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2016-06-27 18:15:00

NIGERIA WANT $50 BLN

NIGERIA WANT $50 BLN

BLOOMBERG published, Nigeria is seeking $40 billion to $50 billion in investment in oil projects as the OPEC producer said it raised crude output to as much as 1.9 million barrels a day as of two days ago.

The African producer signed a potential deal for $8.5 billion of investment with China North Industries Group Corp., Nigerian State Minister for Petroleum Resources Emmanuel Ibe Kachikwu said in a Bloomberg television interview in Beijing on Monday. The country's crude output should rise to 2.2 million barrels a day next month if repairs to a pipeline are completed, he said.

"We're looking to raise about $40 to $50 billion," Kachikwu said in the Bloomberg interview. "Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful."

Low oil prices, which have fallen by more than half in the past two years, are forcing some of the world's largest drillers to seek investment to maintain and expand output. Saudi Arabia's Deputy Crown Prince Mohammed bin Salman said in April the government plans to list less than 5 percent of the state producer known as Saudi Aramco, which could turn the world's biggest oil exporter into the largest publicly traded firm with a value in the trillions of dollars. Russia is seeking buyers for 19.5 percent of Rosneft PJSC.

Militant attacks earlier this year reduced Nigeria's oil production to 1.3 million barrels from from 2.2 million a day, and output was between 1.8 million and 1.9 million as of two days ago, Kachikwu said. Crude prices may end the year between $50 and $55, he said.

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Earlier: 

NIGERIAN OIL DOWN 50% 

SHELL LOWERS NIGERIA 

SHELL & NIGERIA CORRUPTION 

NIGERIA PAYS $2.1 BLN 

NIGERIA'S BIG OIL 

NIGERIA'S OIL CRISIS 

NIGERIA'S OIL CRASHING

 

 

Tags: NIGERIA, OIL, INVESTMENT

Chronicle:

NIGERIA WANT $50 BLN
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

NIGERIA WANT $50 BLN
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

NIGERIA WANT $50 BLN
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

NIGERIA WANT $50 BLN
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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