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IPMAN commends the Nigerian National Petroleum Company Limited (NNPCL) for delivering a million barrels of crude to the Dangote Refinery.  Addressing journalists in Port Harcourt on Friday, Dr. Joseph Obelle, the IPMAN Chairman in Rivers State, emphasized that the new $19 billion refinery brings a crucial advantage for Nigerians – the end of fuel scarcity in the country. While he praised this development as commendable, he cautioned against the privatization of the Port Harcourt Refinery, expressing concern that it could result in Dangote Refinery gaining a monopoly. Obelle expressed worries about the risk of a monopoly arising if the Port Harcourt Refinery continues to be under state control. He advocated for its prompt privatization to foster fair competition and curb potential price increases. According to him, given Dangote's formidable presence in business competition, he recommended the immediate privatization of the Port Harcourt Refinery, which is set to commence operations...

The COP28 summit outcome is being heralded as an historic turning point for its plan for transitioning away from fossil fuels, but it is actually a gain for oil and gas companies. Ellen R. Wald, President of Transversal Consulting said, “language affirming the long-called for ‘phaseout’ of oil, coal, and gas was rejected, in large part due to objections by oil producing countries like Saudi Arabia”. “The truth is that the world still needs hydrocarbons to maintain the modern way of life and for developing countries to improve their quality of life,” Wald noted. “Even those who pushed for the ‘phaseout’ language would not have been able to be present at the conference in the UAE without hydrocarbons,” Wald went on to state. “The fact that the next two COP conferences are scheduled to be held in countries that are major oil and gas producers and important exporters (Azerbaijan and Brazil) indicates that the climate conference is fast becoming the purview of hydrocarbon producers,” the Tr...