Oil marketers yet to get N800bn subsidy payment from govt - MOMAN
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agos -- The Major Oil Marketers Association of Nigeria, MOMAN, says it is yet to get the N800 billion subsidy payment from the Federal Government, over one month after the government had issued N236 billion promissory note to the marketers as part-
payment of the subsidy debt to the oil marketers. The government had, in issuing the promissor y note midDecember, promised to offset the balance of the debt later. It was a last minute effort to avert the threat of strike by the oil marketers.
Chairman of MOMAN, Mr. Adetunji Oyebanji, told SweetcrudeReports in Lagos that the marketers were yet to receive the money. “There are still issues yet to be resolved with the banks as to how to convert the promissory note into
cash. We expect second tranche of the payment to come in no distant future as promised by the F e d e r a l Government, ” he said. H e disclosed that t h e
government had already told the banks to freeze interest rates on loans to the oil marketers from July 2017 and that reconciliation was ongoing between the government and the marketers to determine the
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A Review Of The Nigerian Energy Industry facebook.com/sweetcrudereports
WEEKLY
January 23, 2019
twitter.com/sweetcrudeRep
www.sweetcrudereports.com
UU PP D D A A TT EE SS WEEKLY BASKET PRICE JAN-18 JAN-11 JAN-04 DEC-28 DEC-21 DEC-14 DEC-07 NOV-30 NOV-23 NOV-16 NOV-09 NOV-02 OCT-26 Daily | Weekly | Monthly | Yearly
58.95 58.4 53.40 51.34 55.20 59.05 59.95 58.80 62.83 66.52 70.51 74.16 76.37
59.63U$
82 78 74 70 66 62 58 54 50
OCT18
NOV18
DEC18
JAN19
Ogoni clean-up: HYPREP calls for collaboration between contractors, communities
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MKPOIKANA UDOMA
ort Harcourt -- The Hydrocarbon Pollution Remediation Project, HYPREP, has called for collaboration between the contractors involved in the clean-up of Ogoniland and the host communities. The call came as the agency handed 16 polluted sites in Ogoniland to contractors for remediation. Out of 21 polluted sites marked for remediation, 16 has been awarded for clean-up while the remaining five sites, according to HYPREP, will be handed over shortly after approval by the Federal Executive Council. Speaking at the hand over ceremony in K-Dere Community, Gokana Local Government Area of Rivers State, HYPREP Coordinator, Dr Mar vin Dekil, called for
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Oil vessel at sea
Nigeria’s Bonny Light, Qua Iboe see highest prices in one year OPEOLUWANI AKINTAYO
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agos -- Nigerian crude oil grades, Bonny Light and Qua Iboe, were offered at their highest levels in almost a year last week, loading schedules and reports from traders have shown. Cheaper freight rates and shorter supply of competing grades such as Libya’s light,
sweet crude were cited as reasons behind the rise in prices. Libyan crude was under force majeure due to the closure of the country's Sharara oilfield briefly in December. Also, the Organization of the Petroleum Exporting Countries, OPEC’s, cut deals have reduced Libya's output. Bonny Light and Qua Iboe are Nigeria’s major grades and were
offered as high as $2 a barrel above dated Brent - the highest since March last year. However, traders' reports showed that export of Qua Iboe would likely drop to 215,000 barrels per day, bpd, in March, from 238,000bpd in February. There are still about 15 cargoes left for sale from the February Nigerian programmes, but, most
NERC harps on March deadline for enumeration of electricity consumers …To focus on market liquidity this year
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agos -- The Nigerian Electricity Regulator y Commission, NERC, has said the March 2019 deadline electricity distribution companies or Discos in the countr y to conclude the enumeration of customers under their units still stands. According to the commission,
Discos have until March 31 to complete the exercise. NERC had last year ordered all the distribution companies to submit list of customers under their jurisdiction in order to aid the metering exercise, and to allow for easy planning. The ultimatum was contained in a statement by the commission in
November 2018, in which it directed the utility companies to carry out an extensive customer enumeration to determine their actual customer base. According to NERC, customer enumeration will “improve metering” and help Discos
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major grades were said to have been sold, a report by Reuters had said earlier this month. As Nigeria enjoys more sale of its crude grades and at higher prices, the country stands a better chance of meeting up with funding of its N8.83 trillion 2019 national budget. The countr y had set a benchmark of $60 per barrel oil price and a target of between 2.22.3 million barrels per day production in the budget. International oil benchmark, Brent, hovered around $61.98 per barrel while the United States' West Texas Intermediate crude sold at $52.91 per barrel and OPEC’s daily basket price was at $59.63 per barrel last week. Oil industry watchers differed on the prospect of oil prices this year, with some projecting that
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