US President Joe Biden has blocked the takeover of US Steel by a bigger Japanese firm, delivering on a political promise despite fears the move could hurt Washington’s relations with Tokyo and scare off other foreign investors. Biden cited threats to national security in rejecting the Nippon Steel purchase, saying US ownership was important to…
The Federal Government may cut its crude oil supply to the Dangote Petroleum Refinery, reducing it from the current allocation of 300,000 barrels per day, except if there is a surge in Nigeria’s oil output. This reduction is expected to take place as part of adjustments under the government’s naira-for-crude initiative following the coming onstream…
The Nigerian National Petroleum Company Limited (NNPC) has announced the restart of the 125,000 barrels per day (bpd) Warri Refinery and Petrochemical Company (WRPC), which was first approved for rehabilitation at the sum of $897 million in 2021. In 2021, the Federal Executive Council (FEC) approved the sum of $1.48 billion for the rehabilitation of the Warri…
