The International Arbitration Commission in London Friday ruled in favor of the Kuwait Oil Company (KOC) in the billion dollars lawsuit filed by a Korean contracting company in 2014, reports Al-Anba daily.
This is a major victory for the KOC. The jury last Friday ordered to compensate the contractor only 1.1 million Kuwaiti dinars, a ruling that cannot be challenged or appealed. A KOC source said the contractor (a Korean company) had filed a claim for 843.6 million dinars, equivalent of $2.7 billion dollars on the back of the establishment of a network of lines to transport fuel to the northern and southern stations of the Ministry of Electricity and Water.
The source said as soon as the contractor filed the claim, the KOC formed a team comprising members from all competent authorities to follow up the claim and submit its defense plea through the law firm in the United Kingdom.
The source added the verdict given by the arbitration committee has given everyone its right and did not overlook the rights of the company at all, but highlighted the justice in all its aspects, obliging the contractor to pay the defense fees .
The source went to say: “The Kuwait Oil Company is governed by its relations with its contractors as stipulated in the terms and conditions of the contract, which take into account the principles of justice and transparency of both parties, and in accordance with the law and regulations in force.”
Meanwhile, Petrochemicals Industries Company (PIC) is committed to the concept of sustainable development and its practices in Kuwait, said on Sunday Mohammad Al-Farhoud, CEO of the company. His remarks came in a statement after PIC published its 2017-2018 Sustainability report, which focused on the company’s contribution in preservation of the environment, as well as promoting businesses. Committing to the concept of sustainable development would have a positive impact on societal prosperity and betterment of human resources, which would eventually lead to a better future, said Al-Farhoud.
He expressed pride over effective and safe work practices followed by PIC in a bid to integrate sustainability into all company tracks of work and decision-making mechanisms, be it economic, social or environmental. PIC launched its Sustainability Goals in 2013, setting ambitious targets for operational excellence and corporate social responsibility. PIC is a subsidiary of the Kuwait Petroleum Corporation (KPC). In the downstream sector, PIC plays a key role in driving the diversification of the Kuwaiti economy and ensuring sustainable growth in the country.
SOURCE : ARABTIMES