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Sochi Diplomatic outreach as oil cold war reverberates

Russia is back into the fray for a second scramble for Africa’s economic soul. The motive is to accelerate the gains of superpower status it inherited from the defunct Union of Soviet Socialist Republics, USSR that dismembered its alliance in 1991. It participated in the 1884/85 partition of Africa 134 years ago, but did not benefit because it barely had a colony. Russia is immensely endowed with natural resources; a country with the largest land mass in the world. Last week, the Russians met with a congregation of 54-member African Union leaders including 43 heads of state, in the southern city of Sochi from 23 to 24 October, 2019. The Russia-Africa Economic Forum was co-hosted by Russian President Putin and Egyptian President Abdel Fattah el-Sisi. The Sochi Summit appears to be very purposeful for the African ‘beautiful brides’ as the Russian leaders showcased concrete guides and plans to find African solutions to various African problems; from armaments, infrastructure, nuclear energy, to oil and gas.

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Kyari, new GMD ,NNPC

Peacemaker in OML 25 dispute closure agreement

A bitter and prolonged disagreement between host communities in the island Kingdom of Kula and Shell Petroleum Development Company, SPDC, operators of the Oil Mining Licence, OML 25 has been amicably resolved  by the Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari. The Minister of State for Petroleum Resources, Chief Timipre Sylva and Kyari, in a stakeholders visit to the host communities of OML 25 facilities in Kula Kingdom of Asari-Toru Local Government of Rivers State, assured the communities and their leaders that the Federal Government was keen on attracting investments to the area and also create jobs for the teeming youths. Highlights of the occasion included the commissioning of NNPC/Belema Joint Venture Portable Water Project as well as the groundbreaking of the 85km Kula-Degema-Port Harcourt Expressway that had been approved by President Muhammadu Buhari. The Managing Director of Shell, Osagie Okunbor said Shell had paid over N300 million in to the Joint MOU account to restart community efforts it had not done because of the dispute.

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Buhari, Nigeria

Nigeria’s commitments and World Energy Trilemma

The world’s leaders this week converged on the General Assembly Hall of the United Nations headquarters at the Manhattan, New York for the 74th session of the United Nations General Assembly, UNGA74. Climate change that hitherto appeared latent became vociferous with youths led by Swedish teenager Greta Thunberg became potentates causing about four million people around the world to take part in the biggest demonstration ever in history over global warming last week Friday.

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P&ID, IOC, Natural Gas, $9.6 BN, oil and gas.

Gas Deal: The doom-laden $9bn pejorative London judgment

In William Shakespeare’s hilarious love play: A Midsummer Night’s Dream in Act 3 Scene 2, fictional character  Hermia was described as  “Though she is little, she is fierce!” One may not go into details of the characterization of Hermia who might be small in size or metaphorically weaker or smaller, but she is strong and fierce. This may essentially be about a tiny company, against a goliath of the oil industry. Process & Industrial Developments Ltd., P&ID won a London court ruling that may force Nigeria, to pay it about US$9 billion, about 20 per cent of Nigeria’s foreign reserve. On Friday last week, a London Commercial Court presided over by Justice Christopher Butcher, gave a ruling to convert an arbitration award to a legal judgment that would allow P&ID make applications to seize Nigerian international commercial assets. The country’s solicitor general Dayo Apata in response said that the Nigerian government would appeal the decision.

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