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External Reserves Rise by $1bn in Three Days (11 May 2011) The rise in crude oil prices at the international market on Monday has impacted positively on Nigeria’s external reserves, which increased significantly by $1.093 billion within only three days, the reserves advanced by 3.35 per cent to $33.722 billion on Monday, from the $32.629 billion it stood last Thursday. The external reserves stood at $33.5 billion as at April, as against the $33.2 billion it recorded at the end of March after it rose to $36.4 billion by mid March. The reserves had grown by $3.1 billion in March. Foreign exchange dealers attributed the increase in the reserves to reduced pressure for dollars at the wholesale Dutch auction system (WDAS) since this month as well as soaring international oil prices. Oil price had risen by over four per cent on Monday (8-05-2011) as it gained 35 per cent from its figure a year ago after it dropped 15 per cent in the previous week in a biggest weekly loss since 2008. Reports...
PetroChina’s first liquefied natural gas, about 70,000 tonnes, arrived in Shanghai from Peru on Tuesday, said a Chinese industry source. A second cargo is due to arrive at the Shanghai terminal early next week from Africa, possibly from Nigeria, said the source with direct knowledge of the shipments. The Shanghai LNG terminal is operated by a joint venture between CNOOC and a Shanghai firm. China’s gas imports are expected to swell as it opens new terminals for LNG and the government encourages residents to switch to gas from coal, the cheapest but dirtiest fossil fuel. Its LNG imports hit a record 1.03 million tonnes in December, which pushed the 2010 volume up 69.1 percent to 9.36 million tonnes, data released on Wednesday showed. PetroChina’s imports may have been a response to a government call in October for energy firms to increase gas output and imports to meet winter demand. PetroChina plans to buy 610 million cubic metres, or around 440,000 tonnes, of LNG to increase gas supp...
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