Connect with us

news

Breaking : Oil marketers demand N700 to N850/litre of diesel from Dangote refinery, as product produce locally in Nigeria

Published

on

Oil marketers have called for a downward review in the pump price of the Automotive Gas Oil, popularly called diesel, being produced by the Dangote Petroleum Refinery to between N700 and N850/litre, as operators plan to meet managers of the refinery next week.

The largest downstream marketing association, the Independent Petroleum Marketers Association of Nigeria, which made the call in an interview with The correspondent,said the N1,225/litre diesel price from the indigenous refinery was high because the commodity was produced in Nigeria and not imported.

The Petroleum Products Retail Outlets Owners Association of Nigeria also called for a reduction in the price of Dangote diesel.

The groups called for the intervention of the Federal Government and urged the managers of the refinery to consider the high cost of logistics required to transport the product from Lagos where the refinery is located.

The oil marketers pointed out that the product is being landed in Nigeria by some importers at N1,250/litre following the appreciation of the naira against the dollar, adding that this should be another reason why the Dangote refinery that produces diesel in Nigeria should cut down its price.

According to the oil marketers, diesel produced at the Dangote refinery has no vessel cost, import charges, and other costs associated with the costs associated with the importation of the commodity into Nigeria.

This came as it was gathered that the marketers under the aegis of IPMAN and Independent Petroleum Marketers Association of Nigeria, and PETROAN held separate meetings on Monday to deliberate on the pricing of petroleum products from the refinery, as well as other issues.

The $20bn refinery started pumping out diesel to the domestic market the previous Wednesday (March 27, 2024).

The report stated that the refinery sold a minimum of one million litres to each registered oil marketer that got the product from the plant since it commenced diesel sale.

Officials of the multi-billion dollar plant and oil dealers had confirmed that the product was dispensed to marketers at between N1,225/litre and N1,300/litre depending on the volume of purchase.

Reacting to the cost of the commodity during an interview with our correspondent on Monday, the National Public Relations Officer, IPMAN, Chief Chinedu Ukadike, commended the refinery for the commencement in the release of refined products.

He, however, urged the managers of the plant to review the cost of the product downward, providing reasons why the price of Dangote diesel should be cheaper than what was imported.

Ukadike said, “During the construction of the Dangote refinery, we supported and welcomed it. Also, it was our prayers that an indigenous refinery be opened so that it will limit the expenses of logistics in terms of importation, clearing, and other activities associated with bringing products into the country.

“These are some of the hurdles that necessitated the high cost of AGO or diesel being imported into Nigeria. So now that a private refinery with a very high capacity has started producing petroleum products here in Nigeria, we would have appreciated that its products being sold to Nigerians will be cheaper than the landing cost of imported products.

“The dollar is currently about N1,270 to N1,290 and it is coming down. So if the dollar is a determinant factor in terms of the importation of petroleum products and diesel is sold by those companies that imported at N1,300/$, I believe that Dangote refinery should not measure the price of its diesel with the parameter of the forex.”

The IPMAN PRO stated that forex should not be the benchmark for the price of Dangote refinery’s diesel.

“Also, some other expenses on the cost of diesel produced by the refinery have been waived. So those expenses should reflect on the price of the product. The refinery is in Lagos, so there is no vessel voyage cost and this should be deducted from the price Dangote is giving us.

“Other marketers who imported their products are landing it at between N1,200 and N1,250/litre since the drop in forex. So Dangote should be giving us his product at around N700 to N850/litre since he is producing it here.

“When we buy at that price, it will further strengthen the naira, minimise profiteering and reduce the cost of goods and services that are transported using diesel. If you minus the cost spent on vessels, importation charges, and the cost of foreign exchange to some extent, the price of diesel will drop,” Ukadike stated.

He said oil marketers would also submit their price request to the Dangote refinery next week, adding that IPMAN would seek the intervention of the Federal Government on the matter.

“We are trying to seek a meeting with the refinery’s commercial department. I just came out of a meeting to speak with you, where we are discussing how to be able to persuade them to review their prices and also ask the government to intervene,” he said.

