The Kuwait Oil Company won a final, binding arbitration award against one of its contractors for an estimated at $77 million, in addition to attorneys’ fees.
This comes within the framework of KOC’s keenness to preserve its resources and rights, preserve public money, and ensure contractors carry out the works assigned to them accurately, according to what is agreed upon in the contracts, reports Al-Rai daily
Informed sources said the KOC had collected the amount in the past period, noting that the ruling was issued in favor of the company in the arbitration case it filed against one of its contractors, after about 3 and a half years of arbitration procedures at the London Court of International Arbitration (LCIA). .
The sources stated that “the Kuwait Oil Company” resorted to arbitration after the contractor refused to accept responsibility, and failed to reach an amicable settlement in one of the undersea pipeline projects, adding that based on that, the CEO of the company, Ahmed Al-Aidan, formed an arbitration committee led by the Executive Vice President for Commercial and Services. The joint venture brought together people with specialized knowledge and experience from various fields from within the company and from the Kuwait National Petroleum Company, who worked continuously and diligently with high professionalism and clear distinction to present the position of KOC fairly and defend its rights, in cooperation with the company’s legal advisor, “Holman Fenwick Whelan (HFW).
The advisor emphasized that this positive and successful outcome of the arbitration would not have been achieved without the trust and support of the senior management, joint cooperation, commitment and dedication among all the members involved in the defense of this case, pointing out that this case is considered the second in which KOC succeeded in obtaining a ruling in its favor during the arbitration process in the London Court.
The sources stated that this ruling reinforces the fair and professional approach that the company follows when dealing with its contractors.
On the other hand, Al-Aidan held a ceremony honoring the members of the jury, in the main KOC building, where he expressed his appreciation to them and praised their efforts that resulted in this achievement.
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