Nigeria: Anger Over Shell’s Downsizing Plan

The management of the Nigeria National Petroleum Corporation (NNPC) is not comfortable with the ongoing restructuring at the Shell Petroleum Development Company of Nigeria (SPDC).

An NNPC official said yesterday that the corporation, as the principal partner with a 51 per cent stake in the NNPC/Shell/Agip/Elf joint venture arrangement, should be properly briefed before an action of such a magnitude is taken by the Anglo-Dutch firm.

It also feels that Shell, which was yet to communicate the restructuring plan to the NNPC, cannot justify the plan.

The NNPC source said the restructuring would eat deeply into its coffers since it is expected that the bulk of the huge amount of money to be paid out to staff that will be affected by the exercise would come from funds meant for the JV programme.

This Day (Lagos)