Nigeria: Snamprogetti Netherlands admits corrupt practices

Issue 279 - 17 Jun 2014 | 2 minute read
Oilfield services company Snamprogetti Netherlands has accepted a charge from the African Development Bank (AfDB) of corrupt practices by affiliated companies related to the Bonny Island liquefied natural gas (LNG) project in Nigeria between 1995 and 2004. Under the terms of the negotiated resolution agreement, Snamprogetti will pay $5.7m in fines, to be used to support AfDB anti-corruption projects. Snamprogetti Netherlands was owned at the time by Milan-based Snamprogetti SpA, which was owned by oil major Eni. The company is now owned by Saipem, whose shares are 43% held by Eni. However, Saipem was indemnified by Eni for losses relating to these charges as part of the 2006 deal which transferred Snamprogetti.

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