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Updated February 10, 2002
- NNPC records loss on fuel imports
The Nigerian National Petroleum Corporation (NNPC) stated it made a loss of
N52bn (US$37m) on importing fuel in the first nine months of 2002, an improvement
on the N88bn (US$63m) loss incurred during the corresponding period in
2001. Nigeria imports refined fuel products as output from its local refineries fails
to meet domestic demand due to frequent technical breakdowns. In a recent statement,
the NNPC announced that the two refineries at Port Harcourt will operate at
full capacity of 210,000 bpd by the end of 2003, compared to the 60% operation
level last year.
BPE invites bidders for West African Refinery
In related news, the BPE invited investors to bid for its 48% holding in the 10,000 bpd capacity West African Refinery Company Ltd. located in Sierra Leone. The government holds a controlling stake in the refinery while Unipetrol Nigeria also holds a 24% stake.
Shell’s January production falls
Shell Petroleum Development Company of Nigeria (SPDC) announced it contributed 700m barrels to Nigeria’s oil reserves in 2002. The national oil reserve is
estimated at 32bn barrels. In an operational review, the management stated that a
capacity of 1.3m bpd was maintained through 2002, but actual oil production fell
to an average of 723,000 bpd largely due to OPEC restrictions. Meanwhile, January
2003 figures indicate that Shell produced an average of 800,000 bpd, or 5%
less than in December 2002.
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More Nigerian Business News
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Week ended
February 10, 2003
NSE Index
(Two Week Performance)
 4.3% to 13,702.6
Turnover
 7.5% to $37.2M
Shares Traded
26.5% to 384,200
P.E. Ratio
8.6% to 15.8
Dividend Yield
8.1% to 5.7%
More Market News
| Corporate and Foreign Investment News
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byAFRINVEST
Updated February 10, 2003
NBC denies reports of fraud
The management of Nigerian Bottling Company (NBC) have denied reports suggesting that the company has been hit by fraud totalling N2bn (US$14m). It has
been claimed that though a fraudulent incident was recorded at one of the company's
plants, this totalled less than N300m (US$2m).
Trade and investment agreements signed with Uganda
Nigeria and Uganda signed trade, investment promotion and science and technology agreements during the fortnight. The aim of the treaties is to encourage mutual investments and protection. Uganda is expected to increase its exports of dairy and fish products to Nigeria, while Nigeria will focus on boosting its oil exports to Uganda.
Chinese company bids for rubber plantations
A Chinese company, Eng Hua has emerged the preferred bidder for rubber plantations offered by Cross River State government. A local company, PAMOL Nigeria,
also bid for the estates, but Eng Hua increased its bid to N450m (US$3m) com-pared
to PAMOL’s N400m. Agriculture is the mainstay of the State’s economy. Chinese companies have shown an increasing interest in Nigerian companies over the last five years.
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