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NPA targets revenue of N276 billion this year

Barring any unforeseen circumstances, the Nigerian Ports Authority (NPA), is targeting revenue of about N276.75 billion from its 2019 operations. The Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala-Usman, who disclosed this during the 2019 budget defence before the House of Representatives Committee on Ports, Harbours and Waterways, said the net revenue from oil source is N255.69 billion. She further disclosed that the organisation’s total expenditure for the year is estimated at N229.91billion. This is made up of N110.71 billion for operating expenses; N52.13 billion for overhead costs; N58.8 billion ...

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British ports talking up bulk and coastal shipping at Breakbulk Europe

With the breakbulk sector gathering in Bremen today at this year’s Breakbulk Europe, the British Ports Association has renewed calls for further consideration of coastal shipping opportunities and a greater focus on port connectivity schemes within the UK. Ports are vital components of the UK economy, acting as gateways for 95% of the UK’s international trade, as well as providing regional hubs for economic activity and employment. The UK’s transport network, which includes over 140 active cargo handling ports and terminals, facilitate the movement of significant volumes of freight. This ...

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‘Secret’ details of Newcastle container terminal in ACCC court case

The NSW government has taken legal action to stop confidential documents at the heart of the Newcastle container terminal controversy from being made public during a court case. The documents are part of a Federal Court case that the Australian Competition and Consumer Commission has taken against NSW Ports, operator of Port Botany and Port Kembla, over its part in a two-stage agreement that effectively stops Newcastle developing a container terminal. “We are alleging that making these agreements containing provisions which would effectively compensate Port Kembla and Port Botany if ...

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Tanzania: Why Talks On Port Stalled

Talks on the proposed $10 billion Bagamoyo port have stalled because investors’ conditions were likely to deny Tanzania maximum benefit from the project, according to Tanzania Ports Authority (TPA) director general Deusdedit Kakoko. “The conditions include investors’ demand that they be allowed to set charges for cargo passing through the port. They also want tax exemption on various goods in addition to being compensated for any losses incurred during implementation of the project,” he told The Citizen in an interview. An initial agreement on the project was signed in 2013 ...

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India: High level committee recommends strategy to reduce crude oil imports

In a report submitted to the oil ministry on Tuesday, a high level committee (HLC) of companies has recommended strategies to reduce import dependency. The committee was formed to discuss research-related synergies and tax issues for state-run oil companies. The committee also explored the possibility of forming a new entity for oil services and related manpower. “It also explored the need and possibility of formation of new entity dealing with oil services and supply of qualified manpower to oil and gas sector around the world,” the ministry said in its ...

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Belarus lifts limits on exports of oil products – Belta agency

Belarus is lifting limits on the export of its oil products after the contamination of Russian oil via the Druzhba pipeline, Belarus’ Belta news agency cited Andrei Rybakov, the head of state energy company Belneftekhim, as saying. Rybakov added that Belarus would discuss the volumes of oil exports with Russia next month. Source: Reuters (Reporting by Andrey Makhovsky Writing by Gabrielle Tétrault-Farber; editing by David Evans)

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With ₹6.23-lakh cr revenue, Reliance Ind emerges top firm on all counts

Reliance Industries Ltd (RIL), headed by India’s richest man Mukesh Ambani, has emerged the biggest company by revenue, toppling state-owned Indian Oil Corporation (IOC). RIL was already the leader in terms of profits, assets and market capitalisation for some time now. The oil-to-telecom conglomerate recorded a turnover of ₹6.23-lakh crore for the financial year ended March 31, compared with ₹6.17-lakh crore posted by IOC. For the reporting period, RIL was also the most profitable Indian company with a net profit of ₹39,588 crore. On the other hand, IOC posted yearly ...

