UPDATE 1-UK court gives Nigeria more time to appeal in $10 billion dispute

LAGOS, Sept 4- A London court on Friday gave Nigeria more time to appeal in a $10 billion arbitration case, although the Commercial Court ruling did not specify the length of the extension in the long-running dispute. Process& Industrial Developments won a $6.6 billion arbitration award after a 2010 deal to carry out a gas project in Nigeria collapsed.

By Libby George

LAGOS, Sept 4 (Reuters) – A London court on Friday gaveNigeria more time to appeal in a $10 billion arbitration case,although the Commercial Court ruling did not specify the lengthof the extension in the long-running dispute.

Process & Industrial Developments (P&ID) won a $6.6 billionarbitration award after a 2010 deal to carry out a gas projectin Nigeria collapsed. This has been accruing interest since 2013and now totals nearly $10 billion, which if Nigeria has topayout would dent the oil-producing country’s foreign reserves.

Nigeria has alleged corruption in the contract and Friday’sruling will allow the government time to investigate.

The Nigerian government and P&ID, a vehicle created for thegas deal, did not immediately respond to requests for comment.

Before Friday’s decision, Nigeria had sought permission inthe English courts to appeal the award, despite having missedthe original 28-day appeal deadline. It said new informationonly came to light in late 2019.(Reporting by Libby George; Writing by Paul Carsten; Editing byToby Chopra and Alexander Smith)

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