Source: Socar Energy
Headline: London Court of International Arbitration issued an arbitral award in favor of SOCAR
The Award found in favour of SOCAR Overseas. SOCAR’s claims against Palmali were successful and it was awarded approximately US$ 49,500,000. Palmali’s multi-million dollar counterclaim was dismissed in its entirety.
SOCAR and Palmali used to have commercial relations previously, although the two companies have never founded a joint venture. In 2018, due to Palmali’s violation of commitments, the companies, belonging to SOCAR Group initiated arbitration proceedings against the companies of Palmali Group and Mubariz Mansimov. Eventually, one out of the three ongoing arbitration proceedings has come to an end.