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Libya’s NOC denies deals to supply crude oil to Nigeria’s Dangote

Published

2 months ago

July 28, 2024

Libya’s National Oil Corporation (NOC) on Sunday denied there are ongoing negotiations to deliver crude oil to a Nigerian refinery.

Last week, a senior executive from Nigeria’s Dangote refinery stated that they were in talks with Libya to source crude for the 650,000 barrels per day plant.

Nigeria, one of the largest oil producers in the world has hoped to stop importing petroleum owing to refining capacity issues of four public refineries.

In a landmark investment to address the situation through private sector participation, Africa’s richest billionaire, Aliko Dangote, built the $20 billion refinery on Lagos’ outskirts.

However, due to insufficient investment, theft, and pipeline vandalism, Dangote’s refinery has been unable to receive enough crude from Nigeria, Africa’s top oil producer, since January. Dangote has purchased oil from the US, Brazil, and others.

“The National Oil Corporation denies that it is negotiating or engaging in any talks regarding the supply of crude oil to an oil refinery in Nigeria,” NOC said in a statement on social media platform X.

Libya’s National Oil Corporation (NOC) denied Sunday negotiations to deliver crude oil to a Nigerian refinery.

Last week, a senior executive from Nigeria’s Dangote refinery stated that they were in talks with Libya to source crude for the 650,000 barrels per day plant.

NOC said it “adheres to the legal mechanism for selling Libyan crude oil and does not work with the spot sale mechanism” and is dedicated to its international contracts. NOC reports Libya’s crude oil output at 1.28 million barrels per day.

Related Topics:DANGOTE REFINERY Featured Libya Nigeria

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VenturesNow

Ezz al-Arab appointed as Egypt’s CIB chairman

Published

3 hours ago

September 16, 2024

Ifeoluwa Dada

Commercial International Bank (CIB), Egypt’s largest private bank, announced on Monday that long-time chairman and previous CEO Hisham Ezz al-Arab will become CEO.

Neveen Sabbour, a board member, will take over as chairman, according to a statement. Hussein Abaza, the outgoing CEO, will be replaced by Ezz al-Arab, who will hold the role for three years.

In Egypt, the market share held by traditional banks is expected to reach US$35.84 billion. As more clients choose online and mobile banking options, Egypt’s banking industry is seeing an increase in digital banking services.

The new appointments are part of “to lead the bank’s multifaceted business transformation and continue its programme to support recognised potential future leaders,” the announcement stated.

Ezz al-Arab, chairman and managing director since 2002, resigned in October 2020 due to “compliance concerns” from the national bank.

In August 2022, a year before his tenure expired, central bank governor Tarek Amer resigned due to a currency crisis. Ezz al-Arab was requested to rejoin as chairman in December.

VenturesNow

Nigerian inflation falls again, drops to 32.15% in August

Published

3 hours ago

September 16, 2024

Ifeoluwa Dada

Nigeria’s August inflation rate declined for a second month to 32.15% from 33.40% in July, the statistics office reported on Monday. This comes after the month of July saw the first decrease in consumer inflation in Africa’s largest country in almost a year.

Analysts predict August’s slowdown may be short-lived after two gas price increases this month enraged citizens facing the worst cost-of-living crisis in a generation.

The removal of a decades-old gasoline subsidy, devaluation of the naira currency, and increase in energy costs by President Bola Tinubu have raised prices.

Reforms attempt to boost economic growth and public finances.

The central bank’s next interest rate decision next week may be influenced by inflation figures. The apex bank has hiked rates four times this year to curb inflation, and economists say July’s hike may be the last.

Further petrol price increases and northern flooding that swept away crops could raise food prices.

“On the whole, disinflation should continue with the headline rate falling below 30% by year-end, but upside risks remain,” Capital Economics Africa analyst David Omojomolo wrote.

He claimed rising petrol prices might “slow the pace of the disinflation process” and that the central bank would not drop rates until early next year.

Food inflation dropped from 39.53% to 37.52% in August. It remained the greatest inflation driver in August.