Page 15 - DMEA Week 18 2022

DMEA NEWS IN BRIEF DMEA

POLICY nearly double that figure this year. the refinery on April 6, without causing
Nigeria has so far been unable to take any casualties. Sources in the Kurdistan
Oil windfall bypasses advantage of the increase in the price of Regional Government told Reuters then
that the refinery is owned by Iraqi Kurdish
crude, which has surged since Russia invaded
Nigeria as subsidies eat Ukraine in February. Brent crude was up 1.6% businessman Baz Karim Barzanji, CEO of
at $112.7 a barrel at 12 p.m. in London.
major domestic energy company the KAR
into revenue fallen well short of the limits set by OPEC+, Group.
The country’s production has consistently
In March, Iran attacked Erbil with a
Nigeria’s national energy company spent which currently stands at 1.735 million barrels dozen ballistic missiles in an unprecedented
almost two-thirds of its revenue subsidizing a day. assault on the capital of the autonomous Iraqi
gasoline in the first quarter of the year and A spokesman for the NNPC didn’t respond Kurdish region that appeared to target the
contributed no money to the government to a request for comment. United States and its allies. Only one person
despite soaring oil prices. BLOOMBERG was hurt in that attack.
Data published by the Nigerian National REUTERS
Petroleum Co. show how high oil prices are
weighing down rather than boosting public REFINING Kenya Pipeline embarks on
finances in Africa’s largest crude producer. The
World Bank and International Monetary Fund Missile attack causes tank KPRL upgrade
have repeatedly urged Nigeria’s government
to remove the subsidy on gasoline, which is fire in oil refinery in Iraq The Kenya Pipeline Company (KPC) is
forecast to cost the country as much as $9.6 embarking on upgrading facilities owned
billion this year. A missile attack targeted an oil refinery in by the defunct Kenya Petroleum Refineries
The NNPC spent 676 billion naira ($1.6 Iraq’s northern city of Erbil on Sunday causing Limited as it seeks to boost its storage capacity.
billion) in the first three months of the year on a fire in one of its main tanks that was later The State-owned corporation has
subsidies, against gross revenue of 1 trillion brought under control, the Iraqi security advertised for bids from eligible firms to help
naira, according to a report it published late forces said in a statement. it upgrade the refinery for storage.
last month. A missile also landed in the outer fence of Experts say the upgrade of the refinery will
Nigeria has very little refining capacity, the refinery without causing any casualties, significantly cut perennial inefficiencies that
prompting the NNPC to import all its the statement added. characterise the country’s petroleum products
gasoline via crude-for-fuel swaps with local Earlier on Sunday, the anti-terrorism supply chain, which translates into high prices
and international traders, which the company authorities in Kurdistan region said six at the pump.
sells at an increasingly steep loss to retailers missiles landed near the KAR refinery in The increased storage capacity at KPC
and wholesalers. That makes pump prices Erbil, adding they were launched from is expected to save oil marketing firms
in Nigeria among the lowest in the world, at Nineveh province. millions of shillings paid to shipping lines as
162.5 naira a liter. The security forces said they found a demurrage charges.
The state-owned group is supposed to launch pad and four missiles in the Nineveh The upgrade comes weeks after KPC
send excess funds each month to a pool that Plain after the attack and defused them. concluded the takeover of the defunct KPRL.
finances the federal and state governments Iraqi Prime Minister Mustafa al-Kadhimi “KPRL invites sealed tenders to carry out
in Africa’s most populous nation. The NNPC said the armed forces will pursue the cleaning, painting and repair of LPG tanks
last year contributed about 15% of its gross perpetrators of what he called a “cowardly 610 and 611 and vessels V601A & V601B
revenue of 3.43 trillion naira to the fund, attack”, while discussing the security situation at Kenya Petroleum Refineries Limited,
according to company data. in a phone call with Kurdish leader Masoud Changamwe, Mombasa,” said KPRL in tender
The firm says it spent 1.43 trillion naira Barzani, the prime minister’s office said documents.
subsidizing gasoline in 2021 -- it is on track to on Twitter. Three missiles also fell near BUSINESS DAILY

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