Total Upstream Nigeria Limited (TUPNI) and Samsung Heavy Industries (SHIN) have resolved for out-of-court settlement over controversies trailing the $3.3 billion Egina Floating Production Storage and Offloading Vessel (FPSO).

The new development will apparently facilitate the completion of the FPSO, which is currently lying offshore and bring the parties closer to realisation of 200,000 barrels of crude oil per day from the Egina Deepwater Oilfield.

The two firms had been flexing muzzles in a legal battle over the contract for the building of the $3.3 billion FPSO unit constructed for the $16 billion Egina Deepwater oilfield being developed by Total, a global oil giant.


Total had in a letter signed by its Executive General Manager, Egina Project, Jean-Michel Guy, and addressed to the Group General Manager, National Petroleum Investment Services (NAPIMS), a division of the Nigerian National Petroleum Corporation (NNPC), informed the agency of the settlement.

The letter, obtained by The Guardian yesterday, read: “Given that parties have resolved the dispute after reaching a final settlement agreement as in our letter Ref. EGN-00-AEMG-BNPC-LET-000827, dated August 28, 2018; the order becomes ineffectual since there is no longer a dispute for which arbitration is required.

“We refer to our letter Ref. EGN-00-AEMG-BNPC-LET-000826, dated August 20, 2018 wherein we informed you that the Federal High Court adjourned the legal action instituted by Samsung Heavy Industries Nigeria Limited (SHIN) with regards to the Egina FPSO contract to August 29, 2018 for ruling.

“On the said date, the matter came up at the court for judgment. Although SHIN filed an application to discontinue the matter, the court declined considering the application and proceeded to deliver its judgment. The court gave judgment in favour of TUPNI and dismissed all but one of SHIN’s reliefs (the relief requesting for an order directing the parties from undermining the powers of the Arbitration Tribunal).”

https://www.akelicious.net/2018/12/total-samsung-heavy-industries-resolve.html

Good, they have settled their issues. No time to dull time is money
I won't be surprised if the court case was at the instigation of INTELS having lost out to LADOL during the contract bid.
It is unfortunate, INTELS often indulge in unwholesome practices to maintain its near-monopolistic strangle hold on logistic services in the petroleum industry

‘INTELS, LADOL at war over $3.8bn FPSO project’
https://www.tribuneonlineng.com/6997/

"The outgoing Managing Director of the Nigerian Ports Authority (NPA), Habib Abdullahi has identified the $3.8billion Floating Production Storage and Offloading (FPSO) project as the major factor responsible for the ongoing face-off between Integrated Logistics Services (INTELS) and Lagos Deep Offshore Logistics Base (LADOL)...This is a private project. An open bid was conducted. A winner emerged. The idea of if I don’t get it nobody else will is wrong”.

“A letter from BPE was forged. NPA wrote to BPE and was properly guided. How can you say all Oil & Gas related cargoes must go to a particular place? You say a particular place is not suitable for a particular project, yet, you are putting up investment at that location for a similar project?"

INTELS IS ATIKU and vice versa

Samsung phones are simply the best

Oil money that would be shared amongst polithievcians last last.

TheGreenLand:
Samsung phones are simply the best

Phones?!

Is that all you know about Samsung?

GlorifiedTunde:


Phones?!

Is that all you know about Samsung?

Guess that is all you know about them.... for you to ask such dumb question!

docadams:
Good, they have settled their issues. No time to dull time is money
I won't be surprised if the court case was at the instigation of INTELS having lost out to LADOL during the contract bid.
It is unfortunate, INTELS often indulge in unwholesome practices to maintain its near-monopolistic strangle hold on logistic services in the petroleum industry

‘INTELS, LADOL at war over $3.8bn FPSO project’
https://www.tribuneonlineng.com/6997/

"The outgoing Managing Director of the Nigerian Ports Authority (NPA), Habib Abdullahi has identified the $3.8billion Floating Production Storage and Offloading (FPSO) project as the major factor responsible for the ongoing face-off between Integrated Logistics Services (INTELS) and Lagos Deep Offshore Logistics Base (LADOL)...This is a private project. An open bid was conducted. A winner emerged. The idea of if I don’t get it nobody else will is wrong”.

