Petroleum company Shell and Italian giant Eni are standing trial in Italy after being hit by allegations of corruption and bribery.
They were accused in 2011 of purchasing an offshore oil block in Nigeria.
They have also had to deal with allegations of subversion of the law in the 2011 purchase of OPL245, an offshore oil block estimated to hold 9 billion barrels of crude, for $1.3 billion.
Shell and Eni executives likeEni chief Claudio Descalzi and his predecessor Paolo Scaroni have been ordered to stand trial in proceedings beginning On March 5th
the Italian firm in a statement on Wednesday stated: “Eni’s Board of Directors has reaffirmed its confidence that the company was not involved in alleged corrupt activities in relation to the transaction,”
“Eni expresses its full confidence in the judicial process and that the trial will ascertain and confirm the correctness and integrity of its conduct,”
Eni have also insisted “chief executive Claudio Descalzi was not involved in the alleged illegal conduct”.
Both companies are charged with corruption over the deal in which Goodluck Jonathan the former President and his oil minister allegedly pocketed bribes on the deal. Both companies repeatedly insisted they acquired the rights to the lucrative block in line with Nigerian law.
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