Friday, September 21, 2018

Tag "Emmanuel Ibe Kachikwu"

    Kachikwu: Why China has an edge over UK, US in Africa

Kachikwu: Why China has an edge over UK, US in Africa

Ibe Kachikwu, minister of state for petroleum resources, says China has an edge over the US and UK in Africa because it is providing what Africa needs.Kachikwu made this comment on the sidelines of the ongoing 2018 Forum on China–Africa Cooperation (FOCAC)."They are active in Liberia, Ghana, Angola. They are throwing money where their mouth is and in very many [...]

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    Kachikwu: Modular refineries not created to resolve fuel shortage

Kachikwu: Modular refineries not created to resolve fuel shortage

Ibe Kachikwu, minister of state for petroleum resources, says the proposed modular refineries in Rivers and Delta states are not intended to resolve fuel shortage in the country.  [...]

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    We resisted the word ‘cut’, says Kachikwu on Nigeria’s exemption from OPEC agreement

We resisted the word ‘cut’, says Kachikwu on Nigeria’s exemption from OPEC agreement

Ibe Kachikwu, minister of state for petroleum resources, says Nigeria has resisted the word "cut" in crude production.He said this in reaction to the country's exemption from the production cut agreed on by the Organisation of Petroleum Exporting Countries (OPEC).The minister, however, said Nigeria has been cautioned to be disciplined and not flood global markets with crude.Kachikwu made this known [...]

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    Nigeria will be further exempted from OPEC output cut, says Kachikwu

Nigeria will be further exempted from OPEC output cut, says Kachikwu

Emmanuel Kachikwu, minister of state for petroleum resources, says Nigeria will again get exempted from production cuts agreed on by the Organisation of Petroleum Exporting Countries (OPEC).Nigeria was first exempted for six months and the second time, for nine months, in OPEC’s decision to cut crude production to reduce supply glut and increase oil prices.NAN reports that the minister made [...]

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    Kachikwu: Ageing pipelines reduced crude production in July

Kachikwu: Ageing pipelines reduced crude production in July

Ibe Kachikwu, minister of state for petroleum, says aging pipelines are responsible for the reduced crude oil output recorded in July.The minister made this known on Thursday while speaking on the sidelines of the launch of the $200 million Nigerian content intervention fund and memorandum of understanding signing between Nigerian Content Development and Monitoring Board (NCDMB) and Bank of Industry (BOI).Kachikwu [...]

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    Kachikwu: It is better to stop oil production than to run at a loss

Kachikwu: It is better to stop oil production than to run at a loss

Emmanuel Ibe Kachikwu, minister of state for petroleum resources, says it is better for Nigeria to stop crude oil production than to produce it at a high cost.The minister said this while speaking at the Nigeria annual international conference and exhibition organised by the Society of Petroleum Engineers in Lagos on Monday.He said unlike other countries that have managed to [...]

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    Buhari, Kachikwu split Petroleum Industry Bill into four

Buhari, Kachikwu split Petroleum Industry Bill into four

Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC), says the corporation has split the Petroleum Industry Bill into four -- for  easy passage into law.Baru disclosed this on Tuesday, while speaking at the Department of State Services' (DSS) Executive Intelligence Management Course (EIMC) in Abuja.He said the splitting was done under the leadership of Ibe Kachikwu, [...]

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    Kachikwu: Oil production has risen to two million barrels

Kachikwu: Oil production has risen to two million barrels

Ibe Kachikwu, minister of state for petroleum resources, says the country now produces two million barrels of oil per day (bpd).Kachikwu said this when he defended his ministry's budget before the house of representatives committee on petroleum resources (upstream).He told the committee, which was chaired by Victor Nwokolo, a lawamaker from Delta state, that ongoing repairs on oil facilities and [...]

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    Militants push oil price to $51 – highest in 8 months

Militants push oil price to $51 – highest in 8 months

Oil prices jumped to the highest level in eight months on Wednesday due to ongoing supply disruptions in Nigeria and strong Chinese oil demand data.Industry data had shown a larger-than-expected drop in US crude inventories on Tuesday, indicating an easing of the supply glut, and a weak dollar which also boosted prices.Global benchmark Brent crude futures rose to the highest [...]

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Exchange Rates

September 21, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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