Nigeria to privatise power firm PHCN

Nigeria is to sell off the state power monopoly, PHCN, President Goodluck Jonathan has announced.

“We need a revolution in the power sector,” he said, in what was touted as a major policy speech.

Nigeria is one of the world’s largest oil exporters but lacks many basic services, such as a regular electricity supply.

Black-outs are common and those who can afford to, use generators.

Many business leaders say the lack of electricity is one of the biggest obstacles they face.

Meanwhile, many Nigerians joke that PHCN (Power Holding Company of Nigeria) really stands for Please Hold Candle Now.

Advertisements

Emerging economies alter dynamics of oil demand

http://www.ft.com/cms/s/0/a6b6d93a-abc0-11df-9f02-00144feabdc0.html

Emerging economies have upended the long-standing pattern of global oil consumption, according to the west’s energy watchdog, in a further sign of how countries such as China and India are transforming commodities markets.

The International Energy Agency estimates that oil demand was higher this year during the second quarter for the first time, at about 86.6m barrels a day, ahead of the traditional peak winter season of January-March, at 86.0m b/d.

But with growing demand for oil coming from countries such as China, India, Saudi Arabia, Brazil and Indonesia, seasonal patterns are changing, a trend the Paris-based IEA believes will accelerate.

The IEA said: “This emerging seasonality will probably raise new refining and logistical challenges.”

In the past, oil demand fell 1.5-2.0m b/d between the first and second quarters, allowing refineries to undergo maintenance. Low demand periods helped to build inventories to meet peak consumption later.