SOCAR EXPECTS DECISION OF UMPIRES ON COURT CASE AGAINST FRONTERA RESOURCES IN OCTOBER
In October the State Oil Company of Azerbaijan (SOCAR) expects decision of the arbiters on the court hearing with the American Frontera Resources, earlier participant of the вЂњKyursangi-GarabagliвЂќ on-shore oil field development, SOCAR told Trend.
The case is currently investigated by the arbitration court. "The rules of the International Arbitration Court in Stockholm do not specify the period for taking decisions by the umpires, therefore, the process may last long. There is also no mechanism for us to impact the decision for the short period of time. Despite all this, we expect the decision in the next month. We have already covered the expenses of the arbitersвЂќ, SOCAR reported.
Frontera Resources brought a suit against SOCAR for the total amount of $23 million for the damage inflicted. From them $15 million 737, 447 constitute the amount requested, $7 million вЂ" interests, about $600,000 вЂ" expenses for lawyers, $300,000 вЂ" expenses of the arbitration court and etc.
Frontera Resources cannot comment on the situation now, the company told Trend.