Petroleum

Pakistan Increases Petroleum Tax to Secure Upcoming IMF Loan Tranche

17 days ago

In a significant economic move, the Pakistani government has raised the petroleum tax as it gears up for the forthcoming release of a loan tranche from the International Monetary Fund (IMF). This decision reflects ongoing efforts by the government to stabilize its economy amid continuous financial challenges and pursue critical fiscal reforms.

Dangote Enhances Oil Import Capabilities with New Storage Tanks in Africa

3 months ago

In a strategic move aimed at bolstering the oil import infrastructure in Africa, Nigerian billionaire Aliko Dangote's company is set to construct additional tanks for the storage of imported petroleum products. This ambitious project continues to highlight the increasing demand for oil and gas resources across the African continent, particularly as economies recover and grow.

Nigeria Greenlights Shell's $1.3 Billion Asset Sale to Renaissance

4 months ago

In a significant development in the energy sector, the Nigerian government has officially approved Shell's ambitious plan to divest $1.3 billion worth of oil and gas assets to Renaissance, a move that could reshape the landscape of the country's hydrocarbons industry. This decision comes in the backdrop of a broader government strategy aimed at attracting foreign investment while addressing domestic energy challenges.

CEO of Occidental Petroleum Issues Stark Warning on U.S. Energy Independence

4 months ago

In a recent statement, Occidental Petroleum's CEO, Vicki Hollub, has raised significant concerns about the future of the United States' energy independence. Speaking at an energy conference, Hollub emphasized that the country could be at a critical juncture, with the potential to lose its hard-won status as a leader in energy resources.

Petroineos Makes Historic Purchase of North Sea Oil, Acquiring Largest Benchmark Volume Since 2008

5 months ago

In a significant move that could reshape the dynamics of the North Sea oil market, Petroineos has completed a purchase of benchmark oil at an unprecedented scale. On November 13, 2024, the company announced that it had acquired nearly 8 million barrels of oil from the North Sea, a figure that represents the highest volume of its kind since at least 2008. This purchase not only underscores Petroineos's growing influence in the oil market but also highlights the ongoing volatility and competitive nature of energy sourcing in this region.

Ethiopia Boosts Fuel Supply with $175 Million Injection from Central Bank

6 months ago

It appears to be a key effort towards the stabilization and sustainment of its supply of energy that it has emerged that the central bank of Ethiopia has just approved $175 million for fuel importation. This is an investment important to Ethiopia financially, being a country highly dependent on imported fuel to meet all its domestic energy needs. The decision comes at a time when the country struggles to put in place measures geared toward strengthening the nation's energy infrastructures and ensuring adequate fuel supply at all times.