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MILAN (Reuters) – Italy’s foreign minister is visiting Algeria with the head of energy group Eni to discuss energy cooperation in light of the Ukraine crisis, the ministry said on Monday.

(Recasts, adds detail, background) MILAN, Feb 28 (Reuters) - Italy''s foreign minister is visiting Algeria with the head of energy group Eni ENI.MI to discuss energy cooperation in light of the Ukraine crisis, the ministry said on Monday. The move…

Author: Fri, 2022-02-25 12:59 RIYADH: Europe and US markets for initial public offerings have been effectively shut amid Russia''s military attack on Ukraine. This comes ahead of what was expected to be a busy March for bankers after a slow start to the year, Bloomberg reported. Thyssenkrupp AG’s electrolysis plant business Nucera, Eni SpA’s renewables division Plenitude and Olam International’s food unit were among the large IPOs set to kick off in the coming months in Europe. Escalating conflict in Ukraine along with struggle to sell shares given the heightened market volatility triggered by tightening monetary policy hinders the plan to go for big offerings in the next few weeks, according to Bloomberg. The US IPO market has already been shuttered for most of the year for all, except for smallest deals after the S&P 500 and other benchmarks sold off at the start of 2022. New York stock offerings had been off to their slowest start since the Great Recession, between 2007 and 2009. The Russia-Ukraine conflict has sent the Cboe Volatility Index up 22 percent on Thursday to its highest level in a month.

MILAN (Reuters) – Ernesto Ferlenghi, the head of Russia and Central Asia Market Development for Italian energy group Eni, has resigned from the board of Russia’s state-controlled Federal Grid Company, Eni sources said on Thursday.

Nigeria has instituted a legal action in a London court against American banking and financial service group, JP Morgan Chase, claiming over $1.7 billion in damages over its role in the disputed 2011 Malabo oil deal, as the hearing commences on Wednesday. The civil suit which was filed at the British courts in 2017, is in relation to the $1.3 billion acquisition of an oil block prospecting licence OPL 245 by oil majors, Shell and Eni, which has also been at the centre of ongoing legal battle in Milan and the UK. The Federal Government had earlier accused JP Morgan of gross negligence in its decision to transfer funds paid by Shell and Eni into an escrow account to a company controlled by Nigeria’s former Minister for Petroleum, Dan Etete, instead of paying into government account and without conducting sufficient due diligence. READ ALSO : FG eyes another loan, appoints JP Morgan, Citigroup, others as advisers According to Reuters, the damages being sought for by Nigeria include the estimated $875 million paid in 3 instalments in Etete’s Malabu Oil account, plus interest, taking the total to over $1.7 billion, with the Federal Government asking JP Morgan to make these transfers as part of the oilfield sale.

A London high court began to hear a lawsuit on Wednesday launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal. The civil suit filed in the English courts relates to the purchase by energy majors Shell and Eni of the offshore OPL 245 oilfield in Nigeria, which is also at the centre of ongoing legal action in Italy. A panel of judges in Milan acquitted the companies and executives, who all denied any wrongdoing, of bribery last March. Prosecutors have appealed the ruling. In the court documents pertaining to the London case seen by Reuters, Nigeria alleges JP Morgan was "grossly negligent" in its decision to transfer funds paid by the energy majors into an escrow account to a company controlled by the country’s former oil minister Dan Etete instead of into government coffers. The trial opened with details of the claim by Nigeria''s lawyer, Roger Masefield. JP Morgan will present its defence early next week. The trial will end on April 7 and a judgment will likely take several months.

Nigeria says JP Morgan was “grossly negligent” in its decision to transfer funds paid by oil giants Shell and Eni into an account controlled by a former Nigerian oil minister, Dan Etete. The post MALABU: UK court begins hearing on Nigeria’s $1.7 billion suit against JP Morgan appeared first on Premium Times Nigeria .

February 23, 2022 A London high court began to hear a lawsuit on Wednesday launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal also known as the Malabu Oil scandal. The civil suit filed in the English courts relates to the purchase by energy majors Shell and Eni of the offshore OPL 245 oilfield in Nigeria, which is also at the centre of ongoing legal action in Italy. A panel of judges in Milan acquitted the companies and executives, who all denied any wrongdoing, of bribery […] The post Nigeria sues JP Morgan Chase for Role in Malabu Oil Scam; Claims $1.7 billion appeared first on Political Economist .

The Nigerian government has sued the US bank JP Morgan Chase in a London court for gross negligence in its controversial sale of Oil Prospecting Licence (OPL) 245, an oil field reputed to be one of Africas biggest, worth about $1.3 billion. The Malabu oil scam, which has been under investigation for over six years, relates to the billions of dollars paid by oil giants, Shell and ENI, into a Federal Government account, for OPL 245, considered the richest oil block in Africa. In the court documents seen by Reuters, Nigeria alleges that JP Morgan was grossly negligent in its decision to transfer funds paid by the energy majors into an escrow account to a company controlled by the countrys former oil minister Dan Etete instead of into government coffers. The damages sought include cash sent to Etetes company Malabu Oil and Gas, around $875 million paid in three instalments, plus interest, taking the total to over $1.7 billion. The Nigerian government at the time asked JP Morgan to make these transfers as part of the oilfield sale, court documents show.

A London court will on Wednesday begin to hear a lawsuit launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal. The civil suit filed in the English courts in 2017 relates to the purchase by energy majors Shell RDSa.L and Eni of the offshore OPL 245 oilfield in Nigeria, which is also at the The post Nigeria Sues JP Morgan for $1.7B over Disputed Offshore Oil Deal appeared first on African News Agency .

A London court will on Wednesday begin to hear a lawsuit launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal. The civil suit filed in the English courts in 2017 relates to the purchase by energy majors Shell and Eni []

The civil suit filed in the English courts in 2017 relates to the purchase by energy majors Shell and Eni of the offshore OPL 245 oilfield in Nigeria.

Higher realizations of average liquids and natural gas prices aid Eni's (E) earnings in Q4.

Oil prices are surging as the Russia-Ukraine conflict intensifies. As of this writing, Brent oil futures for May are hovering around $96 a barrel, up 3.2% from Monday, while West Texas Intermediate fu

Higher realizations of average liquids and natural gas prices aid Eni's (E) earnings in Q4.