By Nathan Nwakamma

The Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday said the construction of 2,000 barrels per day (bpd) modular refinery in Brass Bayelsa was underway.

The News Agency of Nigeria (NAN) reports that the modular refinery is the fourth to be supported by the NCDMB under the Federal Government’s plan to use modular refineries to drive the development of the Niger Delta region.

The NCDMB had injected equity capital funds in three modular refineries with the Waltersmith 5,000 bpd modular refinery at Ibigwe, Imo already in operation.

Others are the 12,000 bpd Hydroskimming modular refinery being constructed by Azikel Petroleum Ltd., at Obunagha, Gbarain, Bayelsa and the 2,500 bpd modular refinery being developed by Duport Midstream Company as part of its Energy Park in Egbokor, Edo.

According to a statement signed by Mr Naboth Onyesoh, Manager, the Corporate Communications of NCDMB, the project includes a power plant and logistics jetty to provide support for oil and gas operations.

Onyesoh said that Minister of State for Petroleum Resources Chief Timipre Sylva had performed the ground breaking ceremony of an Energy Infrastructure Park on Saturday at Okpoama in Brass Local Government Area of Bayelsa.

The infrastructure is being developed by Atlantic International Refinery and Petrochemical Ltd., in partnership with the NCDMB.

He said that the minister also commissioned three Corporate Social Responsibility (CSR) projects executed by the Atlantic International Refinery for the people of the Okpoama Kingdom.

The projects include the Okpoama Cottage Hospital, Iseleama Health Centre and Okpoama Community Water Works.

The statement quoted Sylva as saying at the event that one of the best strategies to curb restiveness in the Niger Delta region was to create jobs and opportunities for the youths.

The minister said that part of his mandate was to collaborate with players in the private sector to establish oil and gas facilities, including modular refineries.

According to Sylva, this will ensure value addition to the crude oil, growing domestic refining capacity to improve products availability, create jobs in-country and curb pipeline vandalism.

He urged the people of Okpoama Kingdom and other parts of the Niger Delta to create an investment-friendly environment that would attract other oil and gas and manufacturing facilities to the region.

The Executive Secretary of NCDMB, Mr Simbi Wabote listed the various elements of the Energy Park project to include a-2,000 barrels per day modular refinery, power plant and jetty.

Wabote said that the project would serve as catalysts for infrastructural development and spur economic activities in Bayelsa.

He said that the board decided to partner with Atlantic International Refinery and Petrochemical Ltd. to develop the Energy Park in line with its mandate of catalysing oil and gas activities.

He said that the Atlantic modular refinery was the fourth in the series of the board’s partnerships to contribute to the implementation of the modular refinery aspect of the Federal Government’s refining roadmap.

“With the recent commissioning of the Waltersmith Refinery, we have proven that the concept is doable with the right dedication and partnership models.

“Our focus now is to ensure the completion of the remaining three modular refineries under construction,” the executive secretary said.

On the location of the Atlantic Modular refinery, Wabote noted that the maritime terrain was challenging.

“We believe that with the capability of our partner, especially with the support of our stakeholders in the community, the state and the nation at large, we will come back next year to commission the project,” he said. (NAN)

By Jacinta Nwachukwu

The Host Communities of Nigeria Producing Oil and Gas (HOSCoN) joint parties on Tuesday called on the Federal Government to establish a commission to address the challenges of deprivation and underdevelopment in the communities.

The joint parties made the call in a communique issued after a conciliatory meeting organised by the Senior Special Assistant to the President on Niger Delta Affairs, Sen. Ita Enang, in Abuja.

The News Agency of Nigeria (NAN) reports that Enang convened a meeting sequel to the issues which ensued between the factions of the Oil and Gas Producing Communities at the public hearing of the Petroleum Industry Bill (PIB) in the National Assembly on Jan. 28.

NAN also reports that the communique was signed by Dr Mike Emuh, National Chairman, HOSCoN; Dr Benjamin Style, President and the convener of the meeting, Sen. Ita Enang.

According to the joint parties, the commission if established would be known as ”Host Communities Oil Producing Area Development Commission” (HC-OPADEC), which shall be replicated at the state and local government levels.