When asked to state when the association would meet with the refinery, Ukadike replied. “By next week we should get an appointment. That should be after the Sallah.” some

members of IPMAN had started purchasing the product from the refinery at the N1,225/litre price, though the association had stated that it would seek its price from the managers of the refinery.

“They started pumping out diesel to marketers last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making the purchase,” the National President, the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, had told our correspondent last week.

He added, “So some of our marketers have started getting the product, but as an association, we have not got the product yet, because we want to get the actual rate that it will be sold to us when we buy in bulk. However, they have started selling diesel because some of our marketers have started buying.

“They are selling at N1,225/litre and the minimum volume they are giving is one million litres per marketer. Also, they assured us that they will release more products, but for now this (diesel) is what they are starting with. So we are expecting them to release PMS anytime from now.”

Maigandi had said the move by Dangote would definitely lead to a crash in diesel price, as the commodity rose to a high of about N1,700/litre recently.

“The price of diesel is going to fall because of the release of products from Dangote refinery. It is already coming down in Lagos,” Maigandi stated.

Another oil marketer, who is the Chief Executive, AF Ralph Oil and Gas Ventures, Dr Ralph Arokoyo, had also confirmed that the refinery started the sale of diesel to dealers, adding that the plant started dispensing the product about two weeks ago.

Asked if the Dangote refinery had started supplying diesel to the market, Arokoyo replied, “Yes they have started. They started diesel sales last Wednesday and they have sold to many marketers including members of IPMAN and MEMAN (Major Energy Marketers Association of Nigeria), as well as other private registered independent dealers.”

The President, the Petroleum Products Retail Outlets Owners Association of Nigeria, Billis Gillis-Harry, also stated on Monday that the cost of diesel from the Dangote refinery should be reduced.

He said, “PETROAN has an agreement with Dangote to supply to us at N1,200, but we will still request a downward review. We have over 19,000 members and over 6,800 people are active and ready to do business. So we need to talk about so many issues.

“First of all, the logistics from Lagos to Port Harcourt, Calabar, Warri, Zamfara, and other locations is not very easy. So those in Lagos can take the N1,200/litre price because their cost of logistics is low, but this is not so for dealers outside Lagos.

“So we will certainly still engage with them on how prices will come down. However, the good news is that they have rolled out products and we salute and congratulate them, especially the Executive Director, Commercial, Mr Rabiu Umar, for his courage in making sure Nigeria is wet with refined products.”

Gillis-Harry, however, stated that the refinery would have to recoup the funds used in constructing it, as several billions of dollars were borrowed to develop the plant.

Cautious optimism among manufacturers as Dangote begins diesel sale
Diesel price drops as Dangote sells N1,225/litre, supplies petrol May
“The refinery has collected billions of dollars as loans to put itself up. It must start to work to pay back these loans. And the only way to get back this money is by producing and selling, as well as exporting.

“Now he has started with domestic sales. So organisations like ours will have to sit down with them and work out the details and this will enable us to know exactly what their cost elements are. We want to sell and they want to produce,” he stated.

The PETROAN president said his association would not want to speak on the proposed cost of petrol that should come from the Dangote refinery until the plant starts producing the commodity for the domestic market.

“You can’t even talk about price when they’ve not started producing. Yes, they have discussed with PETROAN that they would produce PMS, but they have not started producing,” he said.

When told that the refinery was working to release PMS in May, Gillis-Harry said, “They’ve not started producing. So we won’t work on projections. Let them produce first and we will then know what their input, output, and pricing are. That is the only time we can talk about what prices they should sell.

“Dangote refinery has informed PETROAN that they will produce PMS but we await their production, and then we will know the inputs of their production before we talk about the pricing. We can’t tell them what to sell now.”

Officials of the multibillion-dollar refinery decided to stay mute despite several attempts to get their input on the matter.

However, a senior official at the Dangote refinery confirmed last week that the plant had started the sale of diesel to marketers, as the source noted that Premium Motor Spirit, popularly called petrol, would soon be released to the market.

