include income statement, balance sheet and cash flow statement.
“Provide evidence of your company’s latest credit ratings and the name of the rating agency,” the oil company said.
“Demonstration of a minimum average annual Turnover of at least $2 billion USD for the financial years ending: 2019, 2020, 2021 and 2022 respectively.”
Provide evidence of your company’s latest credit ratings and the name of the rating agency,” the oil company said.
“Demonstration of a minimum average annual Turnover of at least $2 billion USD for the financial years ending: 2019, 2020, 2021 and 2022 respectively.”
The oil company said it is important for applicants to register “your company for participation in this EOI process in the NNPC Ltd /Nipex Tender process portal”.
“All interested bidders who do not provide as requested in Section 5.1 (a- e) above as at 12:00 Midnight, Monday 29th January 2024 will no longer have access to submit the mandatory details,” NNPC said.
“Individual bidders would be duly notified on th the NNPC Ltd /Nipex Tender Portal.
“Thereafter, the bidder would have access to make their submissions on the NNPC Ltd/Nipex Tender Portal.
“All submitted EOIs should be titled “EOI for the Provision of Operations and Maintenance (0O&M) Services for NNPC Limited Port-Harcourt Refining Company (PHRC).”
The firm said all documents should be submitted online through the electronic NNPC Ltd /NipeX tender portal on or before 12:00pm on February 26, 2024.
“The EOI shall be opened virtually, following the deadline for EOIs submission at 12:00 Noon on Monday 26th February 2024, using the NNPC Microsoft Teams. Bidders who have submitted their EOls and external observers shall be invited to attend the virtual live stream bid opening session,” NNPC said.
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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