GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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I'M CAUTIOUS IN CONSIDERING DELIBERATE ATTEMPTS TO SABOTAGE DANGOTE REFINERY.-ATIKU.{

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 I’m cautious in considering deliberate attempts to sabotage Dangote Refinery – Atiku


Former Vice President Atiku Abubakar says he’s being cautious in considering any deliberate attempts to impede the progress of the Dangote refinery.


Atiku urged Nigerians to take resolute actions to provide reassurance that both internal and external forces are not collaborating to prevent the nation from reaping the benefits of the refinery.


“Each parent eagerly awaiting the arrival of a child will dutifully undertake the necessary measures to ensure that the nurturing and development of this precious blessing remain a primary focus. This fundamental principle applies equally to investments, whether they be local or international in nature.


“With this understanding, I am cautious in considering any deliberate attempts to impede the progress of the Dangote Refinery, a significant private sector project positioned to meet our energy and forex needs.


“Alongside numerous fellow citizens of goodwill, I call upon all Nigerians to take resolute actions to provide reassurance that both internal and external forces are not collaborating to prevent us from reaping the benefits promised by this eagerly anticipated transformative endeavour,” Atiku posted on X.


The statement comes after Dangote Refinery said it is yet to receive 26 million barrels of crude allocation facilitated by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.


NUPRC had claimed it facilitated 26 million barrels of crude oil allocation to Dangote Refinery in the first quarter of 2024.


However, Dangote Refinery said that NUPRC had only facilitated the purchase of one crude cargo from a domestic producer.


“Aside from the term supply we bilaterally negotiated with NNPC, so far NUPRC has only facilitated the purchase of one crude cargo from a domestic producer. The rest of the cargoes we have processed were purchased from international traders,” Dangote Refinery stated.


The company went on to urge NUPRC to facilitate the implementation of the Petroleum Industry Act.

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