How international oil company, 5 others stole $8.4m diesel oil — witness tells court

By Thompson ABISOLA  An EFCC prosecution witness on Monday told an Ikeja Special Offences Court how an international oil company allegedly connived with five Nigerian associates to steal six million  metric tonnes of diesel oil, worth $8.4 million. Trafigura Beheer BV Trafigura PTE Ltd is facing trial alongside two oil marketers – Osahon Asemota and Yusuf Kwande. Other defendants in the suit were Mettle Energy and Gas, Renbrandt Ltd. and Jil Engineering and Oil Services Limited. They are facing a three-count charge of conspiracy, stealing and receiving stolen property proffered against…

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Brent oil rises after deal to cut supply, but 2019 outlook weakens

By Thompson ABISOLA Brent crude oil futures rose on Monday after producer club, OPEC, and some non-affiliated suppliers last Friday agreed to a supply cut from January. Despite this, the price outlook for next year remains muted on the back of an economic slowdown. International Brent crude oil futures were at $62.03 per barrel at 0748 GMT, up by 36 cents, or 0.6 per cent, from their last close. Prices surged after the Organization of OPEC) and some non-OPEC producers including heavyweight Russia on Friday said they would cut oil…

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DAPPMA suspends shut down of operations, gives 5-day grace notice

The Depot and Petroleum Products Marketers Association (DAPPMA) has suspended its earlier directive to commence shutdown of depots across the country from loading petroleum products effective from 12-midnight today (Monday). The suspension directive was conveyed in a statement issued around 1.20am by DAPPMA’s Executive Secretary, Olufemi Adewole on Monday in Lagos. According to the statement, recalls the association had issued a shut down directive to its members following the continuing indebtedness of the Federal Government to petroleum marketers. “However, following the intervention of well meaning Nigerians including the National Assembly…

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DAPPMA to shut down operations by midnight

By Thompson ABISOLA The Economic activities across the country is to be paralysed as the Depot and Petroleum Products Marketers Association (DAPPMA) planned to shut down petroleum products depots effective from 12-midnight today (Monday). The directive was conveyed in a statement by DAPPMA’s Executive Secretary, Olufemi Adewole which was issued and made available on Sunday in Lagos. The statement has directed its members to shut down all loading operations by midnight, adding that oil marketers had disengaged employees due to their inability to pay salaries. “The Association took a bold step…

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NNPC advises consumers against panic buying, as all its depots, MOMAN pumps fuel

…assures holding 2.6billion litres stock to last 50 days By Giwa SHILE The Nigerian National Petroleum Corporation (NNPC) has assured petroleum products consumers across the country not to engage in panic buying as it holds 2.6billion litres of Premium Motor Spirit otherwise called petrol and 90,000 metric tonnes of Dual Purpose Kerosene (Diesel), saying the holding is expected to last 52 days, assuming no single drop of products is imported from now. NNPC Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, in a release today in Abuja said the purported…

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Yuletide: PPMC reassures Nigerians of adequate supply of petroleum products

By Thompson ABISOLA The Managing Director, Petroleum Products Marketing Company (PPMC) Alhaji Umar Ajiya has reassured Nigerians of adequate supply and availability of  petroleum products  to cover the yuletide and beyond. Ajiya said on Sunday in Abuja that there was no need for panic buying of product over the oil workers demand for payment of outstanding subsidy claims. “Nigerians should go about their normal businesses as adequate arrangements have been put in place by the NNPC and PPMC to ensure that there is continuous supply and uninterrupted distribution of petroleum…

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N800b subsidy: Oil marketers deny signing agreement, says 7-day ultimatum stands

By Thompson ABISOLA The Depots and Petroleum Products  Marketers Association of Nigeria (DAPPMA) on Saturday in Lagos refuted reaching an agreement with the Federal Ministry of Finance on the payment of the N800 billion subsidy arrears. The marketers in a statement signed by the Executive Secretary,Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Mr Olufemi Adewole, reiterated that there was no agreement, claiming that offers by ministry failed to meet the legitimate demands of the association. According to Adewole: we refer to the press release from the Federal Ministry of…

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NNPC says it has 2.6bn litres of petrol in stock

By Thompson ABISOLA The Nigerian National Petroleum Corporation (NPPC) says it has 2.6 billion litres of petroleum products offshore and onshore in Lagos State to meet the nation’s demands. The Chief Financial Officer of NNPC Mr Isiaka Abudulrasaq, gave the assurance in an interactive session with journalists in Lagos on the corporation’s stewardship  to Nigerians in Lagos on Saturday. Abdulrasaq said that the country has about 52-day-petroleum sufficiency, adding that this represented an average of 50 million litres per day products availability on land. He said that motorists and other…

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NUPENG, PENGASSAN not going on strike

By Thompson ABISOLA The Oil workers unions have reassured the Federal government that its members would not go on strike over the threat of depot owners to shut down services over issues on payment of outstanding subsidy claims. The unions are the Nigeria Union of Petroleum and Natural Gas Workers  (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). The unions made this known in a joint statement signed by their presidents Messrs Francis Johnson and Willians Akporeha, in Abuja on Saturday. “After series of engagements with government…

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Oil marketers to get N236bn Subsidy claims by Dec. 14th — FG

By Giwa SHILE The Federal government said oil marketers would be paid N236 billion out of N348 billion approved by the National Assembly as outstanding subsidy claims on Friday Dec. 14th. The Chief Operating officer, Nigerian National Petroleum Corporation (NNPC) Downstream, Mr Henry Ikem-Obih disclosed this to newsmen in Abuja on Saturday. “The Debt Management Office (DMO) will by next week, precisely on Dec. 14th, pay oil marketers first part of the subsidy arrears of N236 billion as agreed by both parties. “We agreed that after the first tranche is…

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