The Nation Newspaper Train 8: Nigeria LNG expansion plans threatened by contract breaches
Nigeria LNG is challenging the enforceability of an arbitral award’s demand order issued by a United Kingdom arbitration panel, despite a contractual provision that makes an award by the arbitral tribunal final and binding.
According to a media report, The Shell Chief Executive Wael Sawan is “very disappointed” with US player Venture Global LNG over the non-delivery of contractual gas volumes from its Calcasieu Pass export project in Louisiana arguing that its actions could undermine confidence in US LNG supplies, claiming that Venture Global choose to sell LNG cargoes into the often lucrative spot market.
It is further reported, that the Spanish Utility Giant Endesa, have been involved in a $585 million arbitration over a long-term Nigeria LNG supply contract. The dispute centers around a price review in the contract. The Managing Director of NLNG, Mr Phillip Mshelbila, who is seconded from Shell, had stated during a visit to the NLNG plant in Bonny Island, Rivers State, that recent events such as Russian/Ukraine conflict, have ushered in a wave of new developments in the LNG sector, he expressed that the surge in activity underscores the robust demand for Liquified natural gas.
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