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Shell declares force majeure on Nigeria crude exports because of leaks LAGOS: Anglo-Dutch oil giant Shell has halted crude exports from a key terminal in southern Nigeria because of a leak in a supply pipeline, a spokesman said Thursday."We declared force majeure on Forcados exports effective 6:00 pm Tuesday due to a series of leaks on the NPDC-operated Trans Forcados pipeline," Precious Okolobo said in a text message to AFP in Lagos.Force majeure is a legal term releasing a company from contractual obligations when faced with circumstances beyond its control.The NPDC is a subsidiary of the state-run Nigerian National Petroleum Corporation (NNPC) which has a joint venture with Shell.With a capacity of 400,000 barrels of crude per day, Forcados is one of Nigeria's main export terminals.Nigeria is Africa's largest producer, accounting for roughly two million barrels of crude daily.Shell has blamed repeated oil thefts and sabotage of key pipelines as the major cause of spills and pollution in the oil-producing region.Crude ...

Nigerian fuel retailer MRS Oil falls to Q1 pretax loss LAGOS: Nigeria's MRS Oil fell to a first-quarter pretax loss of 734.5 million naira ($3.7 million) after posting a profit of 321.1 million a year earlier, the fuel retailer said on Monday. Turnover, operating under the name Chevron Nigeria, fell 12 percent to 21.3 billion naira in the three months to end-March, the company said in a statement with the Nigerian Stock Exchange. Copyright Reuters, 2015 ...
South Africa's petrol pump price to stay unchanged in May JOHANNESBURG: The retail price of 95-grade petrol in South Africa will remain unchanged from May 6, while the wholesale diesel price will dip by 0.44 percent, the energy department said on Thursday. The government adjusts the price of fuel every month, taking into account global prices and shifts in the rand exchange rate. Copyright Reuters, 2015 ...
Oil prices drop as Middle East tension ease SINGAPORE: Oil prices extended declines from the previous session on Wednesday as Middle East tension eased after Saudi Arabia ended an air strike campaign in Yemen, but industry leaders said the market could rebound as attention turned to rising demand.Saudi Arabia said on Tuesday it was ending a month-long military campaign against the Houthi rebels who seized large areas of Yemen, bringing hope of a peaceful political solution to the conflict in the key oil ...
UAE's ADNOC says no timeframe for decision on onshore concession ABU DHABI: Abu Dhabi National Oil Company (ADNOC) does not have a deadline for when to award further stakes in its 40-year onshore oilfield concession, the director general of the state run company said on Monday. The comment suggests ADNOC, which signed an agreement on Jan. 29 with France's Total giving the firm a 10 percent stake in the new concession, is in no rush to make a decision about other bidders in the tender. Total's ...
Iraq sets prices for Basrah heavy crude in May ABU DHABI: Iraq has set the May official selling price (OSP) for Basrah heavy crude to the North and South American market at the Argus Sour Crude Index (ASCI) minus $1.40, the State Oil Marketing Organization (SOMO) said on Sunday. The May OSP for Basra Heavy to Europe was set at dated brent minus $8.45 a barrel while the May OSP to Asia was set at minus $6.85/bbl to the Oman/Dubai average, SOMO said. Copyright ...
Ghana oil firm GNPC to cut Trafigura loan due to crude price dip ACCRA: Ghana National Petroleum Corporation (GNPC) will reduce the sum it borrows in a loan deal with commodities trader Trafigura to $350-$400 million from $700 million due to slumping oil prices, CEO Alex Mould said on Tuesday. The company will also revise the terms and duration of the deal, which is for oil and gas projects, Mould told reporters. The deal would be Trafigura's first in Ghana and GNPC said it would be funded through ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln