Business

CNG: NNPC Signs Gas Supply Deal For $3.3bn Methanol Plant In Bayelsa

Published

10 months ago

October 12, 2024

Editor

The Nigerian National Petroleum Company (NNPC) Limited signed a partnership with Shell, TotalEnergies, and Agip, to complete a historic agreement to supply gas to a $3.3 billion methanol plant being developed by Brass Fertilizer & Petrochemical Company Limited in Bayelsa State.

Ekperikpe Ekpo, the minister of state for petroleum (Gas) disclosed this in a statement on Friday after signing the sales-and-purchase agreement.

According to Ekpo, the agreement is a significant effort towards harnessing the review of Nigeria’s vast gas reserves.

“A significant milestone in ongoing efforts to monetize Nigeria’s vast gas reserves.

“The accord will enable Brass and its partners to proceed with the construction of the $3.3 billion project,” he said.

Accordingly, the state-owned oil company and its partners are expected to supply approximately 270 million standard cubic feet of gas per day to the project, situated on Brass Island in Bayelsa state, southern Nigeria.

The Minister stressed that the Nigerian government anticipates the project will generate over $1.5 billion annually from exports of fertilizers, petrochemicals, and other gas-derived products.

The development comes as the Nigerian government through its Presidential Committee on Compressed Natural Gas Initiative has commenced the expansion of CNG conversion across the country to reduce dependence on Premium Motor Spirit (petrol).

Business

NNPCL Increases Fuel Price

Published

4 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

4 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

1 week ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.