NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel The Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors. Published 1 hour ago on June 5, 2020By Ruth Okwumbu NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NPDC , How NNPC discovered oil, gas deposits in the North , Nigeria to leverage on condensate refineries to be petrol net exporter, How NNPC saved $3 billion from arbitration , NNPC, IPPG donate medical supplies to South West state governments, NNPC discloses bases for employment and managerial progression in the oil firm, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel To cushion against the volatility in the global crude market and strengthen profitability, the Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors. This is one of several measures the corporation is taking to sustain revenue generation for Nigeria, and cope with the boom and bust cycles which are gradually becoming a feature of the global crude oil market. NAN reports that this was contained in a statement from the Corporation Chief Operating Officer, Ventures and Business Development, Mr. Roland Ewubare, and signed by NNPC Spokesman, Kennie Obateru. According to Ewubare, the NNPC will establish Independent Power Plants using the Ajaokuta-Kaduna-Kano (AKK) pipeline network, and consolidate its presence in the power sector. (READ MORE: COVID-19: Nigerians react as CBN partners NNPC to feed, accommodate Nigerian returnees) GTBank 728 x 90 The statement reads in part; “NNPC is creating an energy company that would have portfolios in renewable energy; we have initiatives on solar that is ongoing. “We have got biofuels agreements with some state governments that would soon be activated. We do have a lot of non-core businesses that are aggregated under the Ventures and Business Development Autonomous Business Unit of the NNPC. “This would be expanded through effective collaboration and partnership with the private sectors,” NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel Lower costs, more profits As part of moves to improve profitability, the NNPC also announced plans to drive crude oil production cost down to 10 dollar per barrel by Q4 2021, app This according to the statement would be done by systematically and gradually beating down logistics costs. The Corporation’s revenue took a major hit in 2020 due to the slump in global oil prices, and this in turn affected the Nigerian budget given that oil proceeds account for a significant fraction of her income. “When you have a low commodity price regime, as the case now, the only way we are able to squeeze out some reasonable cash and financial gain to the nation is by curtailing and constraining our costs in line with the GMD’s aspiration to push for a 10 dollar per barrel cost of production,” Ebuware said. (READ MORE: NNPC pipeline vandalism up by 50% in January, may suspend crude oil production) There is also an ongoing collaboration with selected partners to commercialise flared gas in order to preserve the flora and fauna of the country. This would be done by converting it to Compressed Natural Gas (CNG) and Liquefied Natural Gas, for sale to consumers. The NNPC is partnering with private developers to reduce the housing deficit in the country and also partnering with medical centres to provide innovative healthcare for Nigeria. CONTINUE READINGBUSINESS NEWSMicrosoft Teams’ rival, Slack shares drop on withdrawal of full-year billings guidance Slack reported steady revenue growth 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis this brought in more customers Published 4 hours ago on June 5, 2020By Olumide Adesina Slack shares dropped as much as 17% yesterday after the company’s reported first-quarter earnings. Investors and stock traders were not happy with Slack’s annual revenue forecast of $855 million to $870 million, up just slightly from Slack’s projection in March stock analysts, on the average, estimated $856.5 million, according to data obtained from Bloomberg. “Slack’s withdrawal of full-year billings guidance looks conservative to us and likely suggests a pull-forward of revenue amid faster new-customer additions due to remote work,” Mandeep Singh, a Bloomberg Intelligence analyst, wrote in a note yesterday. Slack grew revenue 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis. However, Slack reported steady revenue growth during Q1 2020 brought in more customers, as organizations sought to keep communications going with their newly remote workforces during coronavirus pandemic. It had