TheCable

Okechukwu Enelamah, minister of industry, trade and investment, says government will wade into the ongoing dispute between Samsung Heavy Industries Nigeria (SHI), and the management of Lagos Deep Offshore Logistics (LADOL).

According to a statement signed by Bisi Daniels, spokesman of the minister, Enelamah disclosed this while receiving In-tae Lee, South Korean ambassador to Nigeria, in Abuja on Thursday.

Lee had sought the intervention of the minister in the dispute which had built up in the past few months.

Enelamah said all parties in the dispute were being engaged by the Nigeria Export Processing Zones Authority (NEPZA).

He said resolving the dispute would help to maintain the “excellent relationship” between Nigeria and South-Korea and also restore normalcy.

“We will work with you, Samsung, LADOL, NEPZA and all the parties involved to resolve this amicably. We have an excellent relationship with South Korea and we will like to continue that. Successful resolution of problems generates goodwill,” the statement quoted the minister to have said.

“Korean companies that are eager to invest in Nigeria are watching the dispute closely and it is in the best interest of both countries to get this behind us.”

The dispute between between Samsung and LADOl is in three folds. The first aspect has to do with is the ownership of SHI MCI FZE, a joint venture between both companies formed to perform the Egina Floating Processing Storage Offloading (FPSO) EPC contract between Samsung and Total Upstream Nigeria Limited (Total).

The aspect is SHI MCI FZE’s sublease agreement with Global Resources Management Limited (GRML), a LADOL affiliate, while the third borders on SHI MCI’s operating licence as a free zone enterprise within the LADOL free zone.

Both LADOL and Samsung have expressed readiness to comply with efforts to resolve the dispute.

During the meeting, the ambassador also sought the minister’s contribution to the ongoing review of the 1998 Bilateral Investment Treaty signed by both countries.

Enelamah agreed with the ambassador on the importance of revising the bilateral agreement to meet contemporary needs.