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London Court of International Arbitration issued an arbitral award in favor of SOCAR

London Court of International Arbitration issued an arbitral award in favor of SOCAR

Baku, November 9 - Neftegaz.RU. An arbitral award was issued on 5 November 2020 in London Court of International Arbitration proceedings between SOCAR Overseas and Palmali, controlled by Azerbaijan-born businessman Mubariz Mansimov.

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.

State Oil Company of Azerbaijan, 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.

The failure of Mansimov to fulfill its obligations under the agreements caused 3 lawsuits by SOCAR against Palmali. During this period, Mansimov’s company, under various pretexts, delays the conduct of these arbitration courts, SOCAR said earlier in a statement.

Eventually, one out of the three ongoing arbitration proceedings has come to an end.