• Friday, June 21, 2024
businessday logo


Five things to know to start your Friday


NNPCL, UTM to build Nigeria’s first floating gas plant

The Nigerian National Petroleum Corporation (NNPC) signed a Heads of Agreement with Nigerian oil and gas company UTM Offshore Limited on Thursday for the UTM Floating Liquefied Natural Gas (FLNG) project.

The vessel is expected to produce 176 million cubic feet of gas per day from the Yoho Field. The agreement lays out the terms of the NNPC’s 20 percent equity contribution to the FLNG project and represents a milestone in advancing domestic gas utilisation in Nigeria.

According to NNPC Group Managing Director Mele Kyari, “No matter the amount of reserves you have underground, if you haven’t brought it up to the surface, you have done nothing. This is why we are very interested in this project, and we are going to do our part to ensure its success. Be assured that NNPC is solidly behind this project.”

Read also: PMS now N617 per litre as NNPCL adjust prices in Abuja

FBN Holdings Plc posts half-year PBT of N206bn

FBN Holdings Plc said that it recorded a profit before tax of N206 billion for the first half of the 2023 financial year.

The holding company said this in its unaudited financial results on Thursday in Lagos.

Speaking on the results, Nnamdi Okonkwo, the Group Managing Director of FBN Holdings, said, “FBNHoldings has continued to deliver a strong financial performance despite the complex operating environment.

“Thanks to our reinforced foundations, deep market understanding, strong risk management, and execution capabilities.

“On the back of this and in line with our focus of driving further improvement in revenue generation and profitability, the group delivered strong growth in gross earnings and profit before tax, resulting in N656.6 billion and N206.3 billion, respectively, for the first half of the 2023 financial year.

“Across our businesses, we continue to focus on customer-centric innovations with strong transactional and digital capabilities supported by sound risk management practises to anticipate and creatively deliver products and services that delight the different customer segments that we serve.

“Furthermore, we are committed to leveraging technology via digital platforms to enhance operational efficiency.

“Although the current operating environment remains challenging, we are confident of successfully navigating the terrain in our transformation journey to deliver sustainable value to our stakeholders.”

NAICOM intensifies efforts to meet oil, gas industry needs, says Commissioner

Sunday Thomas, Commissioner for Insurance at the National Insurance Commission (NAICOM), said during his keynote address at the 2023 Oriental News Summit held on Thursday in Lagos that the commission has intensified its ongoing drive to facilitate platforms that address the demand-supply gap in the oil and gas Industry.

At the summit themed “Building Local Content Synergy between the Oil and Gas and Insurance Sectors in Nigeria”, Thomas said that the platform would encourage specialised insurance products that meet the needs of the industry.

He added that the commission was prepared to address all potential regulatory impediments, support the development of human capacity, and ensure the technical capacities of insurance suppliers in the industry.

AfDB commends Zambia over debt restructuring, plans $150m in budget support

Akinwunmi Adesina, President of the African Development Bank Group, has commended the government of Zambia over its successful completion of a $6.3 billion debt restructuring for bilateral debtors, a deal completed under the G20 Common Framework on debt treatment.

Adesina’s commendation comes after he completed a two-day official visit to Zambia, where he met with President Hakainde Hichilema to discuss further support for the country which includes $150 million in budget support for the country.

President Hichilema noted that while his government had made a significant achievement on official creditor debt, more work needs to be done to tackle debt owed to local and external commercial creditors, including Eurobond holders. “We have lost a lot of time under the ‘python of debt’. We want to now unlock growth and prosperity for our people,” said President Hichilema.

Adesina congratulated the government of Zambia for reaching an agreement with its bilateral creditors under the G20 Common Framework on debt treatment. The agreement puts Zambia back on track for economic recovery and sustainable debt management.

Oil unfazed by weak Chinese economic data

Brent oil prices stayed unchanged on Friday morning and remain poised to close flat for the week after three straight weeks of gains. This happens despite lower U.S. crude inventories and tapering interest rate hikes against weak Chinese economic data that could spike demand.

Brent futures rose 3 cents to $79.67 a barrel by 0016 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 9 cents to $75.74 a barrel. Prices closed marginally higher on Thursday.

Reuters reported that Brent was on track to close down 0.2 percent for the week, while WTI was set to tick up 0.4 percent. Both benchmarks had gained for three consecutive weeks.