The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register 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: 506.20
Bid: 506.50
Ask: 506.70
Change: 2.10 (0.42%)
Spread: 0.20 (0.039%)
Open: 506.10
High: 511.70
Low: 505.30
Prev. Close: 504.10
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
4 Mar 2024 08:55

LONDON MARKET OPEN: Review cuts Hipgnosis Songs Fund valuation

(Alliance News) - Stock prices in London opened mostly lower on Monday, as investor attention remained primarily on the release of the UK Spring budget on Wednesday.

Read more
4 Mar 2024 07:41

LONDON BRIEFING: Stocks called down; attention on UK's spring budget

(Alliance News) - Stocks in London are called to open lower, ahead of a busy week of economic news.

Read more
22 Feb 2024 09:49

LONDON BROKER RATINGS: Berenberg raises Moneysupermarket.com to 'buy'

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

Read more
15 Feb 2024 16:52

LONDON MARKET CLOSE: Stocks in green despite UK hit by recession

(Alliance News) - Stock prices in London closed higher on Thursday, after data showed that the UK economy slipped into recession in the final quarter of 2023, buoying hopes for interest rate cuts from the Bank of England.

Read more
15 Feb 2024 14:55

London close: Stocks manage gains despite UK recession news

(Sharecast News) - London markets had a mixed but ultimately positive day of trading on Thursday, despite news that the UK fell into a technical recession at the end of 2023.

Read more
15 Feb 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 flat as strong start fades

(Alliance News) - The FTSE 100 tread water on Thursday afternoon, as share price declines for some of London's heavyweights offset a strong start for the index, which got a boost from Bank of England rate cut hopes.

Read more
15 Feb 2024 09:17

BP hails arrival of LNG vessel at project off Senegal and Mauritania

(Alliance News) - BP PLC on Thursday celebrated the arrival of a gas vessel offshore west Africa, which it called a "major milestone" for its project there.

Read more
14 Feb 2024 12:01

BP and Adnoc form gas joint venture in Egypt to boost capabilities

(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.

Read more
14 Feb 2024 10:27

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday.

Read more
11 Feb 2024 09:27

PRESS: BP to book USD700 million windfall on UK tax changes - FT

(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

Read more
9 Feb 2024 11:44

LONDON MARKET MIDDAY: European markets quiet heading into afternoon

(Alliance News) - European stock markets were quiet heading into Friday afternoon, as investors eye the annual US consumer price index benchmarks revisions.

Read more
8 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 9 February 
AJ Bell PLCdividend payment date
B&M European Value Retail SAspecial dividend payment date
BlackRock Latin American Investment Trust PLCdividend payment date
Braemar PLCdividend payment date
i3 Energy PLCdividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Montanaro UK Smaller Cos Investment Trust PLCdividend payment date
Netcall PLCdividend payment date
Origin Enterprises PLCdividend payment date
Sage Group PLCdividend payment date
Schroder AsiaPacific Fund PLCdividend payment date
Tracsis PLCdividend payment date
Tufton Oceanic Assets Ltddividend payment date
Monday 12 February 
no events scheduled 
Tuesday 13 February 
Cohort PLCdividend payment date
Future PLCdividend payment date
Mondi PLCspecial dividend payment date
Wednesday 14 February 
Blackrock Frontiers Investment Trust PLCdividend payment date
Ecora Resources PLCdividend payment date
Grainger PLCdividend payment date
Oxford Metrics PLCdividend payment date
Supermarket Income REIT PLCdividend payment date
Unicorn AIM VCT PLCdividend payment date
Unicorn AIM VCT PLCspecial dividend payment date
Thursday 15 February 
Alternative Income REIT PLCex-dividend payment date
Aquila European Renewables PLCex-dividend payment date
Balanced Commercial Property Trust Ltdex-dividend payment date
BioPharma Credit PLCex-dividend payment date
BP Marsh & Partners PLCex-dividend payment date
BP PLCex-dividend payment date
Elixirr International PLCdividend payment date
Gabelli Merger Plus+ Trust PLCex-dividend payment date
GCP Asset Backed Income Fund Ltdex-dividend payment date
Greencoat UK Wind PLCex-dividend payment date
Gulf Investment Fund PLCex-dividend payment date
Hargreave Hale AIM VCT PLCdividend payment date
Henderson Opportunities Trust PLCex-dividend payment date
ICG Enterprise Trust PLCex-dividend payment date
Impax Environmental Markets PLCex-dividend payment date
Imperial Brands PLCex-dividend payment date
Invesco Perpetual UK Smaller Cos IT PLCex-dividend payment date
Invesco Select Trust PLC Global Equity Incomedividend payment date
Invesco Select Trust PLC UK Equitydividend payment date
JPMorgan European Growth & Income PLCex-dividend payment date
Knights Group Holdings PLCex-dividend payment date
M Winkworth PLCdividend payment date
Majedie Investments PLCex-dividend payment date
Mattioli Woods PLCex-dividend payment date
Mobeus Income & Growth 4 VCT PLCex-dividend payment date
Mountview Estates PLCex-dividend payment date
Murray Income Trust PLCex-dividend payment date
NCC Group PLCex-dividend payment date
NextEnergy Solar Fund Ltdex-dividend payment date
Pershing Square Holdings Ltdex-dividend payment date
PRS REIT PLCex-dividend payment date
Ramsdens Holdings PLCex-dividend payment date
Schroder UK Mid Cap Fund PLCex-dividend payment date
Shell PLCex-dividend payment date
Triple Point Venture VCT PLCex-dividend payment date
Troy Income & Growth Trust PLCex-dividend payment date
UK Commercial Property REIT Ltdex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

Read more
6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

Read more
6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

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.