The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 483.00
Bid: 481.65
Ask: 481.80
Change: 0.45 (0.09%)
Spread: 0.15 (0.031%)
Open: 479.30
High: 483.25
Low: 477.30
Prev. Close: 482.55
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-Nigeria shores up fuel needs ahead of 2019 election with BP deal

Thu, 01st Nov 2018 14:09

By Julia Payne and Amanda Cooper LONDON, Nov 1 (Reuters) - Nigeria's state oil firm NNPC saidon Thursday that it had signed a crude-for-product deal with BP for the next six months to help meet the country'sgasoline needs over the holidays and ahead of its generalelection early next year. Despite being Africa's biggest oil producer and an OPECmember, Nigeria is almost wholly reliant on fuel imports as itsrefineries barely function after years of neglect andinfrastructure sabotage. Periodic fuel shortages are common with cars lining up atthe pump sometimes for days, especially during the Christmasperiod. Incumbent President Muhammadu Buhari, whose popularity isalready sagging, cannot afford to be seen as unable to meet theneeds of Nigeria's 190-million population. It was not immediately clear what volume would be allocatedto BP. NNPC already has 10 similar deals for a total of justover 300,000 barrels per day of crude out its close to 1.9million bpd of production as of October. NNPC initially announced on Twitter late on Wednesdaywithout providing details. BP declined to comment. In its statement, NNPC said the arrangement with BP wouldaccount for 20 percent of the west African country's totalgasoline needs. NNPC imports about 70 percent of Nigeria's fuel needs,mainly gasoline, via swap contracts known as Direct Sale DirectPurchase (DSDP). Foreign firms must pair up with a local company to deliverthe products. NNPC said that BP will be partnered with Nigerianfirm AYM Shafa. BP was not originally among the companies with whom NNPCsigned DSDPs. "BP's partnership with AYM Shafa...makes it a perfect fitfor our plans to ensure that there is adequate supply ofproducts throughout the coming Yuletide and even beyond theelection period," NNPC managing director Maikanti Baru said,adding that AYM Shafa has 150 retail outlets and depots. The existing contract holders that include trading housesVitol, Trafigura, Mercuria and French oil major Totalstarted in mid-2017. NNPC extended the existing DSDP contracts to June 2019 butseveral trading sources in the consortiums have requested newprice terms, sources with direct knowledge said. Higher oil prices this year have helped boost Nigeria'sforeign exchange reserves, but the weakness in the country'scurrency against the U.S. dollar has forced the central bank tospend billions to keep the naira stable and prevent an unwelcomespike in its import bill. Nigeria has been using swaps for about 10 years. NNPClaunched the DSDP model in 2016 and under it, NNPC sells crudeoil to refiners or trading houses, who in return, supply mainlygasoline but also other petroleum products such as diesel. Trader/Refin Local partner(s) Volume (minimum ery expected) Trafigura AA Rano 33,000 bpd Petrocam Rainoil/Falcon Crest 33,000 bpd Mocoh Heyden 33,000 bpd Cepsa Oando 33,000 bpd Sahara SIR 33,000 bpd Mercuria Matrix/Rahmaniya 33,000 bpd Socar Hyde 33,000 bpd Litasco MRS 33,000 bpd Vitol Varo 33,000 bpd Total Total 33,000 bpd 10 Groupings 330,000 bpd (Reporting by Julia Payne, additional reporting by Paul Carstenin Abuja; Writing by Amanda Cooper; Editing by Alexandra Hudson)
More News
6 Jan 2024 12:29

BP investors want oil firm to approach BAE chief as CEO- Sky News

Jan 6 (Reuters) - Some of BP's largest shareholders have urged the company to approach BAE Systems Chief Executive Charles Woodburn about becoming the British oil giant's next boss, Sky News reported on Saturday, citing unidentified sources.

Read more
6 Jan 2024 11:38

BP investors want oil behemoth to target BAE chief as CEO- Sky News

Jan 6 (Reuters) - Some of BP's largest shareholders have urged the company to approach Charles Woodburn, the BAE Systems chief executive, about becoming the company's next boss, Sky news reported on Saturday. (Reporting by Devika Nair in Bengaluru; Editing by Jan Harvey)

Read more
4 Jan 2024 16:54

LONDON MARKET CLOSE: Stocks up ahead of US nonfarm payrolls

(Alliance News) - Stock prices in London closed higher on Thursday, as investors eye the latest US non-farms data.

Read more
4 Jan 2024 13:07

London close: Stocks rise as US jobless claims slow

(Sharecast News) - London markets showed mixed performance on Thursday as investors digested the latest UK services and mortgage data and a fall in jobless claims across the pond.

Read more
4 Jan 2024 12:09

LONDON MARKET MIDDAY: Retailers Next and JD Sports bookend FTSE 100

(Alliance News) - Stock prices in London were slightly higher at midday on Thursday, with the FTSE 100 looking set to snap the two-day losing streak it suffered at the start of the year.

Read more
4 Jan 2024 09:31

LONDON BROKER RATINGS: Jefferies cuts Tullow; Berenberg likes Volex

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
4 Jan 2024 08:58

LONDON MARKET OPEN: Next leads buoyant FTSE 100 amid services PMIs

(Alliance News) - Stock prices in London opened up on Thursday, amid a slew of services PMI data, including for the UK, while reacting to the latest data from China.

Read more
3 Jan 2024 18:37

Equinor, BP cancel contract to sell offshore wind power to New York

Jan 3 (Reuters) - European energy firms Equinor and BP terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues.

Read more
3 Jan 2024 17:02

Equinor and BP cancel contract to sell offshore wind power to New York

Jan 3 (Reuters) - Equinor and BP terminated on Wednesday their agreement to sell power to New York state from their 1,260-megawatt Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues.

Read more
3 Jan 2024 16:52

LONDON MARKET CLOSE: Stocks down ahead of US Fed minutes

(Alliance News) - Stock prices in London closed lower on Wednesday, as investors nervously look ahead to the latest US Federal Reserve meeting minutes.

Read more
3 Jan 2024 08:18

Chill Brands plots product launches and looks to ease regulatory worry

(Alliance News) - Chill Brands Group PLC on Wednesday said its vape products will soon launch in retail stores, including WH Smith PLC travel locations, and it reported a trio of initiatives to help soothe regulatory scrutiny.

Read more
2 Jan 2024 16:58

LONDON MARKET CLOSE: Stocks down amid disappointing manufacturing data

(Alliance News) - Stock prices in London closed lower on Tuesday, after the year was started with some disappointing data about the UK and US manufacturing sectors.

Read more
29 Dec 2023 13:01

LONDON MARKET CLOSE: UK equities outclassed by other markets in 2023

(Alliance News) - Stock prices in London closed mixed on Friday, the final trading day of 2023, as the annual returns from UK equities were outshone by international markets.

Read more
28 Dec 2023 16:54

LONDON MARKET CLOSE: End of year rally cools as FTSE 100 edges lower

(Alliance News) - Stock prices in London closed mixed on Thursday, the final full trading day of a mixed year, though the FTSE 100 is still on track to deliver a gain of more than 3% for 2023.

Read more
28 Dec 2023 09:02

LONDON MARKET OPEN: China-exposed firms rise as stocks drift higher

(Alliance News) - Stock prices in London opened slightly higher on Thursday, with investors feeling quietly optimistic on the penultimate day of trading for 2023.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.