Nigeria Suspends Port Harcourt Refinery Concession On Transparency Grounds

31 May 2017   Nigeria

The Nigerian Senate approved on a motion to suspend a concession agreement for the Port Harcourt refinery with a subsidiary of Eni on Tuesday because the deal allegedly lacked transparency. The agreement would have allowed the Italian company’s local unit to repair and operate the 150,000-barrel-per-day facility. Eni had begun negotiations to form a partnership with the Nigerian oil firm Oando for the project, which would have allowed Lagos to reduce its dependency on imported refined oil. The Senate will now investigate the terms of the contract through a special ad hoc committee. Eni did not respond to a request for comment by Reuters. The Nigerian National Petroleum Corporation (NNPC) had been accepting bids for the upgrade of three refineries—Port Harcourt, Warri, and Kaduna—until February 2nd. General Electric had also expressed its interest in being a part of the government’s rehabilitation initiative, which will save Lagos from spending millions […]

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