Process and Industrial Development (P&ID), an Irish-founded engineering company, is to appear in the English Commercial Court for a threshold hearing with Nigeria regarding a $9.6bn arbitration award.
The latest hearing, which is understood to be taking place on July 13 and 14, is the next legal moment in Nigeria’s ongoing battle with P&ID regarding an agreement to build a gas-processing plant in the country. Nigeria contends the deal was corrupt. P&ID denies any wrongdoing.
Nigeria’s agreement with P&ID collapsed in 2010, with the company subsequently winning a $6.6bn arbitration award. It has been accruing interest since 2013.
It is understood the hearing in the Commercial Court in London will address two threshold issues. The first issue is Nigeria’s application for an extension of time to bring its set-aside application. It is also seeking relief from sanctions in respect of the delay in bringing the applications.
A spokesman for P&ID said: “The July hearing will not change the facts that Nigeria's claims are fanciful and have no merit. The previous rulings of the Tribunal, and the Court, in favour of P&ID have not changed. This is Nigeria’s last chance saloon.”
Sunday Indo Business