Nigeria: Shell invests to support Nigeria’s domestic gas ambition for industrialization
02 Mar 2021
The
Shell Petroleum Development Company of Nigeria Limited (SPDC), has restated commitment to support the Federal Government of Nigeria’s goal of using the country’s proven gas reserves to trigger economic activities for gas-based industrialization.
SPDC’s Managing Director and Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor, said Shell’s support is shown in the company’s multi-billion dollars investment in four of Nigerian National Petroleum Corporation’s (NNPC) ‘Seven Critical Gas Development Projects’.
Speaking at the Nigerian Gas Association’s 12th International Conference and Awards, held virtually on February 25, 2021, under the theme,
A Federal High Court sitting in Lagos has fixed March 9 to rule on whether to discharge the interim ex-parte order it granted freezing the bank accounts of Shell Petroleum Development Company (SPDC) in 20 commercial banks.
On the same day, the court will also rule on whether it has the jurisdiction to even entertain the suit and another seeking to commit to prison the banks and its officials who were said to have disobeyed the interim ex-parte order.
Justice Oluremi Oguntoyinbo had granted the order at the instance of AITEO Eastern E&P Company Ltd. who is seeking to recover the cash value of “more than 16 million barrels of crude oil” allegedly diverted by Shell.
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The Shell Petroleum Development Company of Nigeria Limited has keyed into the Federal Government’s goal of using the country’s proven gas reserves to increase economic activities for gas-based industrialisation of the country.
SPDC’s Managing Director and Country Chairman of Shell Companies in Nigeria, Osagie Okunbor, said this while speaking at the Nigerian Gas Association’s 12th International Conference and Awards, which was held virtually on February 25 under the theme, “Powering Forward: Enabling Nigeria’s Industrialisation via Gas.”
A statement on Sunday by the Media Relations Manager, SPDC, Bamidele Odugbesan, quoted Okunbor as saying that Shell’s support was demonstrated in the oil firm’s multi-billion dollar investment in four of Nigerian National Petroleum Corporation’s ‘Seven Critical Gas Development Projects.’
Citi Bank and two other commercial banks are in big trouble for violating a court order freezing the accounts of Dutch Oil giant, Royal Shell, in a case involving the alleged theft of over two million barrels of crude.
A federal court in Lagos had issued an injunction barring Royal Dutch Shell’s Nigerian subsidiaries from withdrawing money at 20 local banks until it ringfences potential damages in a lawsuit brought against the oil major by Aiteo Eastern E&P.
Aiteo is accusing Shell of deliberate improper metering of the Nigerian company’s oil exports from the Bonny Light terminal. It is seeking $2.7 billion over the pipeline deal plus $1.28 billion for lost oil sales, the court documents show.
In the latest instalment of the English courts' consideration of their jurisdiction over claims against UK companies arising from foreign subsidiaries' operations, the Supreme Court has.