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THE WALL STREET JOURNAL: Nigeria Plans to Cancel Investment Deal, Shell Says

February 5, 2008; Page A10

Nigeria has notified a Royal Dutch Shell PLC joint venture that it intends to cancel a memorandum of understanding signed with foreign companies in 2000 to encourage investment in the country, a Shell spokeswoman said. Nigeria’s Department of Petroleum Resources sent a letter to Shell’s 30%-owned venture, Shell Petroleum Development Co., saying it is terminating the agreement and replacing it with a regular profits-tax regime, she said. Oil-rich Nigeria has been seeking better terms for joint-venture contracts and is in negotiations with foreign corporate partners.

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