Headlines

European demand for gas raises US LNG exports in 2022.

LNG vessels

Europe’s efforts to develop alternative sources of gas imports as it seeks to move away from Russia helped to drive the United States to become the world’s largest liquefied natural gas (LNG) exporter during the first half of 2022.

U.S. exports of LNG increased by 12 percent despite a recent fire at one facility in Texas.

The U.S. Energy Information Administration (EIA), cited data by market intelligence firm Cedigaz, reported a strong increase in U.S. LNG exports.

Among the factors contributing to the growth, analysts cited continued overall growth in demand, and in particular from Europe, which contributed to increased international LNG prices.

Since the end of last year, EU countries and Britain have increased LNG imports to compensate for lower imports from Russia and to fill historically low natural gas storage inventories.

This comes on top of strong demand as more industries have sought to move away from coal and oil as their source of energy replacing it with cleaner-burning natural gas.

As a result, overall LNG imports to the EU and UK increase by 63 percent during the first half of 2022 to an average of 14.8 Bcf/d.

Similar to 2021, the U.S. sent the most LNG to the EU and UK during the first half of the year, providing 47 percent of Europe’s total LNG imports.

Other major suppliers to Europe include Qatar at 15 percent, Russia at 14 percent, and four African countries combined at 17 percent.

The EU and UK also remained the U.S.’s largest customers for LNG.

During the first five months of 2022, 71 percent of U.S. LNG exports, or a total of 8.2 Bcf/d, were shipped to Europe.

The U.S.’s total exports, and the amount sent to Europe, however, fell in June as a result of an unplanned outage after an explosion and fire at the Freeport LNG export facility.

The facility is expected to resume partial liquefaction operations in early October 2022.

“Utilization of the peak capacity at the seven U.S. LNG export facilities averaged 87 percent during the first half of 2022, mainly before the Freeport LNG outage, which is similar to the utilization on average during 2021,” said EIA.

According to EIA, installed U.S. LNG export capacity has expanded by 1.9 Bcf/d or nearly 10 percent since November 2021.

The capacity additions include a sixth train at the Sabine Pass LNG, 18 new mid-scale liquefaction trains at the Calcasieu Pass LNG, and increased LNG production capacity at Sabine Pass and Corpus Christi LNG facilities.

As of July, EIA estimates that LNG liquefaction capacity is now averaging 11.4 Bcf/d, with a shorter-term peak capacity of 13.9 Bcf/d.

U.S. facilities however nearing their capacity limits in the near term while several investment projects look to expand capacity in the mid-term. While the temporary suspension of exports from the Freeport LNG facility has done little to impede the overall exports, the industry looks forward to its return to increase the supply before the onset of the coldest months in the U.S. and Europe.

Currently, 14 countries in Europe have LNG import facilities although the utilization of the facilities varies by region with the northern and southern parts of the European natural gas pipeline grid not fully integrated.

Several countries, including Germany, the Netherlands, Italy, Finland, and Estonia, have all announced expansions of the LNG import capacities with charters to bring FSRUs in to provide immediate capacity to support LNG imports for the upcoming winter season.

Customs

Group confers “continental” award on Adeniyi over customs’ phenomenal revenue record

Adeniyi, CGC

Funso OLOJO

The Comptroller General of the Nigeria Customs Service, C.G.C Adewale Bashir Adeniyi, has been nominated and approved to be honoured with “The Continent Man of The Year 2024” Award by Board of Editors and Publishers of Continent magazine.

This resolution was announced by the spokesman of the group, Mr David Oladimeji, at the end of group’s meeting held on Friday, September 13th, 2024 in Abuja.

The meeting was organized by” The Continent “Magazine to deliberate on a personality and organisation deserving of the Award.

The Board’s attention was drawn to the statement made recently by former governor of the Central Bank of Nigeria (C.B.N) and sitting Governor of Anambra state, Prof Chukwuma Soludo,who told his constituents in Awka that the Customs and F.I.R.S have sustained the nation’s economy from collapse since February this year, when the NNPCL stopped remittance of statutory revenue to the Federation Account for onward disbursements to the three tiers of governments.

Oladimeji said “the Board noted that this is not an easy task to be achieved under the astute and dedicated leadership of C.G.C Adeniyi, considering the fact that the Customs and it’s officers have been perceived by the public as corrupt and fraudulent”

” In a bid to commend and encourage leaders of the customs and F.I.R.S as well as their lieutenants not to rest on their oars, the Board resolved to honour the C.G.C, his Command Controllers and Revenue Collectors who had made significant sacrifices and excelled in their national anti-smuggling, revenue collection assignments with “The Continent Man of The Year” and “Pillars of Nigerian Economy 2024″ Awards”

As plans are geared towards the celebration of the international and national icons at a date to be announced soon, “The Continent” special edition will publish the profile and achievements of the deserving recipients that earned them recognition and honour.

Headlines

NIMASA secures support of Bank of Industry for enhanced capacity building in maritime industry

Funso OLOJO

The Nigerian Maritime Administration and Safety Agency (NIMASA) has broker a partnership with the Bank of Industry (BOI) to enhance its capacity building effort in the maritime industry.

The Director General of NIMASA, Dr. Dayo Mobereola, represented by the Executive Director of Maritime Labour and Cabotage Services, Mr. Jibril Abba, made this disclosure during a visit by the Management of the Bank of Industry, led by Executive Director of Large Enterprises, Mrs. Ifeoma Uz’Okpala.

He stated, “In addition to safety, security, and maritime labor, the Agency’s mandate encompasses capacity development aimed at growing the sector.”

He also reaffirmed the Agency’s commitment to collaboration as a vital tool for achieving its mandate.

“The aim is to actualize the vision of the Federal Government to reposition the maritime sector, especially with the creation of the Ministry of Marine and Blue Economy”, he said.

On her part, the Executive Director of Large Enterprises at BOI, Mrs. Uz’Okpala, affirmed the Bank’s readiness to support NIMASA.

She also emphasized the importance of collaboration in implementing a robust capacity-building initiative that will contribute to economic growth in Nigeria.

Bank of Industry Limited is Nigeria’s oldest and largest Development Finance Institution (DFI) currently in operation.

It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%)

Headlines

NIMASA secures support of Bank of Industry for enhanced capacity building in maritime industry

Funso OLOJO

The Nigerian Maritime Administration and Safety Agency (NIMASA) has broker a partnership with the Bank of Industry (BOI) to enhance its capacity building effort in the maritime industry.

He stated, “In addition to safety, security, and maritime labor, the Agency’s mandate encompasses capacity development aimed at growing the sector.”

He also reaffirmed the Agency’s commitment to collaboration as a vital tool for achieving its mandate.

“The aim is to actualize the vision of the Federal Government to reposition the maritime sector, especially with the creation of the Ministry of Marine and Blue Economy”, he said.

On her part, the Executive Director of Large Enterprises at BOI, Mrs. Uz’Okpala, affirmed the Bank’s readiness to support NIMASA.

She also emphasized the importance of collaboration in implementing a robust capacity-building initiative that will contribute to economic growth in Nigeria.

Bank of Industry Limited is Nigeria’s oldest and largest Development Finance Institution (DFI) currently in operation.

It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%).