- The Nigerian government has scraped oil drilling contract with Korea National Oil Corporation citing unfulfilled financial obligations as a source.
Nigeria accused the South Korean consortium of failing to pay US$ 231 million, its 60 percent stake of the $323 million promised in return for exploration rights in the African state. The consortium however said it had already paid $92 million of the said amount.
Under the accord signed in March 2006, the Nigerian government agreed to give a South Korean consortium the right to develop two offshore oil fields estimated to hold up to 1 billion barrels of oil each.
In return, South Korea promised to build a 1,200-kilometres gas pipeline from the south to Abuja and provide 2,250 megawatts of power generation.
"The South Korean consortium is studying various measures against the Nigerian government's unilateral cancellation of the exploration rights. Through close consultations with the (Seoul) government, we are working on various countermeasures which may include a lawsuit," KNOC said.
South Korea has a 60 percent stake, with a British company owning 30 percent and a Nigerian firm with the remaining 10 percent, in the product-sharing deal.
Since President Umaru Yar'Adua took power in May 2007, he has canceled three licenses with companies from India, China and Korea according to local media reports.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
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