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Wednesday, May 31, 2017
ENI’s planned investment in Nigeria’s Port Harcourt refinery just was derailed on May 30, when the Nigerian upper chamber of parliament voted to halt a concession agreement. The concession agreement called for ENI’s Nigerian unit Agip to repair, operate, and maintain the refinery.
The Port Harcourt refinery has a capacity on paper of 445,000 bpd, but operates far below this due to disrepair.
Earlier this month the Italian firm said it was in talks with indigenous firm Oando on the deal as part of an effort to increase refining levels.
Members of the Senate voted to back the motion brought by Senator Sabo Mohammed. The motion was titled: “Non-transparent transaction relating to the planned concession of the Port Harcourt refinery to Agip and Oando by the Ministry of Petroleum Resources.”
An ad hoc committee is to investigate the concession award, according to a Reuters report.
“We are willing and available to provide as much clarification on the issue as the Senate requires,” Oando spokesman Ainoije Irune said in the same Reuters report.
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