In civil proceedings pertaining to a $1.3 billion oilfield agreement, a Milan appeals court dismissed Nigeria’s $1.092 billion compensation demand against Italian energy companies Eni and Shell on Friday.
In court, the verdict was read out.
In one of the greatest suspected corruption cases in the oil business, prosecutors discontinued related criminal proceedings in July, clearing Eni and Shell as well as management including Eni Chief Executive Claudio Descalzi.
Shell stated in an email response, “We are glad that these civil proceedings have been dismissed.
This comes after the Milan criminal tribunal’s ruling that Shell or its former workers had no case to answer for when they were entirely exonerated in 2021, a ruling that was upheld in July 2022, when criminal proceedings came to a conclusion.
Eni was unable to comment right away.
The primary case involved an agreement in which Eni and Shell bought the OPL 245 offshore oilfield in 2011 to resolve a protracted ownership dispute.
A little under $1.1 billion of the total was allegedly diverted to politicians and middlemen, according to the prosecution.
Nigeria was still considering whether to appeal the ruling at Italy’s top administrative court, according to a lawyer representing Nigeria in the case.
In 90 days, documents outlining the justifications for Friday’s choice will be made available.
