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Why FG shut down all refineries – NNPC

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images 3 3 Why FG shut down all refineries – NNPC

The Group Managing Director of the Nigerian National Petroleum Corporation , Mele Kyari , says the four oil refineries in the country have been shut down in Port Harcourt , Warri and Kaduna .
Kyari said this Today programme on Wednesday .
He explained that all four refineries were functioning below capacity and it had thus become necessary to stop them from operating all together .
Responding to a question, the NNPC boss said , “ First , all the four refineries in three locations are shut down and it was a deliberate decision for two reasons . One is that delivery of crude oil to these refineries is completely challenged because the pipeline network has been completely compromised by vandals and all kinds of people that will not allow us to operate these pipelines.
“ That means you are not able to deliver crude oil to these refineries effectively to their maximum capacity . Secondly , what you call rehabilitation is different from the turn around maintenance. Turnaround is routine which every refinery does but when you talk about rehabilitation, it is that colossal loss of capacity in the refinery and it means you haven ’t done the turnaround maintenance properly .
“ Typically , every refinery is expected to operate at 90 per cent of its installed capacity . With the best of effort, with all the turnaround maintenance that has taken place , it is impossible to run any of the refineries before the shutdown at that level . Our estimate was to run it at 60 per cent of capacity but if you do that , all you are doing is value destruction. You will take $100 crude into the refinery and bring out $70 product . It doesn ’t make sense.”

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Petrol supply fell by 23.88% in July, says NNPC

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images 19 3 Petrol supply fell by 23.88% in July, says NNPC

The volume of petrol supplied in the country declined by 23 .88 per cent in July to 1 . 02 billion litres, according to the Nigerian National Petroleum Corporation.
The NNPC said the 1 .02 billion litres translated to 32 .95 million litres per day , down from 44. 62 million litres per day in June , when 1 .34 billion litres were supplied .
Data obtained from the corporation showed that 0 . 95 billion litres ( 30 . 67 million litres/day) were supplied in May and 0 . 94 billion litres ( 31 .37 million litres/day ) in April.
The Federal Government imposed a lockdown on the Federal Capital Territory , Lagos and Ogun states on March 30 but a gradual easing of the lockdown began on May 4 .
In March and February , the volume of petrol supplied stood at 1 .73 billion ( 59. 72 million litres/day) , up from 1 .20 billion litres in January ( 38. 68 million litres/day)
“ The corporation has continued to diligently monitor the daily stock of Premium Motor Spirit to achieve smooth distribution of petroleum products and zero fuel queue across the nation , ” the NNPC said in its latest monthly report .
Agusto & Co , in a recent report , noted that the impact of the COVID – 19 pandemic on economic activities in the country resulted in a decline in the consumption of petroleum products .
The report said , “ Agusto & Co . expects the consumption of petroleum products , particularly PMS and Aviation Turbine Kerosene , to decline to 27. 2 billion litres in 2020 given the severely restricted travel and transportation activities during the second and third quarters of the year .
“ This is expected to translate to a decline in revenue to N4 . 3tn in 2020 .”
Nigeria , Africa ’s largest oil producer , relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years .
The NNPC has , until recently , been the sole importer of petrol into the country for more than two years , after private oil marketers stopped importing the commodity due to crude price fluctuations, among other issues .
The refineries , located in Port Harcourt , Kaduna and Warri , have a combined installed capacity of 445, 000 barrels per day but have continued to operate far below the installed capacity .
Under the Direct Sale Direct Purchase scheme , selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC .

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FG Adds Emirates To List Of Banned Airlines

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images 9 2 FG Adds Emirates To List Of Banned Airlines

The federal government has withdrawn the approval granted to Emirates to conduct international flight operations in the country.
Hadi Sirika, minister of aviation, disclosed this via a post on his Twitter handle on Friday.
The ban will take effect on September 21, 2020.
The Nigerian Civil Aviation Authority (NCAA) had, in a memo earlier in September, included Emirates in the list of approved airlines for international flights for both Abuja and Lagos airports.
But the minister said the decision to reverse the approval was taken after a meeting of the presidential task force (PTF) on COVID-19 with European Union ambassadors on Friday.
Sirika also said there were discussions on the ban on Lufthansa and Air France-KLM.
“The PTF sub committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept. 2020,” the minister wrote.

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Union Bank supports 10 NGOs with N1.7m through UnionBetta donations

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images 1 1 Union Bank supports 10 NGOs with N1.7m through UnionBetta donations

Union Bank, a leading financial institutions, has again delivered on its promise to support charitable organisations with a portion of proceeds from the UnionBetta savings product.  

Launched in 2016, UnionBetta is a sub-account which allows Union Bank customers earn attractive interest rates for saving for as little as N5000 monthly. In return, the bank donates a percentage of the interest earned to select Non-Governmental Organisations (NGOs) on behalf of its customers.

In selecting the recipients, priority was given to NGOs making impact in areas such as gender equality, education, talent development and agriculture which are key pillars of Union Bank’s citizenship efforts that align with Sustainable Development Goals (SDGs) 1,2,4, 5 and

This year, a total of One million, Seven Hundred Thousand Naira (N1.7m) was donated to 10 different charitable organisations to help support their activities. Some of the recipients include United Methodist Church of Nigeria Orphanage, Jalingo; Zinnok Initiative for Women & Children, Abia; Teens Dream Initiative, Kwara and Lagos Food Bank Initiative. Others include Uduak Charles Diaries, Akwa-Ibom; Flexisaf Foundation, Abuja and Adolescent Friendly Research Initiative & Care, Ekiti.

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