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Share Price Information for BP (BP.)

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Share Price: 482.55
Bid: 482.60
Ask: 482.70
Change: 0.85 (0.18%)
Spread: 0.10 (0.021%)
Open: 479.85
High: 486.50
Low: 479.05
Prev. Close: 481.70
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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)
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19 Dec 2023 11:49

LONDON MARKET MIDDAY: FTSE 100 flat; Eurozone inflation cools to 2.4%

(Alliance News) - Stock prices in London were mixed at midday Tuesday, despite news that the eurozone's inflation is edging closer to its 2% target.

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19 Dec 2023 08:47

LONDON MARKET OPEN: Stocks rise as investors pin hopes on US rate cuts

(Alliance News) - Stock prices in London opened higher on Tuesday, with sentiment still buoyed by expectations of rate cuts in the US.

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18 Dec 2023 18:18

Red Sea attacks force rerouting of vessels, disrupting supply chains

Houthis launched series of attacks, latest on Monday

*

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18 Dec 2023 17:40

Europe Gasoline/Naphtha-Margins slip as Red Sea attacks push oil higher

LONDON, Dec 18 (Reuters) - Northwest European gasoline refining slipped by about $1 to $8.6 a barrel as underlying crude prices rose 3% on mounting attacks on ships in the Red Sea.

Trades   Bids     Offers   Prev.    Sellers  Buyers
(vol.) Trades
Ebob $727.50
Barges
MOC
Platts E5
(fob ARA)
<EUROBOB-
ARA>
Ebob $728
Barges
E10
Platts(fo
b ARA)
Ebob $735.50 Varo, Trafigu
Barges (4KT) Glencor ra
Argus e
E5(fob
AR)
Ebob $727 Shell, Varo,
Barges 11KT Exxon Totsa
E10 Argus
(fob AR)
Jan. swap $741.25 $725.25
fob ARA
Premium
Unleaded
(fob ARA)
<PU-10PP-
ARA>
Cargoes
(fob MED)
Cargoes
(cif NWE)
Naphtha Jan
(cif NWE) +$14
<NAF-C-NW
E>

Ebob crack (per barrel) $8.6 Prev. $9.7
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Ahmad Ghaddar; Editing by Mark Porter)

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18 Dec 2023 16:55

LONDON MARKET CLOSE: FTSE 100 outperforms European peers

(Alliance News) - Stock prices in London closed higher on Monday, after investors shrugged off hawkish comments from US Federal Reserve officials amid festive cheer.

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18 Dec 2023 12:52

Red Sea attacks force rerouting of vessels, disrupting supply chains

DUBAI, Dec 18 (Reuters) - Mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea are disrupting maritime trade as leading global freight firms reroute around the Cape of Good Hope to avoid the Suez canal.

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18 Dec 2023 11:50

BP becomes latest to pause Red Sea shipments as attacks continue

(Sharecast News) - BP has announced that it is halting all oil shipments through the Red Sea, becoming the latest company to pause regional routes after a series of targeted attacks by Yemen's Houthi rebels.

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14 Dec 2023 07:43

LONDON BRIEFING: Eyes on BoE and ECB; US Fed signals 2024 rate cuts

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13 Dec 2023 23:16

Newcomer Elysian, Petrobras notch big wins in Brazil oil auction

RIO DE JANEIRO, Dec 13 (Reuters) - Oil companies including Elysian along with veterans Petrobras and Chevron snapped up the most blocks up for grabs in Brazil's latest offshore oil auction marked by climate protests, as the South American nation looks to replenish reserves with new discoveries.

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13 Dec 2023 19:00

BP Energy wins oil auction for Brazil's Tupinamba block

RIO DE JANEIRO, Dec 13 (Reuters) - BP Energy on Wednesday won the auction for oil and gas production rights of the offshore block of Tupinamba in Brazil's Santos Basin.

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13 Dec 2023 17:04

TOP NEWS: Ex-BP boss Looney to forfeit GBP32 million after misconduct

(Alliance News) - BP PLC on Wednesday said former Chief Executive Bernard Looney has been dismissed without notice after concluding he had "knowingly misled the board".

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13 Dec 2023 11:00

EV charger station firms battle for prime locations in Europe, US

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13 Dec 2023 09:15

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13 Dec 2023 08:56

LONDON MARKET OPEN: Stocks in green as all eyes on US Fed

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13 Dec 2023 06:00

EV charger station firms battle for prime locations in Europe, US

LONDON/DETROIT, Dec 13 (Reuters) -

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