KOC Wins Billion Dollar Lawsuit Filed By Korean Contracting Company In 2014
Category: Business
koc-wins-billion-dollar-lawsuit-filed-by-korean-contracting-company-in-2014_kuwait

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.”

Committed
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

20 Aug, 2018 2 2566
Posted Comments
Popular News
international-saudi-shoots-down-2-missiles-heading-towards--jeddah--makkah-_kuwait
SAUDI SHOOTS DOWN 2 MISSILES HEADING TOWARDS JEDDAH & MAKKAH -Iran-backed militias have no qualms about attacking the holiest place in Islam, says analyst -This is not the first time that Houthi militias have targeted Makkah, having fired on the city in July 2... May 21, 2019 0 52158 Category: International
kuwait-state-security-vigilant-to-face-repercussions-of-the-current-regional-situation--expats-can-leave-the-country-any-time_kuwait
Expats Can Leave The Country Any Time National security is stable and the Interior Ministry units, especially the State security system, are vigilant and ready to face repercussions of the current regional situation, reports Al-Anba daily... May 20, 2019 0 8360 Category: Kuwait
kuwait-49-evacuation-shelters-have-been-allocated-in-various-schools-in-the-six-educational-districts_kuwait
49 Evacuation Shelters Have Been Allocated In Various Schools In The Six Educational Districts A total of 49 evacuation shelters have been allocated in various schools in the six educational districts, reports Al-Rai daily quoting sources. Sources confirmed these shelters have been provided ... May 20, 2019 0 7116 Category: Kuwait
filipinos-total-deployment-ban-sa-kuwait-hirit-ng-ilang-ofws-sa_kuwait
Total Deployment Ban Sa Kuwait, Hirit Ng Ilang OFWs Sa Hinihiling ng ilang overseas Filipino workers (OFW) sa pamahalaan na magpatupad ng total deployment ban sa bansang Kuwait dahil patuloy pa rin daw ang pagpatay at pagmamaltrato ng mga among Kuwaiti sa... May 18, 2019 0 4684 Category: Filipinos
international-soheil-was-sentenced-to-death-for-his-facebook-post-against-prophet-muhammad_kuwait
Soheil Was Sentenced To Death For His Facebook Post Against Prophet Muhammad Soheil Arabi, a thirty-year-old man was sentenced to death by Iran's Supreme Court in crime for his Facebook posts that were linked to his profile. These posts were deemed to insult The Holy Proph... May 18, 2019 0 3613 Category: International
international-figures-say-war-could-burn-iraq_kuwait
Figures Say War Could Burn Iraq Leading Iraqi Shiite figures warned Monday against attempts to pull their country into a war between the US and Iran, saying it would turn Iraq into a battlefield yet again, just as it is on the path ... May 21, 2019 0 3438 Category: International
kuwait-kuwait-emir-sheikh-sabah-al-ahmad-al-jaber-al-sabah-calls-army-to-prepare-for-regional-developments_kuwait
Kuwait Emir Sheikh Sabah Al Ahmad Al Jaber Al Sabah Calls Army To Prepare For Regional Developments Kuwait’s Emir Sheikh Sabah Al Ahmad Al Jaber Al Sabah on Monday evening called on the country’s armed forces to take the highest level of caution amid the “dangerous developments&rdq... May 18, 2019 0 3133 Category: Kuwait
international-iran-guards-transporting-s300-air-defense-systems-_kuwait
Iran Guards Transporting S-300 Air Defense Systems Iranian activists on social media have been sharing a video purporting to show Iranian Revolutionary Guards transporting made S-300 air defense systems to areas along the Gulf. According to the Ara... May 21, 2019 0 1646 Category: International
international-rouhani-rejects-talks_kuwait
ROUHANI REJECTS TALKS Iraq wants to end tensions between Tehran and DC – ‘Potential for Iran threats put on hold’ WASHINGTON, May 21, (Agencies): Acting US Defense Secretary Patrick Shanahan said on Tu... May 21, 2019 0 1594 Category: International
visit-visa-procedure-to-apply-for-family-visa-or-visit-visa_kuwait
Procedure To Apply For Family Visa Or Visit Visa A certain lack of information has led a lot of our Indian community people astray regarding the procedure of getting visit/family visa for your loved ones. I will be sharing my own experience and what... May 19, 2019 0 1454 Category: Visit Visa
View All
Popular Offers
the-sultan-center-offers in kuwait
The Sultan Center Of...
new-surprising-offers in kuwait
New Surprising Offer...
ramadan-kareem-6 in kuwait
Ramadan Kareem 6
ramadan-delights in kuwait
Ramadan Delights
weekly-catalogue in kuwait
Weekly Catalogue
Popular Events
21 May, 2019
0
223
Category : Fashion
23 May, 2019
0
113
Category : Food & Drink
20 May, 2019
0
102
Category : Food & Drink
20 May, 2019
0
101
Category : Health
04 Jun, 2019
0
84
Category : Film & Media
Kuwait Local News
Kuwait News
Crime News New Rules Entertainment
Entertainment