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Nigeriaâs president restores four drilling permits revoked from Chinaâs Addax By William Clowes on 4/25/2021
(Bloomberg) Nigerian President Muhammadu Buhari reversed a government decision to revoke four oil permits from a unit of Chinaâs Sinopec.
Buhari âapproved the restorationâ of the licenses to Addax Petroleum Corp. as part of his commitment to âthe rule of law and sanctity of contracts,â spokesman Garba Shehu said in an emailed statement Friday. The West African nationâs oil industry regulator, the Department of Petroleum Resources, announced the termination of the leases on April 6.
The president directed the DPR âto retract the letter of revocation,â according to Shehu. He instructed the state-owned Nigerian National Petroleum Corp., which is in a partnership with Addax, to âresolve issuesâ in line with their contractual relationship, he said.
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