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SOCAR awaits for sentence on legal examination with Frontera Resources

Oil&Gas Materials 10 November 2005 18:03 (UTC +04:00)

“The State Oil Company of Azerbaijan (SOCAR) was waiting for a verdict on the court examination with the US Frontera Resources, which earlier participated in the development of the Kursangi-Karabagly onshore fields,” the President of SOCAR, Natik Aliyev, told Trend on Thursday.

According to Aliyev, international experts and law-defenders carry out work in this direction. “In the near future the judges are expected to make a sentence on this issue,” he stressed.

Frontera Resources filed a suit on the SOCAR demanding $23m for the damage. $15,737, 447 of the sum was the basic fine, $7m вЂ" interests, approximately $600,000 вЂ" for expenses on lawyers, $300,000 вЂ" expenses on arbitrary court.

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