Oil

Russian Firm Drags Germany To Court Over Refinery Seizures

October 15, 2022 3:27 am

Popular Russian oil giant Rosneft on Friday announced that they have filed a complaint against the German government for taking control of its German-based refineries, as energy tensions continue to run high following Moscow’s war in Ukraine.

Africa Daily New York reports that in September, Berlin had taken control of Rosneft’s German subsidiaries, which account for about 12 percent of oil refining capacity in the country, and placed them under the trusteeship of the Federal Network Agency.

‘We can confirm the complaint has been received,’ the Federal Administrative Court in the eastern German city of Leipzig told reporters.

Lawyers …

You Failed Woefully In Oil And Gas – El-Rufai Lambasts FG

October 14, 2022 6:14 am

Kaduna State Governor, Nasir El-Rufai has criticised the Federal Government of Nigeira accusing them of failing in the oil and gas sector, and should immediately hands off control of the sector.

Speaking at KADINVEST, an economic summit in Kaduna, yesterday, he stated that government does not have any business managing the oil sector.

‘Any sector that the Federal Government tries to get into gets messed up. Any area that the government can get out of it should.’

He added that the Federal Government has no business in oil and gas and should privatise the oil and gas sector.

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Our Lawyers Studying UK’s Oil Fraud Judgment – Nigerian Govt

June 16, 2022 4:38 am

The Federal Government has disclosed that its lawyers were still studying the recent judgment of a United Kingdom Commercial Court that dismissed fraud claims in the Oil Processing Licence 245 transaction between Nigeria and JP Morgan Chase Bank.

Nigeria’s Minister of Information and Culture, Lai Mohammed, made this disclosure while answering questions from State House correspondents at the end of the Federal Executive Council meeting presided over by President Muhammadu Buhari on Wednesday, at the Presidential Villa, Abuja.

He pointed out that government’s lawyers will study the judgment after which they would decide whether to appeal or not.

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US Calls On Iran To Release Seized Tankers, Crew

May 31, 2022 4:24 am

The United States joined Athens yesterday condemned in strong terms, Iran’s seizure of two Greek-flagged oil tankers in Gulf waters while also demanding their immediate release, calling the abductions a ‘threat to maritime security.’

US Secretary of State Antony Blinken and Greek Foreign Minister Nikos Dendias agreed in a call ‘that Iran must immediately release the seized vessels, their cargoes, and their crews,’ State Department spokesman Ned Price said in a statement.

‘Iran’s continued harassment of vessels and interference with navigational rights and freedoms are a threat to maritime security and the global economy,’ Price added.

Read Also: We Have

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Germany Getting ‘Ready’ To Ban Russian Oil – Economy Minister

May 3, 2022 2:30 am

German Foreign Minister Annalena Baerbock on Monday disclosed that Berlin was ready to support a gradual, EU-wide embargo on Russian oil imports which could come in place before the end of the year.

Speaking on Germany’s ARD television which was monitored by Africa Daily News, New York which was monitored, Baerbock said; ‘And we are preparing this in such a way, that we could if necessary keep it up over the coming years’.

Her statement comes a few days after Economy and Climate Minister Robert Habeck disclosed that he expects Germany could be fully independent of Russian crude oil …

Tension As Explosion Rocks Agip Facility In Bayelsa

March 14, 2022 1:37 pm

There is tension in Nembe, Nembe Local Government Area of Bayelsa State. following an explosion that rocked the facility of the Nigerian Agip Oil Company (NAOC).

Eni, which is the parent company of NAOC, on Monday revealed that the blast has disrupted oil production, cutting oil export from its Brass Export terminal by some 25,000 barrels per day.

According to Eni the explosion was the second attack in a few days after an earlier incident on February 28 at its Obama flow station led to a production shortfall of 5,000 barrels per day.

In a statement which was sighted …

Oil Prices Fall To $31 In Wake Of Saudi Price War

March 9, 2020 5:46 am

Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.

Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a barrel. That was the biggest percentage drop since Jan. 17, 1991, at the start of the first Gulf War and the lowest since Feb. 12, 2016. It was trading at $35.75 at 0114 GMT.

U.S. West Texas Intermediate (WTI) crude fell by as much …