They also said that the nomination of the appointees to the Board shall be from the host communities and not the other way round.

Both parties, however, said that they did not subscribe to the scraping of the Niger Delta Development Commission (NDDC), rather its funding should be enhanced.

They urged state government that had not established Oil Producing Development Commission to do so immediately or be held responsible of any damage of facility in their states.

The communities also demanded 10 per cent equity shareholding as against 2.5 per cent of oil and gas production quantum.

”We note the negative impact of gas flare and its impact on environment, economy and human health.

“Therefore the operating companies should pay gas flare penalties directly to the host communities who are the recipient of climate change and exploratory activities.

“Again any oil company that fails to set up the Trust Fund within six months after the enacting of the act shall be sanctioned in accordance to the local content Act section 68,” they added.(NAN)

By Joan Nwagwu

The Technical Committee on Premium Motor Spirit (PMS) Pricing Framework has submitted its report to the Federal Government and the Organised Labour.

Sen. Chris Ngige, Minister of Labour and Employment, made the disclosure while addressing newsmen at the end of a bipartite meeting with the Federal Government and organised Labour on Tuesday in Abuja.

Ngige said that the meeting had been adjourned to Feb. 22, when it would deliberate on the report.

The News Agency of Nigeria (NAN) reports that the Technical Committee was set up with a mandate to come up with a viable framework for PMS price modulation and electricity tariff.

Also, the committee was mandated to examine the two policies respectively in relation to the demands of the labour unions.

NAN also reports that the meeting is a continuation of the series of meetings held in 2020  in a bid to persuade labour unions from embarking on industrial action over the increase in the price of petrol and electricity.

The minister, therefore, said that the adjournment was to enable the representatives of Organised Labour subject the report to the analysis of their various organs.

“The Committee on Petroleum Pricing has finished its work and sent in the report. We have received and adopted the report.

“Labour also asked for some time to subject the report to their various organs. It is a technical report, so they need further elucidation from their technical and research teams,”he said.

Ngige also noted that the report of the Technical Committee on Electricity Tariff would be ready in a week’s time, and would also be reviewed alongside that of Petroleum Pricing on Feb. 22, when the meeting would reconvene.

However, the Minister of State for Petroleum, Timipre Sylva, has also raised concerns over the possible effects that the three weeks postponement of the meeting could have on the availability of petroleum products in the market.

Also, Mr Ayuba Wabba, President Nigeria Labour Congress (NLC), said that Organised Labour needed to do a broader consultation to come up with clear positions on what would be beneficial to both the Nigerian workers, and all Nigerians.

Wabba noted that the issues at stake touched on the life of every Nigerian.

”The whole essence of what we are arguing about is how to bring not only the price stability but also affordability,” he said.

Earlier, Mr Boss Mustapha, Secretary to the Government of the Federation (SGF),  assured Organised Labour of the government’s commitment to the implementation of decisions reached at the meeting.

“Our pledge on the government side is that whatever decisions are reached, we will ensure that government honours its own part of the bargain, so that we can maintain and sustain industrial harmony in our nation,” he said.

Also present at the meeting were the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari.

Others were the Permanent Secretary, Federal Ministry of Labour and Employment, Dr Yerima Tarfa, Trade Union Congress (TUC) President, Mr Quadri Olaleye; among other government and Labour officials.

The Federal Government had in November 2020 raised the depot price of petrol from N147.67 to N155.17 per litre, enforcing marketers to sell between 165 and 173 Naira per litre. (NAN)

China is hoping for an improvement in diplomatic relations with the United States under the newly inaugurated President Joe Biden.

Foreign Ministry spokeswoman, Hua Chunying, congratulated Biden in front of the press in Beijing on Thursday and expressed hope that the relationship would be put back on the right track.

The spokeswoman referred to the statements by Biden in his inauguration speech, according to which differences of opinion should not lead to conflict.

“That should also apply to international relations,’’ said Hua Chunying.

“In the past four years, a handful of American politicians have spread so many lies and instigated so much hatred and division.’’

