Irish-Owned Firm Gets Right to Try Seize $9 Billion In Assets In Gas Dispute

A judge in London said on Friday he would grant an Irish-owned company the right to seek to seize some $9 billion (€8.1 billion) in assets from the Nigerian government over an aborted gas project, The Irish Times reported. Process and Industrial Developments Ltd (P&ID) was awarded $6.6 billion in an arbitration decision over a failed project to build a gas-processing plant in the southern Nigerian city of Calabar. With interest payments, the sum now tops $9 billion – some 20 per cent of Nigeria’s foreign reserves. The judge’s decision converts the arbitration award to a legal judgment, which would allow P&ID to try to seize international assets. P&ID, a UK-registered firm linked to Dublin-based Industrial Consultants International, agreed in 2010 to build a gas refinery in Nigeria to fuel power plants for the African state. Read more