London Court Issues Third Arbitral Award in Favor of SOCAR

Baku/05.02.21/Turan: On February 3 this year, following the results of the arbitration process conducted in accordance with the rules of the United Nations Commission on International Trade Law (UNCITRAL), a decision was made in favor of Azərbaycan (AÇG) Limited, a SOCAR source reports.

It was noted that according to the decision of the London Court on the third arbitration case between the SOCAR group and companies belonging to the Palmali group, Azərbaycan (AÇG) Limited should be paid monetary compensation in the amount of over $ 132 million. This was the last of three arbitration cases initiated in the lawsuit of companies belonging to the SOCAR group against the Palmali group and Mubariz Mansimov.

Thus, three independent trials, conducted in accordance with the arbitration rules of the London International Arbitration Court, the London Association of Maritime Arbitrators and UNCITRAL, ended in favor of the SOCAR group. Palmali's retaliatory claims were rejected, and a decision was made to pay SOCAR compensation in excess of a total of $ 240 million. –0