Nigeria LNG Pays $140M To End Port Blockade

Law360, New York (July 12, 2013, 4:53 PM EDT) -- Nigeria LNG Ltd. said Friday that it had agreed to pay Nigeria's maritime regulator $140 million in levies to lift a three-week blockade on the company's liquefied natural gas ships, but said it was doing so under protest and would continue to challenge the fees as unjustified.

The Nigerian Maritime Administration and Safety Agency has been preventing NLNG's ships from leaving port since June 21 over the company's failure to pay overdue statutory payments, a delay the company said had cost it $475 million.

NLNG has...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.