Chevron Withdraws From Nigeria LNG Plant Citing Lack of Progress
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Chevron Corp. pulled out of Nigeria’s Olokola liquefied natural gas plant venture, becoming at least the second partner to withdraw from the project.
The decision to divest the 23 percent holding is based on “a review of our investment decision, the lack of progress on the project, and a reprioritization of resources to focus on growing domestic gas supply,” Andrew Fawthrop, chief executive officer of the U.S. oil company’s Nigeria unit, said today in an e-mailed statement from Lagos, the commercial capital.