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Volume 6, Issue 118
2nd March 2020.

OUR VISION

To become the premier marine logistics and charter services company in Nigeria, and a leading and internationally recognized marine services provider in West Africa.

NEWS WITHIN OUR SHORES

Seplat announces closed period

Seplat Petroleum Development Company Plc issued a public disclosure earlier today informing the general public about the commencement of its closed period.

According to the statement that was signed by the Company Secretary, Edith Onwuchekwa, and published on the Nigerian Stock Exchange website, the closed period will last for one month, starting from February 24, 2020 through to March 24, 2020.

Seplat, stakeholders call for collaboration on Customer Protection Act, Court sanctions Seplat’s acquisition of Eland Oil and Gas

The statement went further to note that the closed period is in accordance with the listing rules of the Nigerian Stock Exchange

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Nigeria leads in African new-build refining capacity growth – Global Data

Nigeria is set to lead refining capacity additions from planned and announced (new-build) projects in Africa by 2024, reports GlobalData.

The company’s report, ‘Global Refining Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries’, reveals that Nigeria would add 1.8 million bpd of planned and announced crude oil refining capacity by 2024. Of this, 1.1 million bpd comes from the planned refineries, while the early-stage announced projects contribute the remaining 700 000 bpd by 2024.

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There’s need to harness the latent energy, wisdom of women in oil and gas industry

Knowledge driven Dr Dunni Owo is a founding partner and president of Women in Energy Oil and Gas (WEOG) Nigeria, a body designed to harness female talents in the oil and gas industry that has remained dormant. In this exclusive interview with Guardian Woman, Dr Dunni, a refinery guru and an award-winning author talks about her journey in the industry and her passion to support women in male-dominated industries.

Nigeria faces up to grim prospects of coronavirus impact on oil prices

With the deadly Coronavirus spreading faster around the world and battering global oil markets, Nigeria is waking up to face the an uncomfortable truth: revenues and foreign exchange earnings in 2020 are likely to get even worse before they get better.

The internationally traded benchmark crude, Brent collapsed to just $52.69 a barrel Thursday and that’s is well below Nigeria’s budget benchmark, the rate at which the country’s budget was based.

Analysts warned Thursday that prices will remain at well below last year’s average and this could significantly crimp oil revenues for Africa’s largest economy and pose a threat to its foreign exchange position.

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FOREIGN WATCH

ICS: Shipping industry loses $350m a week to coronavirus 

The impact of the outbreak of the coronavirus is estimated to be costing the shipping industry USD350 million a week in lost revenues, according to the International Chamber of Shipping (ICS).

The virus outbreak is having a significant impact on the shipping sector and the industry is working closely with the World Health Organization (WHO) to ensure that guidelines for industry and governments help limit the spread of the virus, whilst maintaining international trade.

ICS Secretary General, Guy Platten, is leading a delegation of industry leaders to meet with WHO in Geneva and discuss the impact of COVID-19 on the industry.

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JPMorgan Chase to Stop Financing Arctic Oil and Gas

U.S. investment banking company JPMorgan Chase has announced it is expanding restrictions on financing for coal mining and coal-fired power and prohibiting project financing for new oil and gas development in the Arctic.

In 2017, JPMorgan Chase made two sustainability commitments: facilitate $200 billion in clean financing by 2025 and source renewable energy for 100 percent of its global power needs by 2020. Both of these goals are expected to be reached by the end of 2020. 

As a result, JPMorgan Chase is now taking additional steps to address climate change and further promote sustainable development by committing to facilitate $200 billion to advance the objectives of the United Nations Sustainable Development Goals (SDGs). The new commitment is intended to address a broader set of challenges in the developing world and developed countries where social and economic development gaps persist. These efforts will be focused on supporting climate action, clean water and waste management, increasing access to housing, education and healthcare and advancing infrastructure, innovation and growth.

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Zircon Marine · 158 Sinari Daranijo, Victoria Island Annex, Lagos. Nigeria · Lagos 0000 · Nigeria

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