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SOCAR Wins Court on Lawsuit of Frontera Resources Azerbaijan Corp.

Oil&Gas Materials 30 May 2007 19:10 (UTC +04:00)

Azerbaijan, Baku / corr. Trend S.Aliyev / The New York Court rejected the lawsuit of Frontera Resources Azerbaijan Corp. against the State Oil Company of Azerbaijan (SOCAR) regarding defining and keeping as security the assets of SOCAR, a source in SOCAR stated.

In March 2005, Frontera Resources Azerbaijan Corp. raised a lawsuit in Stockholm Arbitrage Court regarding SOCAR's paying off the compensation in amount of $25mln for possible violation of the rights in its Production Sharing Agreement on development of the fields of Kursangy and Garabagly in Azerbaijan.

Frontera Resources Azerbaijan Corp., which was dissatisfied with the decision of Stockholm Arbitrage Court, had raised a lawsuit in the New York Court, which rejected the lawsuit. Frontera Resources Azerbaijan Corp. made an appeals complaint.

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