Monday, December 22, 2014
Oil major planning extension of expired SPA with SEPLAT-
Chevron Nigeria Limited, the in-country repr sentative of international
oil company, Chevron Corp, owners of oil assets, oil mining licenses
(OMLs)52,53, and 55, which sale has become controversial and currently
under litigation in the courts, is believed to be planning to spring a
surprise by extending the expired Sale Purchase Agreement it
controversially entered with the consortium led by Seplat, industry
sources monitoring the more than a year-long bid process revealed to PRESS over the weekend.
Brittania-U had then gone to court to contest Chevron Nigeria’s action of not declaring it winner after it posted a highest bid for the assets with an amount of $1.67 billion which was later revised to $1.015 billion after a meeting between both companies’ officials. Seplat had posted a bid of only $630 million for the three assets.
Chevron attempted in the third quarter of this year to threaten the bankers who issued and backed the ILC to withdraw their backing but barely succeeded, as the power to withdraw actually lies with Brittania-U.
Besides, they say that the fact that Chevron and Brittania-U worked to revise the initial bid which was accepted with a deposit of $250 million, an amount which has been with Chevron for about 18 months, question’s Chevron claim to transparency on this deal.
It was this undated SPA (which insiders say would have been prepared around November 4, 2013) that was later revised and replaced with a new one dated November 14, 2013.
Another thing that has been considered intriguing about the whole continuously unfolding saga, is that while Ali Moshiri, president, Chevron Africa and Latin America exploration and production company, was leading a Chevron team to hold a meeting with Brittania-U management in Houston, United States, and their bankers, where they accepted the revised bid offer of $1.015 billion with $250 million or 15 percent of initial bid price, some officials of Chevron Corporation were also holding a separate meeting with SEPLAT consortium in London on the same subject matter.
Subscribe to:
Post Comments (Atom)
Heineken Lagos Fashion Week 2024 Champions Collaboration, Co-Creation, and Community Building for Lasting Change
04 Nov 2024 - BOKISSONTHRONECommodity-dependent African States Experiencing Slow Growth - IMF
29 Oct 2024 - BOKISSONTHRONEState Politicians urge Ukraine-Russia deal in coalition talks- German
29 Oct 2024 - BOKISSONTHRONEGerman Culture Commissioner Roth travels to Odessa in Ukraine
29 Oct 2024 - BOKISSONTHRONELagos Fashion Week x QASIMI Rising Talks
29 Oct 2024 - BOKISSONTHRONELAGOS FASHION WEEK SET TO RETURN FOR ITS 14TH EDITION
24 Jul 2024 - BOKISSONTHRONELagos Fashion Week and Style House Files Launch the 6th Edition of Green Access
24 Jul 2024 - BOKISSONTHRONEEmpowering Your Cloud Journey
01 Jul 2024 - BOKISSONTHRONEVoluntary Contributions Guidelines Amended by PENCOM
01 Jul 2024 - BOKISSONTHRONEPrudential Zenith Life Insurance AGENCY VACANCY
01 Jul 2024 - BOKISSONTHRONE
No comments:
Post a Comment