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Shell remits $42bn to Nigerian govt

Shell

Shell Petroleum Development Company (SPDC) and the Joint Venture (JV) partners remitted $42 billion to the Nigerian Government between 2011 and 2015.
Nigeria’s Nation newspaper report on Tuesday said that Royal Dutch Shell’s 2015 Sustainability Report released on Monday stated the oil giant also paid royalties and corporate taxes worth $1.1 billion to the Nigerian government last year.

It added that of the amount, Shell paid $0.6 billion and its subsidiary, Shell Nigeria Exploration and Production Company (SNEPCo), paid $0.5 billion.

The report also said that Shell Companies in Nigeria (SCiN) awarded 93 percent of its total contracts during the year under review to indigenous firms and spent $0.9 billion on local contracting and procurement.

It noted that 94 percent employees of SCiN are Nigerian.

The report also said that out of the $145.1 million paid to Niger Delta Development Commission (NDDC) in 2015, SPDC JV and SNEPCo contributed $62.3 million, and $50.4 million was spent on social investment projects.

According to the report, gas flaring volume from SPDC JV facilities in Nigeria was reduced by 85 percent between 2002 and 2015, while flaring intensity (the amount of gas flared for every tonne of oil and gas produced) was reduced by around 70 percent over the same period.

Source: APA