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Nigeria rejects criticism of new oil policy

Financial Times

By Tom Burgis in Abuja

Published: February 24 2010 16:13 | Last updated: February 24 2010 16:13

Nigeria on Wednesday hit back at claims by Royal Dutch Shell and other foreign groups that planned reforms threaten $50bn of investment and the country’s status as Africa’s biggest energy producer.

Pedro Van Meurs, a veteran designer of fiscal systems for oil producers who is working as an influential consultant to the government on the legislation, warned that dire warnings voiced a day earlier by Ann Pickard, Shell’s outgoing Africa chief, and other executives, should not be heeded.

Shell’s long relationship with Nigeria has been as lucrative for the Anglo-Dutch group as it has been fraught. Ms Pickard insisted that the company had no intention of pulling out despite its misgivings.

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Copyright The Financial Times Limited 2010.

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