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London-seated tribunal issues third arbitral award in favor of SOCAR

04 February 2021 16:15 (UTC +04:00)

The arbitral award dated 3rd February 2021 was issued by arbitration tribunal acting in accordance with the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) in favor of Azerbaijan (ACG) Limited, a company within SOCAR Group.The London-seated tribunal awarded to Azerbaijan (ACG) Limited a monetary compensation exceeding USD 132,000,000 in the third arbitration between companies, belonging to SOCAR Group and Palmali Group, SOCAR told APA.

This was the last of three arbitration proceedings initiated by companies belonging to SOCAR Group against the companies of Palmali Group and Mubariz Mansimov due to the violation of commitments to SOCAR Group by Palmali Group and Mubariz Mansimov.

Ultimately, three independent tribunals acting under the arbitration rules of the London Court of International Arbitration, London Maritime Arbitrators Association and United Nations Commission on International Trade Law ruled in favour of SOCAR Group and awarded to SOCAR Group a monetary compensation exceeding USD 240,000,000 and dismissed all Palmali's counterclaims.