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Atiku can’t crash fuel price if elected President, says Buhari

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The President Muhammadu Buhari Campaign Organisation on Monday dismissed a statement credited to the Peoples Democratic Party (PDP) a few days ago that its presidential candidate, Alhaji Atiku Abubakar, will, if elected President during the 2019 polls, crash the pump price of petrol to N97 per litre. “There is no better evidence of desperation and phantom promises by the main opposition’s candidate than this statement,” Festus Keyamo, SAN, Director, Strategic Communications (Official Spokesperson) of the Buhari Campaign, said in a statement.

According to him, at today’s international price of gasoline, no supplier will ever contemplate any scheme that will deliver products at such ridiculous price.

Keyamo said: “Those in the sector reading this must be having a good laugh at the opposition. A simple check at the international prices will show that even at the world market where gasoline is procured, it will cost not less than N158 to procure a litre of crude oil. When you add the cost of refining, plus freight, finance and port charges (premium), there is no magic that one would employ to supply the finished product at N145 a litre. Presently, the landing cost of the product in Nigeria hovers around N205 per litre.

“The claim by Alhaji Atiku Abubakar is opportunism of the highest order. Nigerians are aware that higher crude oil prices will translate to higher government revenues and a prudent administration will convert the resources to the benefit of the common man.

”This is exactly what President Muhammadu Buhari has done since he mounted the saddle in 2015. The President has worked out a transparent system whereby the whole subsidy regime and scam has been totally eliminated. There is no cash incentive or payment again to middlemen.”

The statement said that in line with the President’s transparent policy:

(1) What obtained under the past government was the ABUSE of the subsidy regime.

(2) The system under the past Government was that independent marketers and all sorts of persons were allowed to import petroleum products on their own, declare non-existent volumes of these products and get paid for these non-existent volumes.

(3) In addition, government would then pay them cash for the “loses” (subsidy) in selling at fixed market price.

(4) Under this old system, more than N3trillion was lost.

(5) However, when these independent marketers could no longer bring in products due to high prices of crude and make profit at the fixed market price of N145 to a litre, President Buhari refused to further raise the price of petroleum products beyond the N145 per litre. The President was also not prepared to go back to the subsidy regime. Therefore, President Buhari stopped the scam of overblown volumes and subsidy payments to middlemen.

(6) As a result, NNPC took full charge of getting products for consumption.

(7) Under this arrangement, NNPC would swap crude oil for the exact value of finished products in refineries anywhere the products are available around the world.

(8) Middlemen are only allowed to go and ferry the products and bring into the country and hand over to NNPC.

(9) NNPC will only then pay them for the cost of the logistics of bringing the products in (this is what is called premium).

(10) Even this cost of logistics is now subject to competitive bidding unlike before.

(11) In the past, marketers used to charge $86 per metric ton as cost of logistics (premium) to bring in products.

(12) Under Buhari’s regime when it was subjected to competitive bidding, the highest the government got was $7 per metric ton as cost of logistics to bring in products. More than N3 billion has been saved by this bidding process.

(13) Having gotten the value of the crude oil back in terms of finished products, NNPC will now sell at government controlled price which is far lower than the landing cost.

(14) Presently, the landing cost is around N205 per litre, but government sells at N145 per litre.

(15) Therefore, Government just records a loss in NNPC instead of paying cash to middlemen. That loss it suffers is fully reflected when NNPC pays money into the Federation Account.

(16) This also further affects the money accruing to States monthly from the Federation Account.

(17) As a result, this loss that NNPC suffers, (which is recorded as cost of operation of NNPC) is fully subjected to scrutiny by the National Economic Council which also includes the PDP Governors and the Federation Accounts Allocation Committee (FAAC), which includes Commissioners of Finance from PDP States.

(18) If anybody alleges a scam in the process, then the PDP Governors and the States would also be involved because they are involved in jointly scrutinizing the records of NNPC at NEC and FAAC.

(19) No cash settlement for any under recovery is involved, therefore there is no basis for any subsidy payments which is the avenue for fraud.

(20) Therefore, it is true that Buhari is not paying subsidy to anybody.

Cotninuing, the statement said: “It has become necessary for Nigerians to interrogate Alhaji Atiku Abubakar further in order for him to lay bare before the Nigerian people the so-called “template” he has developed to crash the price. This is not a game of tricks or hide-and-seek. He must come clean.

“Nigerians await the DETAILS of the TRANSPARENT system Alhaji Atiku Abubakar intends to adopt that would (1) Eliminate fraudulent cash payments to middlemen and (2) Make the product available at all times.”

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AVEVA Appoints Joanna Mainguy as New Sustainability Accelerator Director

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Joanna AVEVA
Joanna Mainguy, Sustainability Accelerator Director at AVEVA
  • Joanna Mainguy will steer strategies for sustainability innovation across AVEVA’s portfolio and partner ecosystem, furthering ESG targets for 2025 and beyond

AVEVA, a global leader in industrial software, driving digital transformation and sustainability, today announced the appointment of Joanna Mainguy as Sustainability Accelerator Director.

Joanna’s appointment testifies to AVEVA’s dedication to strengthening the company’s sustainability impact in line with advancing global climate commitments. 

As Sustainability Accelerator Director, Joanna Mainguy will focus exclusively on sustainability solutions and strategies to accelerate innovation that will help AVEVA’s customers to achieve their net-zero targets.

