#Addax Loses Ruling in #Gabon #Sinopec unit Addax Petroleum saw a setback in its battle against the government of Gabon when the International Chamber of Commerce’s arbitration court rejected a request by Addax to resume operations on the #Obangue field and prevent Gabon from selling the license to a third party. Gabon took over the Obangue field in January, after alleging a breach of contract and just recently handed it over to its state-run firm, #GabonOilCo. While the ruling was a setback it is not the end of the arbitration and does not mean Addax will lose its claim for $330 million as part of the ongoing proceedings. The company said it could win other important claims, but did not elaborate. Addax, in a statement to Reuters, confirmed the court had denied its request for provisional measures to maintain a “certain status quo” while the arbitration continued. “This decision however has no bearing on the main claims of the parties and does not constitute a decision on the disputes that triggered the arbitration,” said Addax, which started the arbitration last December. Gabon alleges that Addax tried to reoccupy the Obangue field and had to be ejected by Gabonese police. Following the incident, Addax sent senior officials, including its chief executive Yi Zhang to negotiate with the government on the company’s future in the country. The government and Addax have been negotiating for some time although these negotiations stalled due to Addax’s refusal to withdraw its legal complaint. “The Addax Petroleum group always prefers dialogue over litigation and we are pleased to confirm that discussions with the government are ongoing to ensure that the parties’ common objective to find an amicable resolution of all disputes between them will be achieved shortly,” the company said.
Posted on: Sat, 21 Sep 2013 08:44:29 +0000
Trending Topics
© 2015