“The product (diesel) is everywhere and they (marketers) are accessing it with ease. The product has been on sale to marketers since last week and the transactions have been better.

“The price of the product in various locations of the country will come down, and it is already coming down in many parts of Lagos since we started releasing products to marketers,” the official, who spoke on condition of anonymity due to lack of authorisation to speak on the matter, had stated.

The Dangote refinery has faced a series of hurdles as it strives to release refined products into the market after it was officially inaugurated by former President Muhammadu Buhari in May last year.

On February 8, 2024, our correspondent reported that indications emerged that lingering regulatory approvals stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January.

The report stated that weeks after the January 31 timeline set by the management of Africa’s largest refinery to begin the sale of its petroleum product in the local market, the refinery was still battling to cross the hurdles of the several layers of regulatory approvals.

It stated that the development came after the refinery began the production of refined petroleum products at the expansive facility.

On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1.

Aliko Dangote, in a statement issued by his firm at the time, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project.

Dangote also thanked the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, NMDPRA, and Nigerians for their support and belief in the historic project, as he revealed that the facility would pump out diesel and aviation fuel in January, subject to regulatory approvals.

He said, “We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to detail.

“His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC, and NMDPRA for their support. These organisations have been our dependable partners in this historic journey.

“We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”

The refinery, Africa’s largest with a nameplate capacity of 650,000 barrels per day, was built on a peninsula on the outskirts of the commercial capital Lagos.

Nigeria has for years relied on expensive imports for nearly all the fuel it consumes but the $20bn refinery is set to turn it into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry.

The commencement of diesel sale in Nigeria by the plant is not its first refined products sale, as The PUNCH reported in February that the refinery issued tenders to sell two fuel cargoes for export.

This was the first from the new refinery, as the report stated that this was confirmed by trading sources with knowledge of the matter who spoke to Reuters at the time.

Nigeria has for years relied on expensive imports for nearly all the fuel it consumes but the $20bn refinery is set to turn it into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry

Reuters had stated in its report that Dangote declined its request for comment. The oil firm also remained mute to several inquiries by The PUNCH at the time.

The report stated that the first cargo was 65,000 metric tonnes of low-sulphur straight-run fuel oil, which Dangote awarded to Trafigura, which was due to load at the end of February, three of the sources said, according to Reuters, as it added that Trafigura declined to comment at the time.

At least one refiner said they had been offered the cargo by Trafigura without elaborating further.

The second tender was for about 60,000 tonnes of naphtha, three other sources had stated. Two of them added that the tender closed on February 15. Loading details were not immediately available at the time.

Sources had also told Reuters that the refinery was preparing to deliver its first fuel cargoes to the domestic market within weeks.

The two fuels on offer were typical products of running light sweet crude through a crude distillation unit in a refinery without further upgrading capacity.

The refiner began buying crude in December last year and Nigerian National Petroleum Company Limited has been the main supplier.

Dangote has also purchased some US oil and reportedly received two million barrels of US WTI Midland in early March, according to LSEG and Kpler ship tracking.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

news

SWITZERLAND PLEDGES SUPPORT FOR NIGERIA’S BID FOR IMO CATEGORY ‘C’ SEAT, Says Oyetola

Published

on

Nigeria’s quest to secure a Category ‘C’ seat on the International Maritime Organization (IMO) Council for the 2026/2027 biennium received a major boost today as the Government of Switzerland formally pledged its support.

The Honourable Minister of Marine and Blue Economy, H.E. Adegboyega Oyetola, CON, received the letter of endorsement during a courtesy visit by the Swiss Ambassador to Nigeria, H.E. Patrick Felix Egloff, at the Ministry’s headquarters in Abuja.

Expressing his delight, Oyetola described the Swiss government’s backing as “a significant milestone in Nigeria’s campaign and a strong testament to the Federal Government’s commitment to upholding international maritime standards.”

According to the Minister, Nigeria’s election into the IMO Council would further strengthen global efforts towards building “a more robust, safe, and sustainable maritime industry.”

