Shell, ExxonMobil to Enforce $1.8bn Arbitration Award Against NNPC
Jul 11, 2022 ·
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Description
An appeal court in the U.S says ExxonMobil Corp and Royal Dutch Shell Plc affiliates may try to enforce a part of a $1.8 billion arbitration award against the Nigerian...
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An appeal court in the U.S says ExxonMobil Corp and Royal Dutch Shell Plc affiliates may try to enforce a part of a $1.8 billion arbitration award against the Nigerian National Petroleum Company Limited in a dispute concerning oil extraction near the African country's coastline.
The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in rejecting the entire October 2011 award, which by 2018 had grown to $2.67 billion including interest, against NNPC.
It says the judge should have determined which parts of the award had been deemed enforceable by a Nigerian appeals court.
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The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in rejecting the entire October 2011 award, which by 2018 had grown to $2.67 billion including interest, against NNPC.
It says the judge should have determined which parts of the award had been deemed enforceable by a Nigerian appeals court.
Information
| Author | Africa Business Radio |
| Organization | Africa Business Radio |
| Website | - |
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