Shell Petroleum Development Company of Nigeria Limited(SPDC), commonly referred to as Shell, has officially announced that it has reached an agreement to sell its Nigerian onshore subsidiary, after 88 years in operation. The petroleum company in official press releases and social media posts, stated that the sale is subject to approvals by the Federal Government of Nigeria and other conditions. Replying to a tweet seeking to know the fate of the company's employees, Shell stated that the company does not expect a loss of employment as SPDC staff will continue to be employed by the takeover company.
Read Also: Gangsters Invade Teaching Hospital; Forcefully Remove Corpse
Shell started business in Nigeria in 1938 as "Shell D'Arcy" and was granted an exploration license. In 1956, Shell Nigeria discovered the first commercial oil field at Oloibiri in the Niger Delta and started oil exports in 1958. Prior to the discovery of oil, Nigeria like many other African countries strongly relied on agricultural exports to other countries to support its economy. Many Nigerians thought the developers were looking for palm oil.
Comments
Post a Comment