BUSINESS
MOMAN Tasks Downstream Operators on Service Automation
The Major Oil Marketers Association of Nigeria (MOMAN) on Saturday urged operators in the Nigerian downstream sector to ensure automation of their services.
According to the body, their services being automated will help them on data generation, improve product delivery storage utilisation and profitability.
The Chief Executive Officer of MOMAN, Mr Clement Isong, gave the advice while speaking during a virtual workshop on World International Data Day on Saturday.
Isong, who spoke on the importance of data and automation in the downstream business, said data on products demand on refined fuels and lubricants could streamline operations, improve product delivery, storage utilisation, among others.
Isong said that the automation would also ensure transparency, excellent customer service, eliminate fraud, corruption and boost the reputation of the industry.
The MOMAN boss urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to invest in infrastructure for data gathering.
“Our position in MOMAN is that we are looking for the automation of the entire supply chain. It meas everybody needs to invest in order to optimise their businesses.
“Eventually, the beneficiary is the customer. It is good for corporate governance. It removes people’s ability to steal.
“And the authority, NMDPRA, itself, has got to invest in infrastructure for data gathering and has got to do a preliminary analysis of that data.
“It has to put up that information on its website, which investors, marketers, operators and everybody can access.
“On that basis, optimise the business and make investment decisions. It is fundamental to a deregulated system.
“It improves the quality of decision-making as well as transparency and eliminates bad behaviour as well as fraud and theft.
“You have to shine your light and darkness and bad practices will disappear. This is very important,” lsong added.
The lead political analyst, Ikponmwosa Aikhionbare, said that Ghana launched the Bulk Road Vehicle Tracking System (BRVTS) to track the movement of petroleum products from depots to retail outlets.
“The system uses GPS technology to monitor the location, speed, and fuel consumption of trucks transporting petroleum products.
“In India, the government has implemented a system called the Automated System for Oil Movement and Storage (ASOMS), which tracks the movement of petroleum products through the supply chain.
“The system uses data analysis to monitor product quality and identify potential issues before they cause defects or safety hazards,” he said.
The virtual workshop was attended by energy journalists and stakeholders in the oil and gas industry. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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