The Management of Nigeria’s oil and gas logistics giant, Intels Nigeria Limited said it is not indebted to the Nigerian Ports Authority (NPA), but rather NPA owes it more than US$750 million.

The company, which issued a statement on Tuesday in response to the termination of its boats pilotage monitoring and supervision agreement by NPA, said while it is open to an amicable resolution of the contract dispute with NPA, it is willing to proceed in all appropriate directions to protect its interests and its 5,000 employees.

The statement reads: “With regard to the press report in Thisday Newspaper of Sunday 19th May, 2019 concerning the agency agreement between NPA and Intels, the latter states that it has not breached or violated the agreement with NPA.

“Intels further confirms the correctness of its actions, in line with the agreement signed on 24 August 2018, according to the terms and timing established therein, in compliance with the principle of reciprocity of rights and obligations thereby provided for.

“The same agreement supplements the original agreement and reinforced the understanding of the parties that the agency service was entrusted to Intels, in order to guarantee a repayment plan for the significant investments made.

“Intels reiterates that, overall, it is not in any way indebted to NPA, but it is instead a creditor of NPA for an amount exceeding US$ 750 million against the financing granted by Intels and associated entities to NPA over time.

“Intels hopes that the undergoing amicable procedure with NPA may result in clarifications between the parties and a return to normal operations, but it also reaffirms its willingness to proceed in all appropriate directions to protect its own interests, in line with the contractual agreement, and all valid receivable claims against NPA, for the protection of its corporate interests, its 5,000 Nigerian employees and shareholders and those who have been operating in the Country for over 40 years.”