President Bola Tinubu has enacted five new executive orders targeted at attracting $2.5 billion in investments. These directives are designed to offer fiscal incentives to enhance investment in Nigeria's oil and gas industry. This announcement coincides with the Federal Government's launch of the $550 million Ubeta gas project, which is expected to produce 350 million standard cubic feet of gas daily once it becomes operational. In June of this year, a signing ceremony was held in Abuja to mark the $550 million Final Investment Decision between NNPC Ltd and TotalEnergies regarding the development of the Ubeta Field Project. Discovered in 1964, the Ubeta field is situated northwest of Port Harcourt in Rivers State. The five Executive Orders issued by Tinubu are anticipated to lower both the expenses and duration associated with finalizing and implementing contracts aimed at developing and expanding gas infrastructure. The Special Adviser to the President on Energy, Olu Verheijen, announced in Washington DC that the “The directives aim to immediately unlock up to $2.5bn in new oil and gas investments in the country,” This information was shared in a statement released on Tuesday by Morenike Adewunmi, the Stakeholder Manager in the Office of the Special Adviser to the President on Energy. She said, “I cannot overstate the importance of our longstanding relationship with the US and this inaugural dialogue. The goal of this dialogue is for us to jointly proffer solutions that will close the energy access gap for close to 100 million Nigerians who still lack reliable power. “We want existing and potential partners to better understand our areas of priority so that our collaboration can be better targeted, and with tangible outcomes.” “To support the reform efforts, President Bola Tinubu has issued five new executive orders aimed at providing fiscal incentives for investment and reducing the cost and time of finalising and implementing contracts to develop and expand gas infrastructure.”

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NNPC has requested a permanent presence at the Dangote Refinery as part of the crude oil agreement, says Dangote. “NNPC has informed us that they intend to station a team of 6 to 10 people permanently at our refinery. They’ve asked us to provide office space for them since they will be supplying the crude, overseeing the production, and buying back the products in Naira,” Devakumar V.G. Edwin, Vice President (Oil & Gas) of Dangote Group, said.

The Dangote Refinery is facing challenges in selling approximately 29 tankers of diesel daily, primarily due to reduced demand from oil marketers. The Vice President of Dangote Industries remarked that oil marketers currently acquire just 3% of the products from Dangote Refinery, as they are opting out due to the lower pricing. He said, “As a result of this poor local patronage, the refinery exports most of its diesel and aviation fuel.” Edwin previously stated that if the Nigerian National Petroleum Company Limited and other oil distributors in the country do not support Dangote Refinery, its products would be marketed for export instead. “We have been exporting aviation fuel, we have been producing kerosene, we have been producing diesel, but yesterday, we started the production of PMS. So, that was the last stage. The only thing now left out is petrochemicals.”

NNPC YET TO LIFT OUR PETROL - Dangote Refinery In a statement released by Anthony Chiejina Dangote Group Chief Branding and Communications Officer, Dangote says they are yet to finalize contract with NNPC. The statement reads: “Our attention has been drawn to a headline "NNPC lifts Dangote Petrol, sells at N897 per litre" published in the BusinessDay Newspapers of Wednesday, 4 September 2024. “We would like to state that NNPC has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery. “Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalize our contract with NNPC. “The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we can not determine, fix, or influence the product price, which falls under the purview of relevant government authorities. “We urge the public to disregard the headline as it is misleading and does not represent the true position in this matter. We are guaranteeing Nigerians of exceptionally”

President Tinubu and Xi Jinping are set to sign five Memorandums of Understanding today. President Tinubu would Participate in strategic discussions with 10 chief executives from leading Chinese companies, whose combined assets under management exceed $3 trillion. These executives represent diverse industries, including information and communication technology, oil and gas, aluminum manufacturing, port development, financial services, and satellite technology innovation. President Tinubu will receive the distinguished honor of a 21-gun salute and will review the honor guard at the Great Hall. Following detailed briefings from several of his ministers and other important government officials, President Bola Tinubu is set to meet with Chinese President Xi Jinping today at various events, where they are expected to sign approximately five Memoranda of Understanding (MOUs). This will signify the official start of Tinubu's visit to the People’s Republic of China, beginning with a trip to the Great Hall of the People in Beijing, where he will be welcomed by Jinping. The President Tinubu will arrive at the Great Hall of the People, where he will be greeted with a guard of honour. He will also pay tribute to fallen heroes by laying a wreath and will receive a ceremonial 21-gun salute. The robust bilateral agreements between the two countries aim to concentrate on crucial sectors, such as the green economy, agricultural advancement, satellite technology innovation, development and promotion of media enterprises, blue economic growth, and collaborative national planning efforts. The meeting will serve as an important opportunity for the two leaders to engage in discussions on various shared interests, including economic collaboration, security at national, regional, and international levels, and other pressing global issues. Today, President Tinubu is anticipated to host a roundtable dinner with a select group of chief executive officers from Chinese companies at the China World Hotel in Beijing. As the Chairman of the ECOWAS Authority of Heads of State and Government, President Tinubu will participate alongside fellow African leaders at the FOCAC summit. On Thursday, he is set to deliver significant remarks representing the region, focusing on issues of shared importance between China and Africa. On the same Thursday, the president is scheduled to present an eight-minute address focusing on peace and security. He will also engage in a high-level plenary session dedicated to these issues, where he will provide insights on Nigeria’s viewpoint regarding the security challenges faced both regionally and across the continent.

