Justice Inyang Ekwo of the Federal High Court, Abuja, on Wednesday, fixed February 19 for a hearing in a suit filed by Global Gas and Refining Limited against Shell Petroleum Development Company of Nigeria Limited (SPDC)......Read The Full Article>>.....Read The Full Article>>
This followed the failure of the two parties to settle the case amicably.
The judge fixed the date after counsel to Global Gas, Patrick Ikwueto (SAN), informed the court that the out-of-court settlement earlier opted for by parties had failed.
Global Gas had in the suit sought an order restraining SPDC and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from selling its onshore asset to Renaissance, a Consortium made up of ND Western Aradel Energy, First E, and P, Watersmith and Petrolin.
The company in the originating motion marked FHC/ABJ/CS/413/2024, sought an order restraining the respondents from selling or approving the sale of its asset pending the hearing and the determination of the appeal and cross-appeal filed by the parties before the Supreme Court.
The suit followed a protracted dispute over a Gas Processing Agreement (GPA) between the parties and the subsequent arbitration award that has become a subject of appeals.
Global Gas argued that approval of the sale of its asset would jeopardize its ability to enforce any favorable judgment or arbitration award, as the assets in question are integral to the dispute.
Global Gas contends that the divestment would undermine the ongoing proceedings and render any eventual arbitration or judicial relief ineffectual.
At the resumed proceedings, Ikwueto told the court that though the matter was earlier slated for the report on an out-of-court settlement, the reconciliation had broken down.
He, therefore, prayed the court for a date to commence the hearing, and lawyers to Shell and NUPRC confirmed the development.
Ikwueto also moved an application to join President Bola Tinubu as a defendant in the suit.
