Markets articles

China Sets Up EV Battery Recycling Scheme

While scores of research labs around the world look for ways to replace lithium-ion batteries with cheaper and more reliable alternatives, China has started a pilot EV battery recycling program in anticipation of a boom in EV adoption in the next few years. Reuters cites a statement from the Ministry of Industry and Information Technology

Venezuela Sends More Crude To The U.S. Despite Production Woes

Despite a persistent decline in crude oil production, Venezuela has seen its exports of crude to its biggest market, the United States, climb since February this year. In fact, between February and June, Venezuelan oil exports to the Gulf Coast refineries increased by an impressive 43 percent, according to U.S. customs data cited by S&P

Locked Into Hedges, Shale Misses Out On Oil Price Rally

The shale industry is set to enjoy its best year, arguably in its history, but some drillers are not benefitting as much as expected because they locked themselves into hedges at lower prices. Shale drilling has historically been a loss-making proposition. The precipitous decline in output from shale wells meant that companies had to use

The Key Oil Price Driver By 2020

Diesel, marine gasoil, and jet fuel—collectively known as middle distillates—account for more than a third of global oil consumption. Used in road transportation, shipping, aviation, and manufacturing, middle distillates are more closely linked to economic growth than any other section of the oil products market. Inventories of middle distillates—one of the most important refinery products—are

The Tungs (WEMPCO Group)

Mr. Lewis Tung is group managing director, Western Metal Products Company Limited (WEMPCO Group), which is one of the largest manufacturing groups operating in Nigeria. The group produces a wide range of building materials and associated products. It manufactures roofing sheets, galvanised pipes, wire nails, plywood, ceramic tiles and sanitary ware. It is also actively

Cadbury Nigeria returns to profitability, approves N305. 51m dividend

Shareholders of Cadbury Nigeria Plc on Friday approved N301.51 million as total dividend for the financial year ended Dec. 31, 2017. The shareholders gave the approval at the company’s 53rd Annual General Meeting (AGM) in Lagos. The News Agency of Nigeria (NAN) reports that the dividend, which will be paid on July 9, translated to

MAN Expresses Reservations on AfCFTA’s Impact on Nigeria’s Economy

Dr Frank Udemba, National President of Manufacturers Association of Nigeria (MAN), has said the association had reservations on the impact of African Continental Free Trade Area (AfCFTA) on Nigeria’s economy, Udemba made the disclosure in his address at the 30th Annual General Meeting (AGM) of Anambra, Ebonyi and Enugu branches in Awka on Friday. The

Oil prices fall as Saudi, Russian output rises

Oil prices fell on Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid an escalating trade dispute with the U.S. Benchmark Brent crude oil LCOc1 fell 1.24 dollars a barrel to a low of $77.99 before recovering to $78.40, down 83 cents, by 7.35 GMT. U.S. light crude

Nigeria to earn $5.60 billion from new oil deal, says NNPC

• ‘Pact to generate $1.32 billion in net cash flows’ • NEITI discloses recoverable revenues hit N7.2tr The Nigerian National Petroleum Corporation (NNPC) has said that a new financing and technical services pact between corporation, First E&P Joint Venture and Schlumberger for the Anyalu and Madu Oil Field will enable Nigeria generate about $5.60 billion