HC declares Niko deals with BAPEX, Petrobangla illegal

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PV Desk : The High Court (HC) today declared illegal Canadian company Niko’s joint venture deal with Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) and gas purchase and sales agreement (GPSA) with Petrobangla, illegal.

The court also ordered to confiscate all the properties of the Canadian company, which fall under the two deals, in Bangladesh as compensation for the damage caused by 2005 blast in Tengratila gas field in Sunamganj, and not to pay Niko any money until the disposal of two graft and compensation cases involving the company.

A High Court division bench comprising Justice Naima Haider and Justice Abu Taher Md. Saifur Rahman passed the order after holding final hearing on a rule issued in this regard.

Niko inked the deals with BAPEX and Petrobangla in 2003 and 2006 respectively.