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An aerial or ground view of a Nigerian oil refinery with distillation towers and pipework at dusk.

Nigeria’s refineries shut due to commercial losses, not technical failure – Osifo

Nigeria’s state-owned oil refineries have remained shuttered because of mounting commercial losses rather than mechanical breakdowns, according to remarks attributed to Osifo and reported by Business News Nigeria. Nigeria operates four refineries under the Nigerian National Petroleum Company (NNPC) — two in Port Harcourt, one in Warri and one in Kaduna — with a combined […]

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The headquarters of the Nigerian National Petroleum Company, a tall corporate office tower in Abuja, with a paved forecourt.

Nigeria approves $4.5 billion refinancing of NNPC oil-backed facility

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Nigeria’s federal government has approved a $4.5 billion refinancing of an oil-backed facility held by the Nigerian National Petroleum Company (NNPC), according to CNBC Africa. The decision relates to a financing arrangement backed by future crude oil revenues. Such oil-backed facilities have been a recurring feature of Nigeria’s energy sector, allowing the state oil company

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The glass-and-concrete headquarters tower of the Nigerian National Petroleum Company in central Abuja under clear skies.

Nigeria’s NNPC Secures $4.5 Billion Loan for National Priorities

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Nigerian National Petroleum Company has secured a $4.5 billion loan aimed at supporting national priorities, according to a Bloomberg.com report. The facility — one of the largest single commercial borrowings arranged by the state oil company in recent memory — underscores the central role NNPC continues to play in financing the federal government’s energy and

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The NNPC corporate headquarters building in Abuja, a modern office tower with a glass facade.

Nigeria’s NNPC issues another tender to sell its new Cawthorne crude

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Nigeria’s state-owned oil company has launched another tender to sell its new Cawthorne crude grade, according to Businessfront. The Nigerian National Petroleum Company (NNPC), which manages the country’s hydrocarbon resources on behalf of the federal government, periodically invites international buyers to bid for cargoes of its various crude streams. The Cawthorne grade is among the

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