#Country Updates #News #Nigeria #Upstream Oil & Gas News

FG to revive Snake Island, Lagos

The Federal Government has pledged to assist management of the Snake Island in reviving the oil fabrication yard located in Lagos State.

According to a member of the board of Nigerian National Petroleum Corporation, Senator Magnus Abe, an inter-ministerial committee headed by him has been set up to assess the facility and recommend ways to assist in reviving it.

He said, “Sometime in 2015, Addax ran into some tax and audit issues with the Federal Government, and so they declared a force majeure on the contracts.

“By that time, Kaztec Engineering had already spent more than $600m – imported a lot of materials and was employing over 3,000 direct workers. But when the force majeure was declared, all those people lost their jobs.”

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Source: SweetCrudeReports

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