Oil Firm to Pay Nigeria Govt's U.S.$600,000 Legal Costs

The Nigerian government has won an international legal battle after the International Centre for Settlement of Investment Disputes, ordered Interocean Oil Company to pay U.S.$660,000 - reimbursing the government of its share of arbitration costs incurred, in a case the firm brought against it in 2013. The dispute arose from an alleged breach of contract in an oil exploration and production joint venture. The tribunal found that Nigeria did not breach any of its obligations in the contractual agreement. This follows another case in which the Nigeria government was sued by firm, Process and Industrial Developments for U.S.$9,6 million, for allegedly breaching the terms of a gas supply and processing agreement contract it reportedly signed in 2010. This case is still pending.

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