Highlighting Nigeria’s maritime potential, Oyetola disclosed that the country boasts 200 nautical miles of Exclusive Economic Zone and an extended continental shelf of 16,300km, positioning it as a strategic maritime nation.

“With these vast endowments, Nigeria, by any standard, is a maritime nation. That’s why the Ministry, in collaboration with the World Bank, AU-IBAR, the Kingdom of Norway, and other stakeholders, has developed a comprehensive National Policy on Marine and Blue Economy capable of standing the test of time,” he stated.

Oyetola further revealed that the Federal Government is adopting a Public-Private Partnership (PPP) model to drive rapid investments in the maritime sector. These include inland waterways development, supply of boats, dredging, and navigation infrastructure.

On maritime security, the Minister emphasized the success of the Deep Blue Project, Nigeria’s state-of-the-art surveillance initiative:

“For the past three years, there has been zero piracy in our waters, and we’re committed to sustaining this achievement. We’re also working with other Gulf of Guinea countries to extend safety and security beyond our national waters.”

In his remarks, Ambassador Egloff noted that Switzerland’s decision to endorse Nigeria followed an earlier request from the Ministry in April 2025.

“I’m very glad to convey this letter of support. Switzerland is very happy to stand with Nigeria. You’re a strong candidate, and we appreciate your commitment to multilateralism and the maritime sector. Nigeria plays a very important role globally,” he affirmed.

With Switzerland’s endorsement, Nigeria’s campaign for the IMO Category ‘C’ Council seat gains further international momentum ahead of the elections slated for October/November 2025.

Continue Reading

news

Update : JUST IN: Tinubu returns after Japan, Brazil trips

Published

on

President Bola Ahmed Tinubu returned to Abuja around 1:20am on Thursday after concluding a three-day state visit to Brazil that yielded a raft of bilateral agreements and high-level engagements aimed at deepening Nigeria’s economic and diplomatic ties with South America’s largest economy.

The President, who arrived aboard the presidential jet, was received at the Presidential Wing of the Nnamdi Azikiwe International Airport by a high-powered delegation of political leaders and senior government officials.

Among those present were Governors Caleb Mutfwang (Plateau); Uba Sani (Kaduna); Hope Uzodinma (Imo) and AbdulRahman AbdulRazaq (Kwara).

Also on hand to welcome the President were Speaker of the House of Representatives, Tajudeen Abbas; Deputy Senate President, Barau Jibrin; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Nuhu Ribadu; and some Ministers, including Nyesom Wike (FCT); Abubakar Atiku Bagudu (Budget and Economic Planning) and Bello Matawalle (Defence, State).

President Tinubu’s visit to Brazil was marked by the signing of five Memoranda of Understanding (MoUs) covering aviation, trade, science, diplomacy, and finance.

At a joint press conference in Brasília, he welcomed the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria—five years after it halted its joint ventures.

“We have the largest gas repository. So I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done,” he said.

The agreements also included a Bilateral Air Services Agreement, paving the way for direct flights between Lagos and São Paulo, to be operated by Air Peace.

Other MoUs targeted political consultations, scientific collaboration, and agricultural financing through Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development.

Beyond the MoUs, President Tinubu underscored his administration’s economic reforms, assuring Brazilian investors of a stable, transparent financial climate.

He cited Nigeria’s capital market growth as evidence of renewed investor confidence and pledged continued reforms to “unlock capital, protect investors, and drive innovation.”

In a meeting with Nigerians in Brazil, Tinubu called on the diaspora to contribute actively to nation-building, pledging technology-driven development and food security as the pillars of a prosperous future.

“We must bring Nigeria to the forefront of Africa’s progress, driven by technology, food sovereignty, and the courage to change our destiny,” he told the gathering.

The visit, which featured red-carpet honours, bilateral meetings with President Luiz Inácio Lula da Silva, and cultural engagements, signalled what both leaders described as a new era in Nigeria–Brazil relations.

Tinubu’s state visit to Brazil was preceded by his participation at the recently concluded ninth edition of the Tokyo International Conference on African Development (TICAD9).

