Business
FG Issues Two Oil Export Terminal Licences, Eyes $11bn
Published
2 years agoon
By
Editor
The Federal Government, on Tuesday, issued and signed licences for the establishment of two crude oil export terminals, capable of generating $11bn revenue annually for the country.
It issued the licences through the Nigerian Midstream and Downstream Petroleum Regulatory Authority to Belema Sweet Export Terminal Limited and NNPC Exploration and Production Limited in Abuja.
Speaking at the event in Abuja, the Chief Executive, NMDPRA, Farouk Ahmed, said the signing of the terminal establishment licences for the two crude export terminals would lead to the addition of more than four million barrels of oil capacity to Nigeria’s export storage.
“Our activities today are pursuant to the provisions of the PIA (Petroleum Industry Act), which has stipulated new provisions for the establishment of new export terminals.
READ ALSO: NNPCL Withheld N8.48trn Oil Subsidy Since January 2022 – RMAFC
“According to PIA Section 174(1) (a) ‘Except in accordance with an appropriate licence issued by the Authority, a person shall not undertake the following activities with respect to midstream petroleum liquids operations — (a) establish, construct or operate a terminal or other facility for the export or importation of crude oil or petroleum products.’
“The authority has processed and hereby approves Terminals Establishment Licences for: (a) NNPC Exploration and Production Limited to establish 2,179,747 barrels Crude Oil Terminal at Offshore Akwa Ibom State within the waters of the Exclusive Economic Zone Nigeria.
“(b) Belema Sweet Export Terminal Limited to establish a 2,000,000 barrels Crude Oil Terminal at 20 Nautical Miles of Kula Southern Part of Exclusive Economic Zone Nigeria,” Ahmed stated.
He noted that subsequent to these licences, terminal establishment notices were to be published in the Federal Government gazette.
READ ALSO: [BREAKING] NNPCL: Court Reverses Ararume Sacking, Awards N5bn Damages Against Buhari
“The terminals are required to operate within the provisions of the conditions of the licences as contained in the licence documents. Kindly note that the authority is committed to ease of doing business in the industry,” the NMDPRA boss stated.
The President and Founder Belema Oil Producing Limited, Tien Jack-Rich, said the facilities would generate over $11bn annually for Nigeria, adding that Belema Oil would work hard to get its terminal ready within six months.
“Nigeria will benefit through the revenue earnings from the facility. This terminal has the capacity to generate over $11bn to our national revenue every single year, and that’s 400,000 barrels of crude every single day,” he stated.
He added, “With the establishment of Belema Sweet Crude Export Terminal, Nigeria now ranks number one in the world to establish a crude oil export terminal that is climate-conscious, where traditional energy and renewable energy integration is operated through a virtual power plant model.”
PUNCH
You may like
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels
The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
READ ALSO:
Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
- FG Security Agency, Nigerian Army Move To Tackle Illicit Small Arms, Light Weapons
- Arrears: AAU Management Replies ASUU Over
- US Court Sentences Osun Monarch To Prison Over $4.2m Fraud
- OPINION: Ezekwesili, The NBA, And The Mirror Of Truth
- Edo Hospital Denies Complexity In Death Of Twin Babies
- OPINION: A Voyage To Caligula’s Rome
- Sports Commission Boss Commends Team Edo Athletes For Continental Triumph
- Enabulele Confident Of Team Edo’s Success At 2025 NYG
- PHOTOS: Brazil Welcomes Tinubu With Full Military Honours In Brasília
- Tinubu Signs Direct Flight, Other Agreements With Brazil
Trending
- Metro4 days ago
Edo Govt Demolishes Building Owned by Suspected Cultist
- News3 days ago
DSS Issues Warning, Arrests Man For Circulating Fake Recruitment Materials
- Politics4 days ago
US Desperate To Remove You, Cleric Warns Tinubu
- Politics2 days ago
[BREAKING] Edo: APC Suspends Ex-senatorial Aspirant Of Party
- Politics3 days ago
2027: You Will Lose 80% Of Northern Muslim Votes If…, APC Forum Warns Tinubu
- Metro4 days ago
Renewed Tension In Warri As Itsekiri, Urhobo Youths Clash
- News2 days ago
NAFDAC Warns Of Fake Postinor-2 In Circulation
- News4 days ago
FG Predicts Heavy Rainfall, Flood In Seven States
- Politics3 days ago
Primate Ayodele Releases Fresh Prophecies On FIRS, FAAN, Others
- Headline2 days ago
US Comedian Reggie Carroll Shot Dead In Mississippi