The Federal Government says it will take action to close down filling stations that are charging N1,000 per litre for petrol. As Nigerians express their worries regarding the rising prices set by independent petrol vendors, the Federal Government has pledged to close down any filling stations found charging excessively for PMS. The Nigerian Midstream and Downstream Petroleum Regulatory Authority expressed this concern, emphasizing that it is not beneficial for Nigerians if marketers engage in price gouging during the sale of PMS. Independent oil marketers have reported that they have been purchasing petrol from private depot owners at rates as high as N850 per litre since last week. They attribute the rising pump prices to this increase in their acquisition costs. The NMDPRA spokesperson, George Ene-Ita, highlighted that the petrol price information received from their officials at the depots does not align with the reports being circulated. He said, “Our depot people see a different price because we ask them to publish the prices at the depots every day and it is not N850/litre. Our field agents at the depots give us a different figure. “If we get these outlets, all we do is to try and shut them down, because NNPC is the company that brings in the product and they tell us how much they sell as their ex-depot prices to off-takers. And we sit down together and work out the margins and there is no way it should be that high. “Once we get these outlets, we are going to shut them down. NNPC tells us how much they sell and there is no way the pump prices should be that high. We don’t expect it to be higher than N650/litre.”

CORAN urges the government to consider selling NNPC refineries as a means to finance modular plants. The Federal Government has been urged to consider selling the state-owned refineries in Port Harcourt, Warri, and Kaduna in order to finance the development of modular refineries. The Crude Oil Refiners Association of Nigeria has urged for the sale of the refineries, asserting that this is the only solution to the ongoing fuel crisis plaguing the nation. Eche Idoko, the Publicity Secretary of CORAN, raised concerns regarding the Federal Government's investment of over $1 billion in the rehabilitation of the Port Harcourt refinery. Unfortunately, despite six delays, the refinery has still not commenced production. He said, “We are not asking for free money. The government should set up an intervention fund in which people can access credit. So, it’s not free money. There are a lot of intervention funds in the agricultural sector,” “The $1.5bn spent on the Port Harcourt refinery could be used to develop 10 modular refineries to be able to produce PMS of a minimum of 10,000 barrels per day. That is about 100,000 barrels a day. “And if you have 100,000 barrels per day, at least, with the Dangote refinery, you would have solved that problem. We would actually have enough to begin to export,” “The low-hanging fruit is simply to empower the modular refineries. “A modular refinery takes an average of 12 to a maximum of 18 months to set up. This administration can identify and select from the modular refineries that are already on stream to support them. “Right now, we have about 15 of them – five are operating but not producing PMS; the other 10 are at various stages of completion. If the government supported these 15 modular refineries to produce PMS, in about 12 months or less, they would have solved this problem of fuel scarcity, rather than say, you are putting money into the Port Harcourt refinery, Warri refinery, or Kaduna refinery. “That was why there was a particular administration that tried to sell those facilities. Most of them are obsolete. Technology has changed. I would have said that the government should sell them off. We know that the issue of fuel crisis is a serious issue, but do we have a solution to it now? We don’t have a quick-fix solution other than what is being done right now, which is importation. “But that is simply not sustainable. For how long can you continue like this? And so, what we are saying is that give yourself a target of the time to completely wind down the importation of petroleum products. Bring stakeholders like the modular refineries and the traders together. We will all put our heads together and then work out a scheme.” “Saudi Aramco is a purely private-loaned entity. It has shares, it has boards, it runs as a private entity. In the United States, in all the countries where you are seeing self-sufficiency in their refineries, the private sector takes the lead. All the government does is to create an enabling environment to provide support.”

PRESIDENT TINUBU LEAVES FOR MALABO President Bola Tinubu will tomorrow, Wednesday, depart Abuja for Malabo, Equatorial Guinea, on a three-day official visit to honour the invitation of President Teodoro Obiang Nguema Mbasogo. A statement by the presidential adviser on media and publicity, Ajuri Ngelale indicates that, President Tinubu will meet with the Equatorial Guinean President at the Presidential Villa on arrival, where meetings will be held between the two leaders and agreements, particularly on oil and gas and security, signed. The President will be accompanied on the trip by the Minister of Foreign Affairs, Yusuf Tuggar, and other members of his cabinet who will be involved in the signing of agreements and review of opportunities to improve bilateral relations.