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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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Eni To Oando: We Are Selling NOAC, If Plans Sail Through


By Favour & Akinola Ajibade


Eni Spa, yesterday, (Monday) said that it would sell Nigerian Agip Oil Company(NAOC) to Oando, a fastest growing Nigerian oil company, if all go according to plans. 

Eni, an Italian firm, said it has reach agreement with Oando issue, with both companies  expecting the deal to come into fruition soon. 

Oando is the leading Nigerian energy company listed on both the Nigerian Stock Exchange and Johannesburg, while  Nigerian Agip Oil Company Ltd, was a subsidiary of Eni and active in Nigeria in onshore hydrocarbon exploration and production and power generation.

In Nigeria, NAOC holds corporate interests in four onshore blocks namely OML 60, 61, 62, 63, which are being operated on behalf of the NAOC JV – operator NAOC Ltd 20%,Oando 20%, NNPC E&P Limited 60% -, in Okpai 1 and 2 power plants with an installed capacity of 960MW, and in two onshore exploration licenses – OPL 282 and OPL 135, 90% and 48%, respectively -, of which it is also operator.

The stake NAOC holds in SPDC JV – Shell Production Development Company Joint Venture – Shell operator 30 percent, TotalEnergies 10 percent, NAOC 5 percent, NNPC 55 percent – is outside the scope of the transaction and will remain in Eni’s portfolio.

The transaction is in line with Eni’s 2023-2026 Plan. “Upstream will complement core organic growth with high-profile portfolio assets, adding resources that will increase their value, while divesting assets that can offer greater value and opportunities to the new owners,” the company explained in a note.

The closing of the transaction is subject, inter alia, to the approval of all relevant local and regulatory authorities.

Eni trades in the green by 0.6 percent at EUR14.62 per share.

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