Nigeria senate to probe state oil firm over gas revenues
NNPC used earnings that should have gone to local and federal state authorities to fund fuel purchases and subsidies, newspaper reports
Nigeria's senate voted on Tuesday to investigate the alleged withdrawal of $1.05bn by the Nigerian National Petroleum Corporation (NNPC) from Nigeria LNG (NLNG), a venture owned by the state oil firm and foreign energy companies. Nigeria's Premium Times newspaper reported on Monday that the NNPC had used the portion of NLNG earnings that should have been passed to local and federal state authorities to fund the state oil firm's fuel purchases and subsidies during a shortage in late 2017 and early 2018. NLNG, which produces liquefied natural gas (LNG) for export, is owned by the NNPC and foreign energy firms Royal Dutch Shell, Total and ENI. A Shell spokesperson declined to comment. Officials from the NNPC, NLNG, ENI and Total were not immediately available to comment. The probe could undermine plans by the partners in NLNG to decide by the end of December on a major expansion. New LNG production facilities are expected to benefit from a tightening global market. The Premium Times re...
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