Nigeria: Zenon Petroleum Halts Sales of Texaco Shares
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Monday, 04 August 2008 |
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The Nigerian High Court has granted an interim injunction restraining
Chevron from divesting the 60% holding in Texaco Nigeria Plc.
The order was sought by Zenon Petroleum and Gas, which currently owns
19% equity stake in Texaco Plc, against Chevron which is the respondent.
The sale of Chevron equity stake in Texaco has been a subject of
intense bid by Oando, African Petroleum Ltd, MRS Group, Sahara Energy
Resources, and Nigerian National Petroleum Corporation.
The bid winner was expected to be announced this first week of August
before Zenon Petroleum resorted to the courts. Mr. Femi
Otedola, President/CEO of Zenon was unavailable to the local media for
comments.
PetrolWorld 020808
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