Connect with us

Business

Dangote Refinery Denies Reselling Crude Oil

Published

on

Dangote Oil Refinery has denied a report that it was reselling cargoes of crude oil bought from the United States and Nigeria to other traders.
Spokesperson for the Dangote Group, Tony Chiejina, described the report as outright falsehood in an interview with The Tide’s source.
Recall that Reuters had reported that three of the four trade sources familiar with the matter said the reoffer was linked to technical problems at the refinery.
Responding, Chiejina said the refinery is still sourcing for crude from Angola and Libya and that the crude distillation unit is in good condition.
Chiejina, who declared the claim as “Outright falsehood”, said “We are sourcing more crude from Angola and Libya. Also, our crude distillation unit is functioning perfectly well. You may wish to visit the refinery even today or tomorrow”.
Urging the public to disregard such news, adding that it only intends to scuttle the refinery, Chiejina said, “Our attention has been drawn to a misleading report suggesting that our refinery’s crude distillation unit (CDU) is experiencing issues and that we are reselling crude oil.
“We categorically deny these claims. The Dangote refinery is not authorized to sell crude oil purchased from Nigeria, and our CDU is fully operational and functioning optimally.
“We advise the public to disregard these false narratives, which are likely driven by interests opposed to the local refining of fuels”.
The 650,000 barrel-per-day refinery started operations earlier this year, with complaints about crude shortage.
Sources had said cargoes of Nigerian Escravos and Forcados were among the crude grades offered as well as US WTI Midland.
Recall that the Vice President, Oil & Gas, Dangote Industries Limited, Mr DVG Edwin, recently alleged that the IOCs operating in Nigeria had consistently frustrated the company’s requests for locally produced crude as feedstock for its refining process.
He said the IOCs were deliberately and willfully frustrating the refinery’s efforts to buy local crude by hiking the cost above the market price by $6, thereby forcing the refinery to import crude from countries as far as the US, with its attendant high costs.
According to Edwin, “It seems that the IOCs’ objective is to ensure that our petroleum refinery fails. It is either they are deliberately asking for a ridiculous and humongous premium or they simply state that crude is not available.
“At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the US, increasing our cost of production.
“It appears that the objective of the IOCs is to ensure that Nigeria remains a country, which exports crude oil and imports refined petroleum products.
“They are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their Gross Domestic Product, and dumping the expensive refined products into Nigeria, thus making us dependent on imported product”.

Continue Reading

Business

Minister Constitutes Tech Committee On Aviation Ties With Angola

Published

on

Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.

Continue Reading

Business

NIWA Wants Deeper Private Investment In Blue Economy

Published

on

The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.

Continue Reading

Business

Discount Airfares: Qatar Airways, Access Bank Extend To Dec

Published

on

The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.

Corlins Walter

Continue Reading

Trending