By Udeme Akpan, Energy Editor
Shell, an International Oil Company (IoC), has reacted as Nigeria loses a $1.1 billion compensation claim in an Italian court over Oil Prospecting Licence (OPL) 245.
The appeals court in Milan, Italy, yesterday, rejected Nigeria’s request for $1.1bn compensation from Shell and Eni, the two IoCs that bought the oil block from Malabu Oil & Gas Limited in 2011.
The Milan appeals court, which rejected the nation’s claims, promised to make its reasons public within 90 days.
The government had alleged that there was corruption in the deal, leading to a number of criminal trials in Nigeria and Italy.
However, the company disclosed that it was pleased with the dismissal of the case, adding that Shell or its former employees have no case to answer.
In a statement obtained by Vanguard, it stated: “We are pleased that these civil proceedings have been dismissed. This follows the Milan criminal…
Source: Vanguard Newspaper