P&id news

You're looking for news related to P&ID, a Nigerian oil and gas company. Here are some recent updates:

Latest News:

  1. P&ID's $9.6 billion arbitration award: In 2017, P&ID won an arbitration award of $9.6 billion from the UK's High Court against the Nigerian government, claiming that the country had failed to honor a 20-year gas supply contract. The company has been trying to enforce the award, which is one of the largest ever awarded in international arbitration.
  2. Nigeria's appeal: The Nigerian government has appealed the arbitration award, arguing that the contract was invalid and that P&ID had failed to comply with its obligations. The appeal is ongoing.
  3. P&ID's assets seized: In 2020, the Nigerian government seized P&ID's assets in the country, including its headquarters and other properties, in an effort to enforce the country's claim that the company had failed to pay taxes and other debts.
  4. P&ID's bankruptcy: In 2020, P&ID filed for bankruptcy in the UK, citing financial difficulties and the uncertainty surrounding the arbitration award. The company has since been in liquidation.

Background:

P&ID is a Nigerian oil and gas company that was founded in 2009. The company was awarded a 20-year contract by the Nigerian government to build a gas processing plant and supply gas to the country's power sector. However, the project was never completed, and P&ID claimed that the Nigerian government had failed to honor its obligations under the contract.

Key Players:

  1. P&ID: The Nigerian oil and gas company that won the arbitration award against the Nigerian government.
  2. Nigerian government: The government of Nigeria, which has appealed the arbitration award and seized P&ID's assets in the country.
  3. UK courts: The UK's High Court and Court of Appeal have been involved in the arbitration proceedings and appeals.

Relevant Documents:

  1. Arbitration award: The $9.6 billion arbitration award issued by the UK's High Court in 2017.
  2. Appeal: The Nigerian government's appeal of the arbitration award, which is ongoing.
  3. Seizure order: The Nigerian government's seizure order of P&ID's assets in the country.

I hope this information helps!