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

UPDATE 1-Italian prosecutor says Eni, Shell aware of bribes in Nigeria case

Fri, 03rd Jul 2020 11:59

(Updates with Shell position on 2011 operation)

MILAN, July 3 (Reuters) - Oil majors Eni and Royal
Dutch Shell were aware that most of the money they
spent to buy a Nigerian oilfield in 2011 would go in corrupt
payments to politicians and officials, an Italian prosecutor
said on Thursday.

"They were kickbacks. And Eni and Shell knew it," Sergio
Spadaro told judges in Milan, summing up the prosecutors' case
in what is one of the industry's largest corruption scandals.

Italy's Eni and Shell, who deny any wrongdoing, acquired the
OPL 245 offshore field in 2011 for about $1.3 billion from
Malabu, a company owned by former Nigerian oil minister Dan
Etete.

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.

During a seven-hour speech in a special court room to meet
COVID-19 requirements, Spadaro read out a series of emails
between former Shell managers, including one saying it had been
taken for granted Etete would have only kept a part of the price
for himself, using the rest to pay off Nigerian politicians.

"There are a whole load of sharks around," the email read
out by Spadaro said.

Prosecutors are expected to make their final sentencing
requests for those involved in the long-running case at a second
hearing in Milan scheduled for July 21.

Besides the two companies, another 13 people are involved in
the case including current Eni Chief Executive Claudio Descalzi
and former Shell head of upstream Malcolm Brinded.

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.

In a statement on Thursday, Eni said it had paid the
Nigerian government a fair and reasonable price for the field in
a clear and transparent way.

"Eni did not know, nor was obliged in any way to know, the
final destination of the funds subsequently paid to Malabu by
the Nigerian government," it said.
(Reporting by Emilio Parodi and Alfredo Faieta, writing by
Stephen Jewkes, editing by Mark Potter)

More News
30 Nov 2021 17:33

UPDATE 4-U.S. security review stalls sale of Shell Texas refinery to Mexico's Pemex

(Adds comment from Pemex source)By Erwin SebaHOUSTON, Nov 30 (Reuters) - A U.S. national security review has delayed the sale of Royal Dutch Shell's controlling interest in a Texas refinery to Mexico's national oil company, Petroleos Mexicanos (Pe...

Read more
30 Nov 2021 17:33

UPDATE 1-Shell Deer Park, Texas, refinery sale delayed pending regulator's approval

(Adds details, background)HOUSTON, Nov 30 (Reuters) - The sale of Royal Dutch Shell's controlling interest in the joint-venture Deer Park, Texas, refinery to partner Petroleos Mexicanos (Pemex) has been delayed pending approval by the Committee on...

Read more
30 Nov 2021 17:33

UPDATE 2-National security review stalls sale of Shell U.S. refinery to Mexican state oil firm

(Changes headline, recasts lead, adds no Pemex immediate comment, CFIUS declined to comment, remarks by U.S. representative)By Erwin SebaHOUSTON, Nov 30 (Reuters) - A national security review has delayed the sale of Royal Dutch Shell's controlling...

Read more
30 Nov 2021 16:51

Shell Deer Park Texas refinery saie delayed pending CFIUS approval -company

HOUSTON, Nov 30 (Reuters) - Royal Dutch Shell Plc said on Tuesday a delay in approval from the federal Committee on Foreign Investment in the United States (CFIUS) has delayed the sale of its controlling interest in a joint-venture refinery in De...

Read more
30 Nov 2021 16:03

Date for sale of Shell Deer Park, Texas refinery to Pemex pushed back -source

HOUSTON, Nov 30 (Reuters) - The date for closing the sale of Royal Dutch Shell Plc's controlling interest in the joint-venture Deer Park, Texas, refinery to partner Petroleos Mexicanos (Pemex) has been pushed back until the deal receives federal ...

Read more
30 Nov 2021 11:52

Oil firms face workforce crunch as renewables beckon -survey

By Ron BoussoLONDON, Nov 30 (Reuters) - The oil and gas industry risks a huge workforce shortage as more than half of workers in the sector seek to move into the renewable energy industry, a survey published on Tuesday showed.The survey conducted ...

Read more
30 Nov 2021 09:35

Kremlin: new gas transit deal talks with Ukraine hinge on gas demand in Europe

MOSCOW, Nov 30 (Reuters) - Talks on new gas transit deal with Ukraine depend on demand for the Russian gas in Europe and availability of buyers, Dmitry Peskov, Kremlin spokesman, told reporters on Tuesday.The current transit deal expires after 202...

Read more
30 Nov 2021 09:01

LONDON MARKET OPEN: Stocks resume slide as Omicron optimism flounders

LONDON MARKET OPEN: Stocks resume slide as Omicron optimism flounders

Read more
29 Nov 2021 17:03

LONDON MARKET CLOSE: Stocks attempt to rebound from Omicron rout

LONDON MARKET CLOSE: Stocks attempt to rebound from Omicron rout

Read more
29 Nov 2021 12:18

LONDON MARKET MIDDAY: FTSE 100 bounces 80 points as Omicron fears ease

LONDON MARKET MIDDAY: FTSE 100 bounces 80 points as Omicron fears ease

Read more
29 Nov 2021 09:53

UPDATE 2-FTSE 100 rises after Friday's rout, BT Group jumps on M&A report

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Carnival, Wizz Air regain ground* Amigo slumps on plans for equity raise* FTSE 100 up 0.9%, FTSE 250 adds 1.0% (Updates to close)By Bansar...

Read more
29 Nov 2021 08:51

LONDON MARKET OPEN: FTSE 100 rebounds but Omicron uncertainty lingers

LONDON MARKET OPEN: FTSE 100 rebounds but Omicron uncertainty lingers

Read more
26 Nov 2021 17:05

LONDON MARKET CLOSE: Dark mood on Black Friday as variant fears bite

LONDON MARKET CLOSE: Dark mood on Black Friday as variant fears bite

Read more
26 Nov 2021 12:11

LONDON MARKET MIDDAY: Red Friday amid fear of new Covid strain

LONDON MARKET MIDDAY: Red Friday amid fear of new Covid strain

Read more
26 Nov 2021 10:09

ISS recommends shareholders support Shell move to UK

LONDON, Nov 26 (Reuters) - Proxy advisory firm Institutional Shareholder Service (ISS) recommended shareholders support Royal Dutch Shell's plan to move its head office from the Netherlands to Britain, according to a document seen by Reuters.Shell...

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.