Shell meets investigators over Nigeria oil deal


    WEDNESDAY: Reports said Royal Dutch Shell Plc. had a meeting in Hague, Netherlands with Dutch criminal investigators about its role in a controversial oil deal in Nigeria.

    Press releases cite the meeting was attended by Investigation Service Dutch Public Prosecutor and Dutch Financial Intelligence whose point of focus was Nigerian oil block that had been a subject of an Italian criminal investigation.

    INSIGHT: Back in year 2011, Shell had bought the block, OPL 245 with Italian Oil Company Eni spA worth US$ 1.3 billion. The deal gave it an access to explore rights for one of West Africa‘s largest oil fields, together with Italian state-controlled peer Eni.

    UK based oil giant was facing fresh environmental claims in the London High Court from two Nigerian communities who claim they have suffered from frequent large scale oil spills from its pipelines in the Niger Delta.

    The first Court hearing for both claims was to take place on 2nd March 2016 at the Technology and Construction Court.

    As per law firm Leigh Day who represented the Bodo Community against Shell in an unprecedented environmental, the oil giant was supposed to pay compensation package of approx. £55m to the Community and 15,600 Nigerian fishermen whose livelihoods had been destroyed by its oil pollution.

    “Shell is cooperating with the authorities and is looking into the allegations, which it takes seriously.” – Shell in an emailed statement.

    However the types of allegations have not been disclosed to the press.

    Previous articleMicron Technology downgraded to neutral
    Next articleNestlé’s noodles face another controversy in India

    Javier Davis produces news on stocks, currencies, bonds, commodities, and real estate. His in-depth research covers most of the major financial markets in America, Europe, and Asia. His research is based on the interconnected relationships among economic and technical factors that drive valuations in the markets, with an emphasis on how to formulate investment strategies. From interest rates to inflation to economic growth and much more, the fundamental concepts presented on this website provide an essential foundation of knowledge for investors to profit in stocks, bonds, commodities, currencies, and real estate markets.