Set to create over 500 local jobs, the project is poised to reduce gas flaring and bring reliable electricity to approximately 80,000 households.
What’s more, under the deal, the Central African country’s power utility, Gabon Power, will construct a distribution network and a 90kV high-voltage transmission line from the plant to the city of Tchibanga as well as a 20kV low-voltage line to Mayumba.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Limited, Mele Kyari, has appointed the former Vice President of state-owned Abu-Dhabi National Oil Company (ADNOC), Jeane-Mare Cordier, as the head of the company’s oil trading arm, NNPC Trading Ltd. Poised to strengthen the negotiating portfolio of the NNPC in the international market, the appointment comes amidst the corporation’s drive towards improving growth, performance, and service delivery.
Meanwhile, Nigeria’s Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, announced that NNPC Limited will conduct its initial public offering in 2024. The Minister highlighted that the company’s listing will serve to improve corporate governance while strengthening its visibility on a global scale and potentially drawing in investors.
Global oil prices extended their losses on 2 May following a plunge of 5% in the previous session. U.S. West Texas Intermediate crude fell $2.28, or 3.1%, to $69.38 per barrel while Brent futures fell $2.27, or 3%, to $73.05 per barrel. This marks the lowest close since March in the previous season, during which point the prices also recorded their largest one-day percentage declines since January.
Furthermore, U.S. crude oil inventories fell by 3.9 million barrels, showing a decrease for a third straight week. As such, the country’s Federal Reserve voted unanimously on 3 May to raise interest rates by a quarter point as part of their continuing effort to mitigate inflation. The Federal Reserve is expected to hike interest rates a further 25 points on 10 May while the European Central Bank is set to raise rates during a policy meeting on 11 May.