Business
Azikel Refinery in Bayelsa Set To Add 25,000 bpd To National Capacity
Azibapu Eruani, president of Azikel Group, disclosed the development during a recent tour of the complex by members of the Nigerian Society of Engineers.
Image: Dr Eruani Azibapu Godbless , President of Azikel Group
Azikel Refinery in Yenagoa, Bayelsa State has entered its final construction stage, with about 700 engineers and workers currently on site.
The $1 billion facility will process 25,000 barrels of crude oil or condensate per day.
The refinery is designed as a full-slate hydro-skimming plant. It will produce premium motor spirit, diesel, aviation fuel, kerosene, liquefied petroleum gas and other petroleum products from crude oil or condensate.
Azibapu Eruani, president of Azikel Group, disclosed the development during a recent tour of the complex by members of the Nigerian Society of Engineers.
Eruani described Azikel as Nigeria’s second-largest full-slate refinery.
He said it is the only refinery in Africa designed to process condensate into a complete range of products.
About 700 engineers and other personnel are working on the project. Most of the workforce comprises young Bayelsans and Nigerian engineers alongside expatriate specialists.
Azikel said the refinery is expected to employ more than 3,000 people when operational.
The project has already generated more than 80,000 indirect jobs, according to Billionaires.Africa.
Mac Jokori, chairman of the Nigerian Society of Engineers, Bayelsa branch, described the facility as a major milestone for Nigeria’s refining industry.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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