Shell (SHEL.L) said on Thursday it had suspended plans to sell its onshore oil assets in Nigeria, complying with a Supreme Court ruling that said it had to wait for the outcome of an appeal over a 2019 oil spill.
“Shell welcomes the Nigerian Supreme Court’s decision to hear the appeal of the Shell Petroleum Development Company of Nigeria Ltd (SPDC) in this case,” the London-based company said in a statement.
“Until the outcome of SPDC’s appeal, Shell will not progress the divestment of its interest in SPDC.”
Nigeria’s Supreme Court on June 16 upheld a lower court ruling that stopped Shell from selling its assets in Nigeria until a dispute over a lower court decision to award a Niger Delta community $1.95 billion in compensation over the spill is resolved.
Shell wants to sell its 30% stake in SPDC, which it also operates, as the joint venture struggles with hundreds of spills that are caused mostly by theft.
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