Italy’s largest industrial company by value, has shut down operations severally in the West African country as bunkering – the common term for oil thievery – and pipeline vandalism has constantly posed a threat to its business, BusinessDay reported.
Eni is Africa’s largest international oil group, with majority of its assets and operations banked in Libya, Scaroni noted.
Vandalism, bunkering, black markets, illegal exportations are all common terms used to describe Nigeria’s oil industry. Reports have reveal the Nigeria has lost more than N17 trillion ($103.8 billion) since 2009 to illegal activities, forcing international and local organizations to fold up, or suspend operations temporarily. (VENTURES AFRICA)