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ANKARA: Court to hear Frontera Resources suit against SOCAR in May

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  • ANKARA: Court to hear Frontera Resources suit against SOCAR in May

    Court to hear Frontera Resources suit against SOCAR in May

    AssA-Irada (Baku)
    25/03/2005

    The lawsuit filed by US Frontera Resources against the State Oil
    Company (SOCAR) will be considered in May. The suit is completely
    groundless and this will be proven in court, SOCAR President Natig
    Aliyev said.

    The International Court of Justice is currently involved in procedural
    work to get ready for the litigation, Aliyev said.

    Frontera Resources claims it faced certain technical difficulties
    several years ago while working in Azerbaijan, thereby demanding that
    damages be paid.

    The US company held a 30% stake in the development of Azerbaijan's
    Kursanghi and Garabagli offshore oil fields.

    However, the company transferred its stake to EBRD after it was unable
    to repay the loan it borrowed from the bank. The share was later sold
    to a Chinese company.
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