CARMEL RICKARD: Nigeria legal dispute runs out of gas
Nigeria is $9bn in hock to a gas-processing company after it was found to have reneged on the terms of a 20-year agreement
Is Nigeria the villain or the victim in what has become a $9bn dispute between the state and a company specially formed for a gas-processing deal with the government?
The company, Process & Industrial Development (P&ID), signed an agreement with Nigeria’s ministry of petroleum resources in 2010. In terms of this 20-year deal, Nigeria was to supply "wet gas" to the company. P&ID would process it in a specially constructed facility and remove, for its own use, the natural gas liquids before returning "lean gas", suitable for use in power generation, to Nigeria.