earnings per share of 2 cents loss per share, adjusted and adjusted revenue of $201.7 million GTBank 728 x 90 (READ MORE: How to Profit from Directors’ Share Dealing Notifications) Slack, in a statement, yesterday reported that it added a record 12,000 paid customers Q1 2020 as against two prior quarters when it added about 5,000 new customers. Slack’s top competitor, Microsoft’s Teams, has also experienced growth in recent months. “What you saw with Zoom, what you saw with Teams is a great indication that this is not apples-to-apples and that the products are not truly competitive with one another,” Butterfield the Chief Executive Officer of Slack told Investment analysts on a conference call yesterday. READ ALSO: Jumia is optimistic of COVID-19 boost, despite poor Q1 2020 earnings report Paid users spent over 120 minutes per day in Slack at the end of the quarter, up from below 90 minutes one quarter earlier. app “I can’t care about the stock price on the level of individual days,” Butterfield said when asked about the reaction to earnings. “I just wouldn’t be able to do my job. I care about where the share price is five years from now and 10 years from now. This is just a very volatile time.” CONTINUE READINGBUSINESS NEWSPrecious metals slump, investors focus on Central Bank’s intervention Gold fell on Friday morning to $1,717.10. as global investors await the release of Friday’s U.S non-farm payrolls data for May Published 4 hours ago on June 5, 2020By Olumide Adesina Nigeria Mining Sector shows growth prospect despite low bank credit provision, Gold hits eight-year high as global recession sentiments strengthened, Gold hits three weeks high, Investors rush to gold, Gold Future Drops to $1727.80 as Tensions Escalate between America and China, Precious metals slump, investors focus on Central Bank’s intervention Spot gold went slightly lower, trading at $1,711.57 per ounce by 4 am local time on Friday morning and gold futures was down to $1,717.10. “Gold collapsed like a house of cards as investors overlooked civil unrest in the United States and heavily focused on hopes around central bank intervention and economic recovery,” said Lukman Otunuga, senior research analyst at FXTM. READ MORE: Why the NNPC wants $5 billion advance payments for Nigeria’s crude Gold fall on Friday morning also came as global investors await the release of Friday’s U.S (United States.) non-farm payrolls data for May, scheduled to be released at 1.30 pm Nigerian local time. “There are quite a few market participants still bargain-hunting gold given the fundamental backdrop of the coronavirus crisis and ongoing recession,” Julius Baer analyst Carsten Menke said. GTBank 728 x 90 (READ MORE: Gold prices surge by 17.4% in 2 months due to global economic crisis) However, investors are still waiting to see whether the easing of restrictions will lead to a second wave of infections, supporting demand for gold, Menke added. Gold, Gold prices tick up as President Trump decides on China today, Gold Prices Surges, Protests Erupts In America, Precious metals slump, investors focus on Central Bank’s intervention What you need to know about Precious metals: Precious metals include gold, silver, and platinum. Gold and silver are the most popular metals, and have been used by jewelers, and as wealth status symbols since ancient times. Global investors use precious metals to hedge against inflation. READ ALSO: Global oil market to re-balance in 2 months’ time app Meanwhile, palladium gained 0.34% to $1,947 an ounce, while platinum lost 0.31% to $833.91. Silver was down 0.63% to $17.9 4am local time, having hit a more than three-month high of $18.36 on Monday. “Some people are buying silver just because it’s much cheaper than gold (or) platinum,” a trader from Tokyo-based retailer Tokuriki Honten said. CONTINUE READINGADVERTISEMENT Wealth.ng ADVERTISEMENT ADVERTISEMENT Patricia ADVERTISEMENT devland ADVERTISEMENT financial calculator LATEST TRENDING NM PARTNERS5 mins agoKIAKIA Peer-to-Peer lending investment app (Review)Treasury, bills, calendar, Central Bank FIXED INCOME60 mins agoOfficial: Nigerian Treasury bills calendar for Q3 2020NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NP

NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel The Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors. Published 1 hour ago on June 5, 2020By Ruth Okwumbu NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NPDC , How NNPC discovered oil, gas deposits in the North , Nigeria to leverage on condensate refineries to be petrol net exporter, How NNPC saved $3 billion from arbitration , NNPC, IPPG donate medical supplies to South West state governments, NNPC discloses bases for employment and managerial progression in the oil firm, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel To cushion against the volatility in the global crude market and strengthen profitability, the Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors. This is one of several measures the corporation is taking to sustain revenue generation for Nigeria, and cope with the boom and bust cycles which are gradually becoming a feature of the global crude oil market. NAN reports that this was contained in a statement from the Corporation Chief Operating Officer, Ventures and Business Development, Mr. Roland Ewubare, and signed by NNPC Spokesman, Kennie Obateru. According to Ewubare, the NNPC will establish Independent Power Plants using the Ajaokuta-Kaduna-Kano (AKK) pipeline network, and consolidate its presence in the power sector. (READ MORE: COVID-19: Nigerians react as CBN partners NNPC to feed, accommodate Nigerian returnees) GTBank 728 x 90 The statement reads in part; “NNPC is creating an energy company that would have portfolios in renewable energy; we have initiatives on solar that is ongoing. “We have got biofuels agreements with some state governments that would soon be activated. We do have a lot of non-core businesses that are aggregated under the Ventures and Business Development Autonomous Business Unit of the NNPC. “This would be expanded through effective collaboration and partnership with the private sectors,” NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel Lower costs, more profits As part of moves to improve profitability, the NNPC also announced plans to drive crude oil production cost down to 10 dollar per barrel by Q4 2021, app This according to the statement would be done by systematically and gradually beating down logistics costs. The Corporation’s revenue took a major hit in 2020 due to the slump in global oil prices, and this in turn affected the Nigerian budget given that oil proceeds account for a significant fraction of her income. “When you have a low commodity price regime, as the case now, the only way we are able to squeeze out some reasonable cash and financial gain to the nation is by curtailing and constraining our costs in line with the GMD’s aspiration to push for a 10 dollar per barrel cost of production,” Ebuware said. (READ MORE: NNPC pipeline vandalism up by 50% in January, may suspend crude oil production) There is also an ongoing collaboration with selected partners to commercialise flared gas in order to preserve the flora and fauna of the country. This would be done by converting it to Compressed Natural Gas (CNG) and Liquefied Natural Gas, for sale to consumers. The NNPC is partnering with private developers to reduce the housing deficit in the country and also partnering with medical centres to provide innovative healthcare for Nigeria. CONTINUE READINGBUSINESS NEWSMicrosoft Teams’ rival, Slack shares drop on withdrawal of full-year billings guidance Slack reported steady revenue growth 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis this brought in more customers Published 4 hours ago on June 5, 2020By Olumide Adesina Slack shares dropped as much as 17% yesterday after the company’s reported first-quarter earnings. Investors and stock traders were not happy with Slack’s annual revenue forecast of $855 million to $870 million, up just slightly from Slack’s projection in March stock analysts, on the average, estimated $856.5 million, according to data obtained from Bloomberg. “Slack’s withdrawal of full-year billings guidance looks conservative to us and likely suggests a pull-forward of revenue amid faster new-customer additions due to remote work,” Mandeep Singh, a Bloomberg Intelligence analyst, wrote in a note yesterday. Slack grew revenue 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis. However, Slack reported steady revenue growth during Q1 2020 brought in more customers, as organizations sought to keep communications going with their newly remote workforces during coronavirus pandemic. It had earnings per share of 2 cents loss per share, adjusted and adjusted revenue of $201.7 million GTBank 728 x 90 (READ MORE: How to Profit from Directors’ Share Dealing Notifications) Slack, in a statement, yesterday reported that it added a record 12,000 paid customers Q1 2020 as against two prior quarters when