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 of the offshore OPL 245 oilfield in Nigeria, which is also at the centre of ongoing legal action in Milan.
Shell and Eni are also not parties to the law suit at the London High Court. Shell declined to comment. The $20 million price tag - of which Etete paid about $2 million, according to court documents - was widely viewed by industry experts as too low given the block was expected to yield billions of dollars of crude, although it remains undeveloped.
To complete the deal, Shell and Eni paid a signature bonus of about $200 million directly to the Nigerian government and then deposited $1.1 billion in the Nigerian government's escrow account with JP Morgan, court documents show.
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