Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Nigeria oilfield sale to Eni, Shell was legally 'perfect', says ex-oil minister lawyer

Wed, 02nd Dec 2020 19:46

MILAN, Dec 2 (Reuters) - The sale of a Nigerian oilfield to
Eni and Royal Dutch Shell was legally
"perfect" and there was no proof of any corruption, a lawyer for
former Nigerian oil minister Dan Etete said on Wednesday.

Antonio Secci told a Milan court that prosecutors in the
case had been unable to show exactly what role Etete was meant
to have had in the alleged corruption of Nigerian public
officials - if he had corrupted politicians or had simply been
an intermediary between the two majors and the Abuja government.

Eni and Shell acquired the offshore OLP 245 field in 2011
for about $1.3 billion from Malabu, a company owned by the
former Nigerian oil minister.

Prosecutors allege that about $1.1 billion of that money was
siphoned off to politicians and middlemen, half of it to Etete
himself.

Shell says the 2011 agreement was a settlement of
long-standing litigation, following the previous allocation of
the block by the Nigerian government to Shell and Malabu.

Secci told the court the money had first been paid into an
escrow account owned by the Nigerian government before then
being transferred to Malabu "without any corruption (involving
Nigerian public officials) emerging."

He called for his client to be acquitted.

Besides Eni and Shell, another 13 people, including current
Eni Chief Executive Claudio Descalzi, are involved in the
long-running graft case.

All the defendants have denied any wrongdoing, saying the
purchase price was paid into an official Nigerian government
account with all subsequent transfers being beyond their
control.

Defence lawyers for the former Shell managers involved will
be heard in the trial on Dec. 9.
(Reporting by Alfredo Faieta, writing by Stephen Jewkes
Editing by Marguerita Choy)

More News
23 Nov 2021 09:15

UPDATE 1-Shell halves Singapore refining capacity, to change chemical feedstock

* Pulau Bukom refinery capacity cut by half* Shell tests pyrolysis oil, bionaphtha feedstock* Company considers carbon capture, biofuels (Recasts, adds detail, quotes)By Florence TanSINGAPORE, Nov 23 (Reuters) - Royal Dutch Shell has halved https:/...

Read more
21 Nov 2021 19:52

UPDATE 2-NZ's Meridian Energy sells Australia unit for $528 mln to Shell-consortium

(Adds comment from Shell paras 5,6)Nov 22 (Reuters) - Meridian Energy on Monday said it agreed to sell its Australian energy business for A$729 million ($527.80 million) to a consortium of global energy giant Royal Dutch Shell and Australian inves...

Read more
21 Nov 2021 19:52

UPDATE 1-NZ's Meridian Energy sells Australia unit for $528 mln to Shell-consortium

(Adds detail on deal, quote)Nov 22 (Reuters) - Meridian Energy on Monday said it agreed to sell its Australian energy business for A$729 million ($527.80 million) to a consortium of global energy giant Royal Dutch Shell and Australian investment m...

Read more
21 Nov 2021 19:36

NZ's Meridian Energy sells Australia energy unit for $528 mln to Shell-consortium

Nov 22 (Reuters) - Meridian Energy on Monday said it agreed to sell its Australian energy business for A$729 million ($527.80 million) to global energy giant Royal Dutch Shell and Australian investment manager Infrastructure Capital Group.The agr...

Read more
19 Nov 2021 09:48

UPDATE 2-British shares log weekly loss as commodity, travel stocks weigh

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Travel stocks slammed by lockdown fears* UK retail sales rise by 0.8% in October* Kingfisher slips as Q3 sales drop* FTSE 100 down 0.5%, FT...

Read more
19 Nov 2021 07:48

REFILE-UPDATE 1-Ryanair drops London listing, citing costs

(Fixes headline)DUBLIN, Nov 19 (Reuters) - Ryanair gave notice on Friday of its intention to delist from the London Stock Exchange next month, saying the volume of trading did not justify the costs related to retaining an additional listing.The ...

Read more
19 Nov 2021 07:48

UPDATE 1-Ryanair drops London Stock Exchange, citing dual listing costs

(Adds details)DUBLIN, Nov 19 (Reuters) - Ryanair gave notice on Friday of its intention to delist from the London Stock Exchange next month, saying the volume of trading did not justify the costs related to retaining an additional listing.The Ir...

Read more
18 Nov 2021 16:15

UPDATE 1-Oil shares dip as Asian nations consider releasing oil reserves

(New throughout, updates prices, market activity and comments)By Danilo MasoniMILAN, Nov 18 (Reuters) - Shares in oil companies fell on Thursday as plans by the world's top consuming nations to release strategic reserves sent crude prices to multi-...

Read more
18 Nov 2021 13:39

Oil shares dip as Asian nations consider releasing oil reserves

By Danilo MasoniMILAN, Nov 18 (Reuters) - Shares in oil companies fell on Thursday as plans by the world's top consuming nations to release strategic reserves sent crude prices to multi-week lows, curbing enthusiasm for one of the best performing ...

Read more
18 Nov 2021 13:16

Shell acquires 51% stake in Irish floating offshore wind project

LONDON, Nov 18 (Reuters) - Royal Dutch Shell said on Thursday it had acquired a 51% stake in an floating wind project off the west coast of Ireland aiming to develop up to 1.35 gigawatt in electricity capacity.Shell bought the stake in the Western...

Read more
18 Nov 2021 12:50

GLOBAL MARKETS-Stocks shine once again, Turkey's lira plunges on rate cut

* Brent crude under pressure at $80* Turkish currency drops as cenbank cuts rates* Dollar, stocks pause after hot November so far* European gas prices consolidate 60% surge this month* Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn* Graph...

Read more
18 Nov 2021 12:10

LONDON MARKET MIDDAY: FTSE left behind as CAC and DAX hit records

LONDON MARKET MIDDAY: FTSE left behind as CAC and DAX hit records

Read more
17 Nov 2021 16:02

UPDATE 2-U.S. Gulf of Mexico auction attracts pent up demand from oil drillers

(Adds sale results)By Nichola GroomNov 17 (Reuters) - The Biden administration's auction of oil drilling rights in the U.S. Gulf of Mexico generated more than $190 million in high bids, bringing in more money for taxpayers than any government offs...

Read more
17 Nov 2021 16:02

UPDATE 1-U.S. offshore oil auction begins under court order, shadow of climate deal

(New throughout, adds statistics released prior to the sale, details on bidders)By Nichola GroomNov 17 (Reuters) - The Biden administration on Wednesday kicked off an auction of oil drilling rights to 80 million acres in the U.S. Gulf of Mexico da...

Read more
17 Nov 2021 16:02

UPDATE 3-Chevron, Exxon are among top spenders at Biden offshore auction

(Recasts, adds industry and environmentalist comments, details from sale, Biden FTC letter)By Nichola GroomNov 17 (Reuters) - U.S. oil majors Exxon Mobil Corp and Chevron Corp were among the top buyers at a federal auction of oil leases in the U.S...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.