«Petrolia» wins a verdict against PFDJ

The independent Kuwaiti petroleum group “Petrolia” said that it won a verdict against the Eritrean regime of PFDJ.  The group filed an arbitration to compel the government of Eritrea represented by the Ministry of Energy and the National Oil Company (BCS) prompt payment of the value of petroleum products which were delivered to them. The “Petrolia” group said the International Court Arbitration which is part of the International Chamber of Commerce in Paris has ruled in favor of the group to compel the Eritrean government’s prompt payment of amounts due for the entire value of U.S. $ 76,597,000 dollars, added to it the accumulated daily interest worth U.S. $ 11,516 dollars from the date of 21/12/2010 until the date of final payment, in addition to the expenses of the arbitration.

The international arbitration provision confirmed the right of the “Petrolia” group in their claim and immediate execution for the “Petrolia” group to get the amounts due; therefore, the group will begin immediately to take all legal procedures leading to the collection of the pending payments.
The “Petrolia” group could not determine the effect of the above claim on their financial results until the completion of collecting the entire amount due and the group will periodically inform its shareholders about the results of their efforts to collect the pending amount by the Eritrean PFJD regime.

Source: Al-Qabas – Kuwait

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Posted by farajat on Jun 12 2011 Filed under News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry