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Eni and Shell Acquitted in Lengthy Court Case
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Descalzi, Scaroni acquitted in Eni Nigeria case
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An Italian court on Wednesday acquitted energy groups Eni and Shell of $1.1-billion corruption charges related to an oil exploration deal in Nigeria in the biggest corruption scandal in the industry.
The long-running case concerns the 2011 purchase by Eni and Shell of a giant offshore oilfield in Nigeria estimated to hold nine billion barrels of crude.
Prosecutors alleged the companies paid bribes to secure the field. They paid $1.3 billion dollars for a licence on OPL 245 to buy the oilfield that was owned by former Nigerian Oil Minister, Dan Etete.
They argue that $1.1 billion of the purchase price were bribes that went to middlemen and politicians, including Etete.
FILE PHOTO: A Shell logo is seen reflected in a car s side mirror at a petrol station in west London, Britain, January 29, 2015. REUTERS/Toby Melville
MILAN (Reuters) - A Milan court acquitted energy company Eni, its chief executive and Royal Dutch Shell on Wednesday in the oil industry s biggest corruption case revolving around the $1.3 billion acquisition of a Nigerian oilfield a decade ago.
The sentence, read out in court by judge Marco Tremolada, came more than three years after the trial first began and after 74 hearings. Tremolada said the companies and defendants had been acquitted as there was no case to answer.