• Tuesday, April 23, 2024
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Five things to know to start your Wednesday


The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, highlights the challenge of supplying local crude to Nigeria’s refineries, including Dangote’s, due to low production and investment.

Dangote refinery has started diesel and aviation fuel production, but faces crude supply issues.

Shell supplied crude to Port Harcourt refinery, yet marketers await refined products.

Unless Nigeria boosts production and investment, refineries may struggle to meet local demand.

Efforts are needed to secure local crude for refinery operations amidst continued fuel importation.

The Nigerian Federal Government asserted its commitment to fossil fuel exploration despite Western pressure.

Minister of State for Petroleum Resources, Heineken Lokpobiri, addressed a summit in Abuja, highlighting Western investment in fossils while urging Africa to cease exploration.

He criticized the West’s double standard, citing America’s oil production surge and UK’s recent oil exploration licenses.

Lokpobiri affirmed Nigeria’s right to transition at its own pace, noting Western countries’ continued fossil fuel investments.

The Senate announced a probe into Ajaokuta Steel Company Limited and National Ore Mining Company in Kogi State from 2008 onward.

They aim to investigate the $496 million payment to Pramod Mittal by the Federal Government in 2022, and the re-concession of NIOMCO despite termination of the initial agreement.

The motion, sponsored by Senator Natasha Akpoti-Uduaghan, highlights the potential of these companies to advance Nigeria’s technological and industrial landscape since their establishment in the late 70s.

The $700m OB3 gas pipeline, initiated in 2016, is set to finish by March 2024, announced by the Federal Government at the 7th Nigeria International Energy Summit.

President Bola Tinubu defended the removal of petrol subsidy. Minister Ekperikpe Ekpo highlighted the OB3’s significance for Nigeria’s gas sector, linking it to the Ajaokuta-Kaduna-Kano pipeline.

The OB3, a major gas transmission system, will supply 2BCF daily through its 127km route upon completion.

Lebanon’s Hezbollah will halt fire on Israel if its Palestinian ally Hamas agrees to a proposal for a truce with Israel in Gaza – unless Israeli forces keep shelling Lebanon, two sources familiar with Hezbollah’s thinking told Reuters on Tuesday.

Hezbollah has been exchanging near-daily fire with Israel across Lebanon’s southern border since Oct. 8, a day after a bloody Hamas assault in southern Israel that triggered a fierce Israeli land, air and sea offensive on the Gaza Strip.