Wednesday, January 25, 2006
Frontera Resources Wins Arbitration Case vs Azerbaijan State Oil Co
25/01/2006 18:59 LONDON (AFX) - Frontera Resources Corp said it won an arbitration case it launched against the State Oil Company of the Azerbaijan Republic (SOCAR).Frontera has been awarded 1.2 mln usd plus interest in claims from the case, which stemmed from SOCAR's halting of exports from the Kursangi and Karabagli oil fields in late-2000. The arbitration panel found that SOCAR's action was in violation of the production sharing agreement signed by the pair. "The arbitration panel rejected all other claims and counterclaims between the parties and the arbitration therefore resolves all claims between Frontera and SOCAR with respect to the PSA," Frontera said.