Continue Reading

news

Symbolic gestures to tangible cooperation, Air Peace clearance, Oil giant Petrobras return is key gain of Tinubu’s Brazil visit, Says Onanuga

Published

on

……Air Peace clearance for Lagos-Sao Paulo direct flights excites President

The return of Brazil’s oil giant, Petrobras, to Nigeria’s upstream is a major breakthrough recorded by President Bola Ahmed Tinubu’s two-day state visit to the largest economy in South America, Minister of Information and National Orientation Mohammed Idris said yesterday.

Besides, Nigeria’s largest airline, Air Peace, was given the right to commence Lagos-Sao Paulo flights to underscore the renewed economic and cultural ties between the two countries.

Sao Paulo is Brazil’s economic powerhouse and largest city.

Air Peace Chief Executive Officer, Allen Onyema, said the airline would deploy a Boeing 777 from its fleet to service the route.

A symbolic flight was planned for last night.

These agreements are part of the Memoranda of Understanding (MoUs) signed by the two countries during the President’s third visit to Brazil in less than one year.

His two earlier visits were on invitations extended to Nigeria by G-20 and BRICS.

“Air Peace is now cleared to run flights between Lagos and Sao Paulo”, Brazilian President, Luiz Inácio Lula da Silva, declared to the excitement of President Tinubu at a joint news conference at the Palácio do Planalto in Brasília to round off the visit.

According to Presidential spokesman, Bayo Onanuga, President Tinubu said the resumption of Petrobras’ operations five years after it halted joint ventures in Nigeria, would reignite economic cooperation in the energy sector.

“We have the largest gas repository. So, I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done as soon as possible,” Tinubu said.

The President praised his Brazilian counterpart for committing to revitalising the partnership between the two nations.

“Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies,” Tinubu said, while acknowledging Embraer’s role in boosting local airline operations through plans for a service centre in Nigeria to support maintenance and repairs.

Reflecting on his past engagements in Brazil, Tinubu urged a shift from symbolic gestures to tangible cooperation.

“Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.

“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today, we say that is the end of that,” he said.

Tinubu stressed Nigeria’s readiness to partner Brazil in technology transfer, food security, renewable energy, and manufacturing.

“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we, as a nation, the most populous, the most dynamic country, share with Brazil. We need to share—technology transfer, energy, economy — so Brazil can continue to widen opportunities for us to embrace Africa. Africa is the new frontier,” he said.

The President also called for knowledge sharing in pharmaceuticals, saying “we have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.

“I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty”, President Tinubu said.

Highlighting the reforms at home, Tinubu assured Brazilian investors of a new era in Nigeria’s economy.

“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption.

“We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” he said.

President Lula described the renewed Brazil–Nigeria engagement as timely in an era of rising protectionism.

“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.

“There are many possibilities for synergy between the world’s two largest countries with black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation.

“Increasing direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies. We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo,” he said.

The following MoUs were signed between the two countries:

*Bilateral Air Services Agreement by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.

*Diplomatic Training Cooperation and MoU on political consultations were signed by Minister of State for Foreign Affairs of Nigeria, Ambassador Bianca Odumegwu-Ojukwu, and her Brazilian counterpart, Ambassador Mauro Vieira.

Nnaji, and Brazil’s Luciana Santos.

*The Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin, and Brazil’s Minister for National Bank for Economic and Social Development (BNDES), Aluísio Mercadante, signed an MOU for cooperation on trade and investment promotion, harmonising efforts to expand agricultural financing, investment, and joint projects.

Nigeria is currently Brazil’s 49th largest export destination, with trade between both countries reaching $2.1 billion in 2024.

Following the agreements, President Tinubu attended a state luncheon, hosted at the Itamaraty Palace.

Mohammed Idris: BASA to deepen ties

Minister of Information and National Orientation, Mohammed Idris, described the Bilateral Air Services Agreement (BASA) signed between Nigeria and Brazil as a significant breakthrough that will reconnect the two countries economically, socially, and culturally.

