The Pacesetter Frontier Magazine

Tag: Shell

  • Shell Sells Nigerian Gas Distribution Business To Vaaris Energy

    Shell Sells Nigerian Gas Distribution Business To Vaaris Energy

    Precious Nwonu, Enugu

    Shell Petroleum B.V. has agreed to sell its entire interest in Shell Nigeria Gas Group to Nigerian energy company Vaaris Energy Limited as part of efforts to streamline its business portfolio.

    The company announced the transaction in a statement on Tuesday, saying the deal would transfer its domestic gas distribution operations in Nigeria to Vaaris Energy, subject to regulatory approvals and other conditions.

    The agreement covers Shell Nigeria Gas Holding B.V., established in 2019, which owns all but one of the shares in SNG Limited.

    Shell’s Country Chair in Nigeria, Elohor Aiboni, said Shell Nigeria Gas had supplied industrial and commercial customers for more than 25 years, supported by its workforce.

    She said the agreement would provide a stronger platform for the business to grow under new ownership.

    “Shell continues to focus on strategic Deepwater and Integrated Gas positions in Nigeria,” Aiboni added.

    The company said Shell Nigeria Gas Group would continue operating normally and serving its customers until the transaction is completed.

    Shell explained that the divestment aligns with its strategy to simplify its portfolio and concentrate investments on areas where it has competitive advantages.

    Its continued focus on deepwater operations and integrated gas in Nigeria, including its interest in Nigeria LNG, forms part of that strategy.

    The company clarified that Shell Nigeria Gas does not operate in upstream gas production, liquefied natural gas or international gas trading.

    Established in 1998, Shell Nigeria Gas supplies natural gas to industrial and commercial customers and operates approximately 170 kilometres of pipeline infrastructure across Ogun, Abia and Rivers states.

    Vaaris Energy is a Nigerian energy company with interests across the oil and gas value chain and an existing operational presence in the country.

  • Shell Top Executives Summoned by the Court Over Alleged 16 million Barrels of Crude Oil Fraud

     

    An Upper Area Court sitting in Abuja has summoned Shell Petroleum Development Company of Nigeria and seven of its top Executives over alleged theft of 16 million barrels of crude oil through fraudulent and unapproved metering system.

    The judge of the court sitting in Zuba, Gambo Garba, issued the summons on Thursday following a direct criminal complaint filed by the African Initiative Against Abuse of Public Trust.

    In the said complaint, the group is urging the court to convict the Shell Executives for alleged criminal acts of conspiracy, theft, and cheating which are in violation of Sections 97, 287 and 323 of the Penal Code Law Cap 89 Law of Northern Nigeria, 1963.

    Those summoned by the court included: Captain Callium Finlayson; Chibueze Uduanochie, Simon Ruddy; Bashir Bello; Osagie Okunbor; Igo Weli and Toyin Olagunyi.

    The direct criminal complaint marked DC/CR/200/21 was filed by Obed Agu pursuant to section 88 and 89 of the Administration of Criminal Justice Act, 2015.

    The group alleged that as operators of the Bonny Terminal, Shell installed an unapproved metering system which it claimed was temporary and which it manipulated to deliberately understate the volume of crude oil that was injected to the terminal thereby shortchanging the local oil companies, owners of the oil and the Federal Government the revenue due to them.

     

    The oil companies include Belema Oil, Eroton, AITEO and Newcross.

    From the court papers, the group alleged that the Department of Petroleum Resources has conducted investigation into the allegations and has indicted SPDC. They also allege that Shell has admitted to having cheated the companies of about 2 million barrels and also committed to refund the crude to the companies.

    The group say they will be pressing for the maximum punishment which is 6 months in jail for conspiracy, 5 years for theft and five years for  cheating.

     

     

     

    Source: www.sunnewsonline.com