“A letter from BPE was forged. NPA wrote to BPE and was properly guided. How can you say all Oil & Gas related cargoes must go to a particular place? You say a particular place is not suitable for a particular project, yet, you are putting up investment at that location for a similar project?"

INTELS IS ATIKU and vice versa

You seem to know much about this transaction

Good for them

Hmmmm

Nice! More oil money to our accounts.

Na all these oil company dey run the world economy

docadams:
Good, they have settled their issues. No time to dull time is money
I won't be surprised if the court case was at the instigation of INTELS having lost out to LADOL during the contract bid.
It is unfortunate, INTELS often indulge in unwholesome practices to maintain its near-monopolistic strangle hold on logistic services in the petroleum industry

‘INTELS, LADOL at war over $3.8bn FPSO project’
https://www.tribuneonlineng.com/6997/

"The outgoing Managing Director of the Nigerian Ports Authority (NPA), Habib Abdullahi has identified the $3.8billion Floating Production Storage and Offloading (FPSO) project as the major factor responsible for the ongoing face-off between Integrated Logistics Services (INTELS) and Lagos Deep Offshore Logistics Base (LADOL)...This is a private project. An open bid was conducted. A winner emerged. The idea of if I don’t get it nobody else will is wrong”.

“A letter from BPE was forged. NPA wrote to BPE and was properly guided. How can you say all Oil & Gas related cargoes must go to a particular place? You say a particular place is not suitable for a particular project, yet, you are putting up investment at that location for a similar project?"

INTELS IS ATIKU and vice versa

And so what? Be a businessman and be losing big contracts let's see how long you will remain in business. I doubt you can even manage a block moulding factory properly.

datola:


You seem to know much about this transaction

Datola, let's say I follow INTELS because their business practices impacts on the lives of my people here in Warri. It appears they are part of the reasons ports in the Niger-Delta are lying dormant.

Nna ern nah this kind money I wan count

SocialJustice:
And so what? Be a businessman and be losing big contracts let's see how long you will remain in business. I doubt you can even manage a block moulding factory properly.

Any sane society should not allow monopoly especially, when it involves its strategic economic interests. Microsoft was curtailed by the US govt from running out competitors from business. For a long time INTELS ran an unwholesome business operations. Thankfully, such deviousness is being curtailed.

docadams:


Any sane society should not allow monopoly especially, when it involves its strategic economic interests. Microsoft was curtailed by the US govt from running out competitors from business. For a long time INTELS ran an unwholesome business operations. Thankfully, such deviousness is being curtailed.

Lol, that's how people say Dangote is a monopoly. Businessmen need to build their network. That N100m that came and you have no idea what to do with it, keep it in tbills don't get the 2019 S class or marry 2 fresh kpatus and buy them houses. Get closer to those in power, your gifts will make a way for you. Buy a trailer of rice or whatever makes that policy maker happy and gift him. The day you want to see them, they will make way for you. It is called lobbying. People should stop complaining and learn these things.

Atiku is our next president and Ladol should be ready to struggle hard. Lean times are ahead. No businessman goes into business to lose.

SocialJustice:
Lol, that's how people say Dangote is a monopoly. Businessmen need to build their network. That N100m that came and you have no idea what to do with it, keep it in tbills don't get the 2019 S class or marry 2 fresh kpatus and buy them houses. Get closer to those in power, your gifts will make a way for you. Buy a trailer of rice or whatever makes that policy maker happy and gift him. The day you want to see them, they will make way for you. It is called lobbying. People should stop complaining and learn these things.

Atiku is our next president and Ladol should be ready to struggle hard. Lean times are ahead. No businessman goes into business to lose.

Oooh! This is your angle of reasoning.

docadams:


Oooh! This is your angle of reasoning.

Yes, I'm an entrepreneur and I'm out to grab as much as I can.

Business is business, charity is charity.

