Top News This Week

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Early this week, the first batch of crude was charged into the giant tower at the 650,000BPD Dangote Refinery in Lekki, Nigeria, further raising the hope of a major oil-producing nation whose citizens have depended on fuel imports for years.

As products from the plant are expected to hit the market by month's end, ETERNA Plc has secured a deal with Dangote Group to become the official domestic distributor of their products in Nigeria. 

However, many other petroleum marketers across Nigeria continue to lobby for a place in the queue.

OUR TOP NEWS THIS WEEK

China: 80% of the global solar panels market is controlled by China, which flooded the market with cheap panels and helped accelerate renewable energy deployment worldwide in 2023. Solar is the fastest-growing renewable energy in the world today, IEA says. 

Nigeria: NNPC Ltd is calling on reputable operators with track records who will operate and maintain the 210,000 barrels per day Port Harcourt refinery. 

World: The most popular misconception about global warming is that CO2 is the most dangerous GHG. But that's not true. Even methane is a more potent GHG than CO2.

Nigeria: Nigeria's oil output increased 7.7% MoM to 1.4 million bpd in December 2023, per OPEC's January 2024 report. This returns Nigeria as Africa's top oil producer.

India: A tragic boat mishap on the Harani Lake that occurred on Thursday in Vadodara, Western India killing 15 students and a teacher, has sparked an HSE probe. 

World: OPEC boss H.E. Haitham al-Ghais visited the APPO Headquarters on Thursday in Brazzaville, Republic of Congo to reinforce partnership in promoting stability, sustainability, and prosperity in the energy sector. What is APPO?

Nigeria: Nigeria faces challenges shifting to a gas-based economy under President Tinubu as high investment costs continue to hinder private investors, despite government incentives.

World: MIT and Harvard scholars have jointly developed a special carbon-neutral fuel out of CO2, the most notorious GHG agent known yet.

Nigeria: Power distribution companies (DisCos) can now purchase electricity directly from GenCos as power regular NERC gives the green light in a bid to bridge the gap between generation and distribution.

UK: 2024 might be another year to worry about climate change. Britain's Met Office predicted carbon dioxide in the atmosphere this year will exceed key trajectories for limiting warming to 1.5C,  hence requiring only "drastic" emissions cuts.

Iran: The country’s petrochemical industry which accounts for 28% of the region's market, aims to expand more, reaching self-sufficiency and enhancing global competitiveness.

Nigeria: Is Nigeria on a safety holiday? A fatal explosion at an illegally operated mining site in Ibadan claimed 2 lives and injured 77 this week. Recall, a midnight reportedly killed a family of 7 in Kano this week, too.

See you next time!

Contributed by Daniel Bassey, Charles Ekpima, and Victor Osamadeko.

Edited by Victor Bassey, Timothy Oyebamiji, and Emem Antia. 

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