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Russia says clean crude oil to reach Hungary, Slovakia within a week: RIA

Russia’s Energy Ministry said on Wednesday that clean crude oil was moving via the Druzhba pipeline towards the border of Hungary and Slovakia and was expected to reach the metering stations there within a week, Russian news agencies reported. The ministry was also quoted as saying Russia was in talks with Poland about resuming oil flows towards the Adamova Zastava station. Source: Reuters (Reporting by Maria Kiselyova; editing by Christian Schmollinger)

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Rosneft’s domestic oil sales hit by dirty oil crisis

Russian energy giant Rosneft’s domestic oil tender fell 6 percent in price, traders said on Wednesday, as demand was badly impacted by infrastructure bottlenecks due to the contaminated oil crisis. Traders said Rosneft’s offer also dwindled to 20,000 tonnes for sale in June, compared to usual volumes of around 30,000 tonnes a month. Oil flows via the Europe-bound Druzhba pipeline, which used to handle a quarter of Russian oil exports, were contaminated by organic chloride and success in cleaning it up has been slow, while supplies to Poland and Germany ...

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Saudi Arabia affirms desire to avoid war, stabilise oil markets

Saudi Arabia’s council of ministers reiterated the country’s commitment to balancing global oil markets and preventing regional conflict amid tensions between Iran and the United States, SPA reported on Wednesday. The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired a cabinet session at Al-Salam Palace in Jeddah on Tuesday evening. Saudi “will do everything in its power to prevent any war and its hand is always extended to peace,” a cabinet statement said, adding the government was committed “to achieving balance in the (oil) market ...

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Mexico’s Pemex aims for 1 million bpd rise in crude output by 2024

Mexican state oil company Pemex is striving to increase oil production by 1 million barrels per day (bpd) by the end of 2024 by developing existing oilfields and others yet to be discovered, the company’s chief executive said. If the target is met, the heavily indebted company will surpass President Andres Manuel Lopez Obrador’s goal of ending his term with oil production of 2.4 million bpd, well above the current level of 1.7 million bpd. Pemex Chief Executive Octavio Romero said the company is developing 20 new fields, including Ixachi, ...

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Norway’s April oil output lags forecast, gas production beats -NPD

Norway’s oil production fell 8.8 percent year-on-year in April to 1.38 million barrels per day, lagging the official forecast for the month by 0.6 percent, Norway’s Petroleum Directorate (NPD) said on Wednesday. Including condensate and natural gas liquids (NGL), the overall liquids production stood at 1.729 million barrels of oil equivalents per day, lagging the NPD prediction by 1.3 percent. Technical problems at some fields were among the main reasons why production came in below forecast, NPD said. Natural gas output in April rose 1.7 percent year-on-year to 338.9 million ...

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Bulgaria builds gas link to end full reliance on Russian gas

Bulgaria has started building a 240 million euro ($268 million) gas pipeline with Greece that will end the Balkan country’s total dependence on Russian gas and help diversify supplies in southeastern Europe. Sofia, which at present meets all of its gas needs from Russia via one route, pledged to start building gas links with its neighbours and diversify its suppliers in 2009, when a price dispute between Moscow and Kiev left hundreds of Bulgarians without heating in the middle of winter. After years of delays, a 182-km interconnector link between ...

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EnergyAustralia agrees to buy gas from LNG import terminal

EnergyAustralia, Australia’s third-largest energy retailer, on Wednesday reached a preliminary agreement to buy gas from a liquefied natural gas import terminal planned by Australian Industrial Energy, the companies said. Australian Industrial Energy has agreed to supply 15 petajoules a year of gas to EnergyAustralia over five years starting from January 2021 at an oil-linked price, they said. EnergyAustralia is the first customer locked in for the import project, to be built 100 km (62 miles) sound of Sydney. Source: Reuters (Reporting by Sonali Paul; editing by Christian Schmollinger)

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Daily shale gas output at PetroChina’s Changning field hits 10.1 mln cubic metres

Daily shale gas output at PetroChina’s Changning field in China’s southwestern Sichuan province reached 10.06 million cubic metres, the country’s top oil and gas group CNPC said on Wednesday. * By far, a total of 148 gas wells have been launched at Changning field and at least another 52 wells will be put into operation by the end of this year, with daily output to exceed 15 million cubic metres * Last year, CNPC produced 4.27 billion cubic metres of shale gas in Sichuan Source: Reuters (Reporting by Muyu Xu ...

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