SocialJustice:
Lol, that's how people say Dangote is a monopoly. Businessmen need to build their network. That N100m that came and you have no idea what to do with it, keep it in tbills don't get the 2019 S class or marry 2 fresh kpatus and buy them houses. Get closer to those in power, your gifts will make a way for you. Buy a trailer of rice or whatever makes that policy maker happy and gift him. The day you want to see them, they will make way for you. It is called lobbying. People should stop complaining and learn these things.

Atiku is our next president and Ladol should be ready to struggle hard. Lean times are ahead. No businessman goes into business to lose.

Atiku President?unless President Buhari dies,there is no way atiku Hausa fulani will remove an incumbent Hausa Fulani,the best atiku may get is a draw and in such a scenario the incumbent keeps the seat,same thing happened in the fury wilder fight it was a draw and wilder still kept his belt.

But in all honesty Atiku will be blown away like a hurricane & driven back like smoke,you can already hear pdp wailing and claiming Inec will rig the elections,of course yes,big deal,I wonder who told them? President Buhari lived in Dodan Barracks Lagos and now at Aso Rock Abuja,it seems you blind bats don’t know the member of the Kaduna mafia you are messing with?

blacknp:
Atiku President?unless President Buhari dies,there is no way atiku Hausa fulani will remove an incumbent Hausa Fulani,the best atiku may get is a draw and in such a scenario the incumbent keeps the seat,same thing happened in the fury wilder fight it was a draw and wilder still kept his belt.

But in all honesty Atiku will be blown away like a hurricane & driven back like smoke,you can already hear pdp wailing and claiming Inec will rig the elections,of course yes,big deal,I wonder who told them? President Buhari lived in Dodan Barracks Lagos and now at Aso Rock Abuja,it seems you blind bats don’t know the member of the Kaduna mafia you are messing with?

Next year is not far, no need for plenty analysis. Buhari must go, we don't need him again. Holders of the keys do not need him.

Naughtysite:
Nna ern nah this kind money I wan count

Your not serious how do you even intend to count a billion dollars?

blacknp:
Your not serious how do you even intend to count a billion dollars?

How Dangote dey count him own

SocialJustice:
Next year is not far, no need for plenty analysis. Buhari must go, we don't need him again. Holders of the keys do not need him.

which key,all the powers Atiku is dreaming about is in President Buhari’s hands right now,even this ladol Samsung dispute the President could have favored anyone of the 2 if he wanted to,why wait for atiku to come and settle it in favor of Intels.

Atiku with all his money couldn’t defeat President Buhari in the 2015 primaries,now with the whole federal war chest at his disposal and Bola Tinubu at his right hand,how the hell in the world do you think the man has a chance?atiku has never defeated President Buhari in any election ever and it is not about to start today. Facts first and stop deceiving your man.

Naughtysite:
How Dangote dey count him own

Money is a spirit,it is not physical you don’t see that kind of money,Dangote’s 12 billion dollars evaluation is based on the value of his stocks not cash in hand.

blacknp:
which key,all the powers Atiku is dreaming about is in President Buhari’s hands right now,even this ladol Samsung dispute the President could have favored anyone of the 2 if he wanted to,why wait for atiku to come and settle it in favor of Intels.

Atiku with all his money couldn’t defeat President Buhari in the 2015 primaries,now with the whole federal war chest at his disposal and Bola Tinubu at his right hand,how the hell in the world do you think the man has a chance?atiku has never defeated President Buhari in any election ever and it is not about to start today. Facts first and stop deceiving your man.

I don't argue with bigots.

Nice

I wish to work in Egina

banio:
I wish to work in Egina

what have you done to archieve that? For example have you applied to work with Total before? Or reseached about their contractors?

docadams:


Datola, let's say I follow INTELS because their business practices impacts on the lives of my people here in Warri. It appears they are part of the reasons ports in the Niger-Delta are lying dormant.

....It appears they are part of the reasons ports in the Niger-Delta are lying dormant.

Would really like to know more about the above assertion.
Born and bred in warri

Worked aboard EGINA with Hydrotest team @ Ladol base

So i kinda have a vested interest to know whats up.

holler if u hear me

peace out