She did not name former president Donald Trump, but referring to his secretary of state Mike Pompeo, who laid too many mines to remove and burned so many bridges to be rebuilt.

“We believe that the good angels in Sino-American relations will most definitely defeat the evil forces,’’ she said.

“But if China’s sovereignty and interests are undermined, we will take countermeasures.’’

A few minutes after Biden’s inauguration, China imposed sanctions on Pompeo and 27 other politicians in the outgoing government and their families.

They are being denied entry to China, Hong Kong and Macau.

They, as well as related institutions and companies, are not allowed to do business in China, the Foreign Ministry announced.

Stocks in the Asia-Pacific region climbed on Thursday as investor sentiment was lifted by the inauguration of new U.S. President Joe Biden’s administration.

Biden, who formally took over the Oval Office on Wednesday, is expected to provide more stimulus to prop up the world’s largest economy, which has been hit hard by the COVID-19 pandemic.

The Bombay Stock Exchange’s benchmark Sensex scaled the 50,000 mark for the first time ever.

The 30-share Sensex rose by over 300 points to hit an all-time high of 50,137 around noon (0630 GMT).

The broader 50-share Nifty of the National Stock Exchange moved up nearly 100 points to 14,746.

Japan’s benchmark Nikkei 225 Stock Average gained 0.82 per cent to close at 28,756.86, while the broader Topix index was up 0.6 per cent to 1,860.64.

South Korea’s benchmark Kospi Index jumped 1.49 per cent to end at 3,160.84.

Australia’s benchmark S&P/ASX200 index rose 0.79 per cent to close at 6,823.7 and the broader All Ordinaries index added 0.8 per cent to 7,107.1.

China’s Shanghai Composite Index gained 1.07 per cent to 3,621.26 on the day. (dpa/NAN)

By Chinyere Joel-Nwokeoma

Transactions on the Nigerian Stock Exchange (NSE) rebounded on Wednesday by N50 billion, halting two consecutive days bearish trend due to sustained bargain-hunting in insurance stocks.

The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N21.474 trillion inched higher by N50 billion or 0.23 per cent to close at N21.524 trillion.

Also, the All-Share Index increased by 96.09 points or 0.23 per cent to close at 41,147.72 against 41,051.63 points achieved on Tuesday.

The market gains were driven by price appreciation in large and medium capitalised stocks amongst which are Lafarge Africa, Ardova, BOC Gases, Northern Nigeria Flour Mills and Flour Mills of Nigeria.

Consequently, market sentiment was positive with 55 stocks recording gains, relative to 16 losers.

Deap Capital Management & Trust, Mutual Benefits Assurance, NNFM, Niger Insurance, Royal Exchange and Sovereign Trust Insurance led the gainers’ table in percentage terms, gaining 10 per cent each to close at 22k, 55k, N8.80, 33k, 44k and 33k per share, respectively.

Livestock Feeds and BOC Gases trailed with 9.80 per cent each to close at N2.80 and N15.12 per share, respectively.

Consolidated Hallmark Insurance and Linkage Assurance rose by 9.76 per cent each to close at 45k and 90k per share, respectively.

On the other hand, Sunu Assurances and AXA Mansard Insurance led the losers’ chart in percentage terms, losing 10 per cent each to close at 90k and N1.53 per share, respectively.

Japaul Gold and Ventures followed with a loss of 9.38 per cent to close at N1.16 per share.

Afromedia Plc shed 9.09 per cent to close at 20k, while Omatek Ventures dipped 8.70 per cent to close at 21k per share.

The total volume of shares traded grew by 23.7 per cent with an exchange of 649.68 million shares worth N4.61 billion exchanged in 6,296 deals.

This was in contrast with a total of 525.01 million shares worth N5.34 billion transacted in 5,965 deals on Tuesday.

Mutual Benefits Assurance topped the activity chart with 52.11 million shares valued N28.65 million.

Transcorp came second with 51.65 million shares worth N66.12 million, while Sterling Bank accounted for 48.12 million shares valued N94.29 million.

Lafarge Africa sold 34.67 million shares worth N900.09 million, while UACN Property Development transacted 30.73 million shares valued at N22.98 million. (NAN)