Thursday, May 28, 2020
Business

Business

Oil Crash Forces Seplat, Shell To Cut Spending

A major Nigerian independent oil and gas firm, Seplat Petroleum Development Company Plc, is looking to cut costs by at least 30 per cent to counter a crash in crude prices, its Chief Financial Officer, Roger Brown, has said. Royal...

Nigeria Slashes Crude Selling Prices To Woo Buyers

Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday. The country has had to grapple with an unprecedented excess of...

Petrol: Government Consults On Pump Price Reduction

The Federal Government has begun consultations with relevant stakeholders on a possible reduction of the pump price of petrol in the wake of the crash of crude oil prices globally. The Minister of State, Petroleum Resources, Mr Timipre Sylva, disclosed...

Naira Improves As Dollar Sells For N380

The naira traded between N364 and N380 to a dollar on Friday at the Bureau De Change segment of the market, recording an improvement over its previous exchange rates earlier in the week. On Thursday, the naira exchanged between N405...

No Plan For Naira Devaluation- Apex Bank

Despite a slump in the global economy as a result of the negative impact of the coronavirus pandemic, the Central bank of Nigeria (CBN) on Thursday insisted the time was not ripe for the call for the devaluation of...

Enugu Airport To Be Reopened Before Easter- Minister

The Akanu Ibiam International Airport, Enugu, which was closed in August 2019 for rehabilitation work, will be reopened for use before Easter 2020, the Minister of Aviation, Senator Hadi Sirika, has said. Sirika gave the commitment after an inspection visit...

Crashing Oil Price, Reason To Diversify Economy – Buhari

President Muhammadu Buhari has said that the sudden crash in crude oil price by 45 per cent heightens the need for Nigeria to promote growth in other sectors of its economy. Buhari stated that the development, occasioned by the outbreak...

Saudi To Boost Oil Output Capacity By One Million Barrels Per Day

Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies. The decision came a day after Saudi Arabia, the...

Russia To Increase Oil Production To 300,000 Bpd

Energy Minister Alexander Novak on Tuesday said Russia would likely raise its oil production to between 200,000 and 300,000 barrels per day in the short term. Mr Novak who cited the country’s competitiveness in the global market. added that the...

Marketers Want Dollar At N306 To Import Petrol

Oil marketers under the aegis of the Major Oil Marketers Association of Nigeria have said access to the dollar at N306 will enable them to resume importation of Premium Motor Spirit (petrol). The marketers also said there was an urgent...

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Nigeria Records Positive Trade Balance As Non-oil Exports Rise By 374%...

The volume of non-oil exports in the country increased by 374% in the third quarter of the year, data released by the National Bureau...

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