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ENERGY Last week, youth leaders of several ethnic groups in Nigeria converged on Abuja to pressure the authorities to take appropriate action against Shell Petroleum Development Company over alleged underhand dealings in the course of carrying out their operations in Nigeria. Emmanuel Addeh writes that it was one of the few instances that the country’s youth leaders appeared to have spoken with one voice on such a matter of national importance The placard-wielding, tough-talking horde of youths, stormed the seat of power last Tuesday had one mission in mind: compensation for the aggrieved and sanctions for the alleged culprits. ....
Geelong s Viva Energy records $95 million loss for oil refinery WedWednesday 24 updated WedWednesday 24 FebFebruary 2021 at 5:46am Viva Energy s latest losses come after a year of significant decline in demand for fuel due to the pandemic. ( Print text only Cancel Victoria s last oil refinery and one of two remaining in Australia has recorded a multi-million dollar loss for the last financial year. Key points: The company has moved to diversify its operations into renewable energy and gas The future of Viva s oil refining operations remains uncertain, threatening Australia s domestic supply for fuel Geelong s Viva Energy released its 2020 financial year results on Wednesday, reporting a $95.1 million loss to its oil refining arm and announcing a business recovery plan to boost the company s earnings going forward. ....
Shell Petroleum Development Company Shell Petroleum Development Company (SPDC) has said it is working to secure expeditious discharge of court order freezing its accounts, which was obtained by AITEO Eastern (E&P) Company Limited. AITEO had sought an ex-parte order from a Federal High Court in Ikoyi, Lagos for an injunction directing 20 commercial banks to block accounts of SPDC and affiliates of the Royal Dutch Shell company operating in Nigeria in a bid to recover cash value of more than 16 million barrels of crude allegedly diverted by the oil giant. Justice Oluremi Oguntoyinbo gave the order in suit no FHC/L/CS/52/2021, directing the 20 banks where Shell companies operate accounts in Nigeria to “ring-fence any cash, bonds, deposits and all forms of negotiable instruments.” ....
Business/ ENERGY For a while, insinuations that certain oil companies operating in Nigeria engage in underhand activities in the process of carrying out their businesses had been rife. Emmanuel Addeh writes that the latest dust raised by Aiteo E&P’s accusation that Shell Petroleum Development Company (SPDC) wilfully carried out unfair dealings against it, has again brought the matter to the fore, highlighting that the indigenous oil concern appears to have a strong case against the international oil giant It started like the usual rumours, mostly unsubstantiated, of how the oil sector is exceptionally dirty, but since documents surfaced about how SPDC allegedly short-changed some local oil firms, it has almost taken the form of a scandal.The bone of contention is that between 2016 and 2018, SPDC putting to use a metering device not approved by the Department of Petroleum Resources (DPR) short-changed local operators, Aiteo, being the hardest hit, to the tune of millions ....
Festus Akanbi There are strong indications that last Tuesday’s injunction of a Federal High Court, Lagos, barring Royal Dutch Shell’s Nigerian subsidiary from withdrawing money at 20 local banks until it ring-fences potential damages in a lawsuit brought against the oil major by Aiteo Eastern E&P is already rattling the oil firm. The interim Mareva injunction is aimed at recovering the cash value of more than 16 million barrels of crude allegedly diverted by the oil giant from the indigenous oil company, AITEO. However, SPDC is said to have mandated its lawyers to work round the clock in order to get the injunction vacated when the court proceeding resumes next Wednesday. ....