it added about 5,000 new customers. Slack’s top competitor, Microsoft’s Teams, has also experienced growth in recent months. “What you saw with Zoom, what you saw with Teams is a great indication that this is not apples-to-apples and that the products are not truly competitive with one another,” Butterfield the Chief Executive Officer of Slack told Investment analysts on a conference call yesterday. READ ALSO: Jumia is optimistic of COVID-19 boost, despite poor Q1 2020 earnings report Paid users spent over 120 minutes per day in Slack at the end of the quarter, up from below 90 minutes one quarter earlier. app “I can’t care about the stock price on the level of individual days,” Butterfield said when asked about the reaction to earnings. “I just wouldn’t be able to do my job. I care about where the share price is five years from now and 10 years from now. This is just a very volatile time.” CONTINUE READINGBUSINESS NEWSPrecious metals slump, investors focus on Central Bank’s intervention Gold fell on Friday morning to $1,717.10. as global investors await the release of Friday’s U.S non-farm payrolls data for May Published 4 hours ago on June 5, 2020By Olumide Adesina Nigeria Mining Sector shows growth prospect despite low bank credit provision, Gold hits eight-year high as global recession sentiments strengthened, Gold hits three weeks high, Investors rush to gold, Gold Future Drops to $1727.80 as Tensions Escalate between America and China, Precious metals slump, investors focus on Central Bank’s intervention Spot gold went slightly lower, trading at $1,711.57 per ounce by 4 am local time on Friday morning and gold futures was down to $1,717.10. “Gold collapsed like a house of cards as investors overlooked civil unrest in the United States and heavily focused on hopes around central bank intervention and economic recovery,” said Lukman Otunuga, senior research analyst at FXTM. READ MORE: Why the NNPC wants $5 billion advance payments for Nigeria’s crude Gold fall on Friday morning also came as global investors await the release of Friday’s U.S (United States.) non-farm payrolls data for May, scheduled to be released at 1.30 pm Nigerian local time. “There are quite a few market participants still bargain-hunting gold given the fundamental backdrop of the coronavirus crisis and ongoing recession,” Julius Baer analyst Carsten Menke said. GTBank 728 x 90 (READ MORE: Gold prices surge by 17.4% in 2 months due to global economic crisis) However, investors are still waiting to see whether the easing of restrictions will lead to a second wave of infections, supporting demand for gold, Menke added. Gold, Gold prices tick up as President Trump decides on China today, Gold Prices Surges, Protests Erupts In America, Precious metals slump, investors focus on Central Bank’s intervention What you need to know about Precious metals: Precious metals include gold, silver, and platinum. Gold and silver are the most popular metals, and have been used by jewelers, and as wealth status symbols since ancient times. Global investors use precious metals to hedge against inflation. READ ALSO: Global oil market to re-balance in 2 months’ time app Meanwhile, palladium gained 0.34% to $1,947 an ounce, while platinum lost 0.31% to $833.91. Silver was down 0.63% to $17.9 4am local time, having hit a more than three-month high of $18.36 on Monday. “Some people are buying silver just because it’s much cheaper than gold (or) platinum,” a trader from Tokyo-based retailer Tokuriki Honten said. CONTINUE READINGADVERTISEMENT Wealth.ng ADVERTISEMENT ADVERTISEMENT Patricia ADVERTISEMENT devland ADVERTISEMENT financial calculator LATEST TRENDING NM PARTNERS5 mins agoKIAKIA Peer-to-Peer lending investment app (Review)Treasury, bills, calendar, Central Bank FIXED INCOME60 mins agoOfficial: Nigerian Treasury bills calendar for Q3 2020NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NPDC , How NNPC discovered oil, gas deposits in the North , Nigeria to leverage on condensate refineries to be petrol net exporter, How NNPC saved $3 billion from arbitration , NNPC, IPPG donate medical supplies to South West state governments, NNPC discloses bases for employment and managerial progression in the oil firm, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel ECONOMY & POLITICS1 hour agoNNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrelADVERTISEMENT app ADVERTISEMENT Nairametrics ABOUT US TEAM NAIRAMETRICS CONTACT US CAREERS ANDRIOD APP IOS APP DISCLAIMER PRIVACY POLICY Copyright © 2020 close