• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Nigeria Suspends Port Harcourt Refinery Concession On Transparency Grounds

The Nigerian Senate approved on a motion to suspend a concession agreement for the Port Harcourt refinery with a subsidiary of Eni on Tuesday because the deal allegedly lacked transparency.

The agreement would have allowed the Italian company’s local unit to repair and operate the 150,000-barrel-per-day facility. Eni had begun negotiations to form a partnership with the Nigerian oil firm Oando for the project, which would have allowed Lagos to reduce its dependency on imported refined oil.

The Senate will now investigate the terms of the contract through a special ad hoc committee.

Eni did not respond to a request for comment by Reuters.

The Nigerian National Petroleum Corporation (NNPC) had been accepting bids for the upgrade of three refineries—Port Harcourt, Warri, and Kaduna—until February 2nd. General Electric had also expressed its interest in being a part of the government’s rehabilitation initiative, which will save Lagos from spending millions of its foreign currency reserves on imports by processing Nigerian crude domestically.

By 2019, Nigeria plans to process in-country all fuel needed for national consumption.

Related: Is The U.S. Getting Left Behind In The Renewable Race?

"We reached an agreement that Agip will build a brand new refinery of 150,000 barrel capacity,” Oil Minister Emmanuel Ibe Kachikwu told reporters following a summit with Eni earlier this month.

Nigeria’s oil industry and economy have been suffering badly, not only from the low oil prices but also from the persisting militant attacks on oil infrastructure that have crippled crude oil production. The sabotages reduced Nigeria’s output from more than 2 million bpd at its highest point in 2015 to 1.4 million bpd last summer, the lowest production level in 30 years. The militant groups have slowed attacks in recent months, allowing output to recover as the federal government negotiates with leaders in the Niger Delta—the center of the civil unrest.

ADVERTISEMENT

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News