Lagos - The Nigerian National Petroleum Corporation (NNPC) has won a United Kingdom Commercial Court order stopping payment of $310 million to IPCO Nigeria, a subsidiary of the IPCO Group, reports ThisDay.
NNPC had in 2012 asked for an injunction halting payment to IPCO over a dispute that arose from a contract to build an oil terminal in Port Harcourt.
Delivering his judgment, Mr. Justice Field of the UK Commercial Court ruled that IPCO failed to establish any change of circumstances justifying a further application to enforce the award.
The case, which arose from a dispute following IPCO’s claim that NNPC should bear the cost of variations (alterations to the scope of works in the original construction contract), had stretched for a decade.
Read more at ThisDay.
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