Nigeria’s Buhari Restores Oil Permits Revoked from China’s Addax

Nigerian President Muhammadu Buhari reversed a government decision to revoke four oil permits from a unit of China’s Sinopec. Buhari “approved the restoration” of the licenses to Addax Petroleum Corp. as part of his commitment to “the rule of law and sanctity of contracts,” spokesman Garba Shehu said in an emailed statement Friday. The West African nation’s oil industry regulator, the Department of Petroleum Resources, announced the termination of the leases on April 6.

The president directed the DPR “to retract the letter of revocation,” according to Shehu. He instructed the state-owned Nigerian National Petroleum Corp., which is in a partnership with Addax, to “resolve issues” in line with their contractual relationship, he said.

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