She will look at how AVEVA leverages current market and customer analysis to inform its in-house development team, advise on new customer collaborations and on how AVEVA should grow its partnership network and M&A pipeline to reflect its sustainability priorities.

Joanna will lead the implementation of a sustainability solutions plan tailored to meet the most pressing needs of AVEVA’s industrial customers on low-carbon transition, circularity and resilience, via an integrated product, marketing and sales approach. She will work closely with AVEVA’s portfolio, business area and R&D leads to continue to develop new sustainability capabilities and drive collaboration on go-to-market initiatives that support industry with contributing to an accelerated energy transition and shift to a circular economy.

Joanna was formerly Industry Director, EMEA, for Energy & Sustainability at Microsoft, where she led strategic engagements with major energy providers and supported the energy transition with digital solutions. She has worked across the entire energy value chain and has more than 15 years of experience in process industries and the energy sector, including work for major system integrators, software and energy companies.

Lisa Wee, Global Head of Sustainability, AVEVA, said: “We are excited to welcome Joanna to AVEVA. She will bolster our mission to enable faster uptake of existing sustainability solutions across the industrial landscape, while in parallel we continue to invest in product capabilities and partnerships that will push out the frontiers of sustainability innovation for industry. At AVEVA we look to lead by example on sustainability and we achieved a 93% reduction in Scope 1 and 2 emissions last year. We aspire to help our customers better leverage digital solutions to realize their own ambitious sustainability targets early, and Joanna brings a wealth of experience to help support this.”

Commenting on her appointment, Joanna Mainguy, Sustainability Accelerator Director, AVEVA, said: “I am delighted to join AVEVA at such a pivotal time in its sustainability innovation and growth trajectory. I look forward to working with AVEVA teams and customers to continue to grow the sustainability benefits that can be achieved with AVEVA software. I am also keen to work closely with our partners to drive further positive change at scale, since we know addressing the climate crisis will continue to require expanded collaboration”.

AVEVA actively embeds sustainability into its core product strategy with specific capabilities in its software portfolio.

AVEVA’s software enables organizations to connect and contextualize key sustainability data with artificial intelligence and human insight, enhancing their agility, resilience and sustainability in order to help drive responsible use of the world’s resources.

AVEVA’s 2023 Sustainability Progress Report reveals significant progress across all three pillars of the company’s sustainability framework, encompassing product strategy, operations and culture. 

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Climate Change: NNPC Ltd/Total Energies JV Achieves Zero Gas Flare

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In pursuit of meeting the targets of 20% (unconditional) and 47% (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord signed by the President Bola Ahmed Tinubu administration, the NNPC Ltd/TotalEnergies Joint Venture has achieved zero routine gas flare in all its assets.

According to a statement signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., this feat was announced on Thursday during an inspection tour of OML 100 in South-eastern Niger Delta, off Port Harcourt, by a joint NNPC Ltd and TotalEnergies Team to ascertain the success of the OML Flare Reduction Project launched in December 2023.  

The NNPC Ltd/TotalEnergies Joint Venture, which is the concession holder of four leases, had hitherto achieved zero routine flaring across OML 99 (2006), OML 102 (2014), and OML 58 (2016), leaving OML 100 as the only lease with routine flaring going on.

The significance of this achievement is that the last routine flare volume of about 12MMscf/d (twelve million standard cubic feet per day) of gas has now been eliminated giving rise to a greenhouse gas emissions reduction of about 341KtCO₂e/yr.

The achievement is an outcome of a programme introduced by the NNPC Ltd to galvanize action towards achieving the zero routine flare by 2030 across its portfolio of assets.

It is also a testament to NNPC Ltd’s prioritization of sustainability anchored on the ‘first R’ of its 5R Strategy (Reduce, Replace, Renew, Re-plant, Repurpose), as it strives to reduce its carbon footprint.

Work is ongoing across all other assets within NNPC Ltd’s Upstream Directorate to ensure that all assets achieve zero routine flaring by 2030 or earlier.

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NNPC Celebrates 14,000bpd Production from Akpo West Field

By SANDRA ANI

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In line with President Bola Ahmed Tinubu’s directive to the Nigerian National Petroleum Company Limited (NNPC Ltd) to optimise production from the nation’s oil and gas assets, the Company has announced the successful commencement of oil production from the Akpo West Field.

The milestone, which is the result of meticulous planning, strategic collaboration, and unwavering dedication from all stakeholders involved in the project, will add 14,000 barrels per day condensate to the nation’s production. This will be followed up by the production of about 4million cubic meters of gas per day by 2028.

The development of Akpo West which is on Petroleum Mining Lease (PML) 2 (formerly OML 130) leverages the existing Akpo Floating Production Storage and Offloading (FPSO) facility via a subsea tie-back to keep costs low and minimize greenhouse gas emissions.

The milestone was enabled by the strategic leadership of the Group Chief Executive Officer (GCEO), Mr. Mele Kyari, and the Upstream Directorate of the NNPC Ltd whose support played no small role in propelling the operators to actualise the short- and mid-term hydrocarbon production goal of the President Tinubu administration.

Located 135 kilometres offshore, Akpo West is one of the discoveries on PML 2 with proximity to the Akpo main which started up in 2009 and produced 124,000 barrels of oil equivalent per day in 2023.

PML 2 is operated by TotalEnergies with a 24% interest, in partnership with CNOOC (45%), Sapetro (15%), Prime 130 (16%), and the Nigerian National Petroleum Company Ltd as the concessionaire of the Production Sharing Contract (PSC).

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