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Periodical article | Leiden University catalogue | WorldCat |
Title: | Nigeria's LNG Venture: Fiscal Incentives, Investment-Protection Schemes and ICSID Arbitration |
Author: | Emole, Chijioke E. |
Year: | 1996 |
Periodical: | African Journal of International and Comparative Law |
Volume: | 8 |
Issue: | 1 |
Period: | March |
Pages: | 169-179 |
Language: | English |
Geographic term: | Nigeria |
Subjects: | natural gas Drought and Desertification Economics and Trade Law, Human Rights and Violence |
External link: | https://heinonline.org/HOL/Page?handle=hein.journals/afjincol8&id=179&collection=journals&index=journals/afjincol |
Abstract: | Nigeria is the eighth largest producer of natural gas in the world, in terms of its proven gas reserves, estimated to be over 2,600 billion cubic metres. These reserves have not been adequately exploited, but recently a liquefied natural gas (LNG) venture - Nigeria LNG Limited - was established which intends to finance, develop, construct and operate a gas liquefaction plant. This article discusses the Nigeria LNG (Fiscal Incentives, Guarantees and Assurances) Decree No. 39 of 1990 and its provisions. It shows that the LNG Decree creates attractive conditions for the participation of international oil companies in Nigeria's LNG venture by providing fiscal incentives, the stabilization of those incentives and the relevant legal regime aimed at protecting the oil companies' investments, and arbitration of any investment dispute by the International Centre for Settlement of Investment Disputes (ICSID), a brainchild of the World Bank, established in 1965. Notes, ref. |