He described BASA as representing more than aviation.

“The 350 years of slavery between Africa and Brazil is being looked at again by the two leaders. And one way of looking at it is to ensure there is now a reconnection – economic, financial, social, cultural, whichever sphere. I think this is the best way to really go past what has happened during the period of slavery,” the minister said.

He noted that President Tinubu’s fourth meeting with President Lula in just over a year underscored the growing partnership between the two nations, which he said would also benefit Africa.

The minister said immediate “quick wins” from the agreement were already being realised, with a symbolic flight planned from Brazil to Abuja at midnight on Tuesday.

He noted that the direct link would reduce travel time between the two countries from more than 24 hours through European routes to about seven hours.

“Once this becomes commercially viable, it will not just enhance trade between the two countries, it will also improve the cultural and social cooperation that already exists,” he added.

Onyema, who described the BASA agreement as “a milestone,” said: “We cannot start daily flights for now, but we want to start with three weekly flights. As we go on, we develop the route and we’re going to increase the frequency. We told the Brazilians that we want to do Lagos, Rio, São Paulo and back to Lagos”.

The Air Peace chief emphasised that aviation would serve as a catalyst for unlocking the economic potential of both nations.

“The Brazilian economy is the largest in Latin America. The Nigerian economy is one of the largest in Africa. They need to tap into this. But without aviation, it’s very, very difficult for some of these things to be actualised,” Onyema said.

Boeing 777 for route

Speaking in an interview, Onyema said: “Nigerian aviation is grateful to President Tinubu for all he has been doing for the industry.

Air Peace has had long relation with Brazil as the biggest customer to Brazillian airplane maker, Embraer.

Air Peace signed a firm order for 13 Embraer E195-E2 jets in 2019, with the delivery of the first aircraft in early 2021. This was part of a larger agreement that included purchase rights for 17 additional aircraft of the same type, bringing the total potential order to 30 jets. The airline is the first African carrier to operate this new generation of Embraer aircraft.

Besides buying aeroplanes, Air Peace is fine-tuning strategies for the setting up of an aircraft maintenance facility in Nigeria.

Embraer, a few years ago, unveiled plans to establish an MRO (Maintenance, Repair, and Overhaul) facility in Nigeria, in partnership with Air Peace. This initiative is part of a broader maintenance deal with the Nigerian airline to provide local maintenance support for its growing fleet of Embraer aircraft, aiming to conserve foreign exchange for airlines and create jobs in Nigeria.

As one of Nigeria’s biggest flag carriers , Air Peace is designated on Lagos/ London, Dubai, Johannesburg, Tel Aviv, China, Mumbai, Antigua and Barbuda,

Air Peace serves 20 major cities in Nigeria and many regional destinations throughout West Africa (Accra, Dakar, Douala Freetown, Banjul, and Monrovia.

Petróleo Brasileiro S.A., better known by and trading as the portmanteau Petrobras, is a Brazilian majority state-owned multinational corporation in the petroleum industry headquartered in Rio de Janeiro. The company’s name translates to Brazilian Petroleum Corporation — Petrobras.

Petrobras began operations in Nigeria in 1998 in the deep waters off the Niger Delta. It sold its stakes more than 10 years ago to raise cash for domestic projects. Since then, Nigeria has been working to address some of the problems that have limited oil and gas output.

Petrobras stopped business in Nigeria five years ago.

The company was ranked #71 in the 2023 Fortune Global 500 list. In the 2023 Forbes Global 2000, Petrobras was ranked as the 58th-largest public company in the world.

Petrobras was created in 1953 under the government of Brazilian president Getúlio Vargas with the slogan “The Oil is Ours”. It was given a legal monopoly in Brazil.

In 2000, Petrobras set a world record for oil exploration in deep waters, reaching a depth of 1,877 metres (6,158 ft) below sea level. In 2002, Petrobras acquired the Argentine company Perez Companc Energía (PECOM Energía S.A.) from the Perez Companc Family Group and its family foundation for $1.18 billion.

Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved