London Court issues arbitral award in favor of SOCAR

The arbitration process conducted under the rules of the United Nations Commission on International Trade Law (UNCITRAL) on February 3 this year, decided in favor of Azerbaijan (ACG) Limited, which is part of the State Oil Company of Azerbaijan (SOCAR), Report informs, citing SOCAR.

According to the London court's decision on the third arbitration case between the SOCAR group and the companies belonging to the Palmali group, Azerbaijan (ACG) Limited must be paid more than $132,000,000. It was the last of three arbitration cases filed by SOCAR Group companies against Palmali Group and Mubariz Mansimov for breach of obligations.

The International Court of Arbitration in London, the London Maritime Arbitration Association, and the United Nations Commission on International Trade Law (UNCITRAL) have held three proceedings in favor of the SOCAR Group. The court rejected Palmali counterclaims and decided the SOCAR Group to be paid compensation of more than $240,000,000.