Nigeria’s ‘Game Changer’ Dangote Oil Refinery has started operations, marking a significant milestone for the country's oil industry. The refinery, owned by Africa's richest man Aliko Dangote, has the capacity to process 650,000 barrels of crude oil per day, making it the largest in Africa.
The facility is expected to reduce Nigeria's dependence on imported petroleum products and boost the country's economy.
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Oil and Gas Industry Takes Center Stage at COP28The oil and gas industry has gained prominence at COP28, with the conference president being the CEO of Abu Dhabi National Oil Company. Despite commitments to phase out fossil fuels, there are concerns about enforcement measures and vague language.
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Pop in Freight Rates Reverberates Through the Global Oil MarketThe recent pop in freight rates is having a significant impact on the global oil market. As shipping costs rise, it becomes more expensive to transport oil from one location to another, leading to higher prices for consumers. This increase in transportation costs is reverberating throughout the oil market, affecting both supply and demand.
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Tough Year for Banks, Dubai Property Market Bracing for SlowdownA summary of the latest news in the banking industry, Dubai's property market, iron ore prices, Xiaomi's electric vehicle launch, European stocks, Reliance's AI transformation, Israeli startup funding, Turkish lira and bonds, Russia's tank production, global ESG debt market, London-based oil trader Mandara, and the microplastics problem caused by glitter.
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