NNPC decries link to Indian firm’s failure on oil block


The Nigerian National Petroleum Corporation (NNPC) has  decried its linkage with the failure of an Indian company, Oil and Natural Gas Corp-Mittal Energy Limited, to acquire an oil block and the consequent non-refund of the signature bonus it paid for the deal.

The Corporation, in a statement explained that the reports linking it with the transaction shoed high level of ignorance of how the oil and gas industry in Nigeria works and therefore wishes to clarify as follows:

“Our attention has been drawn to the repeated reports linking the Nigerian National Petroleum Corporation with the failed attempt by a certain Indian company, Oil and Natural Gas Corp-Mittal Energy Limited (OMEL), to acquire an oil block during the 2006/2007 oil bid round and the consequent failure to get a refund of the funds it committed to the deal.

“We wish to clarify that NNPC is not the statutory body saddled with the responsibility of organizing bid rounds and so could not have received the alleged amount of $25 million or any payment from OMEL for the transaction.

“We find the deliberate attempt to drag NNPC into the various allegations surrounding the transaction as mischievous and unfortunate. We urge those who are interested in the story to seek clarification with the relevant agencies responsible for conducting bid rounds and to whom OMEL may have paid the alleged fee”.

Author: InsideBUSINESS

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