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
Immigrate to Canada or Australia
Study In Abroad

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 2700
Posted Comments
Popular News
-stop-recruitment-of-a-large-number-of-expat-workers-_kuwait
‘ Stop Recruitment Of A Large Number Of Expat Worker’s ‘ The Public Authority for Manpower (PAM) is not serious in correcting the lopsided population structure of the country, says MP Saleh Ashour. Ashour made the statement based on information he obtain... July 15, 2019 0 6980 Category: Kuwait
large-number-of-taxi-owners-protest-air-grievances_kuwait
Large Number Of Taxi Owners Protest, Air Grievances A number of taxi owners organized a sit-in recently opposite the office of Assistant Undersecretary for Traffic Affairs at Ministry of Interior Major General Jamal Al-Sayegh, demanding suspension of t... July 12, 2019 0 4964 Category: Kuwait
procedures-after-cancellation-of-kuwait-residence-permit_kuwait
Procedures After Cancellation Of Kuwait Residence Permit What is the procedure to be followed after cancellation of Kuwait residence permit? Please let me know Name withheld Answer: After cancelling your residence permit you are given one month tempor... July 16, 2019 0 3427 Category: Legal
expat-was-appointed-in-senior-posts_kuwait
Expat Was Appointed In Senior Posts State Minister for Cabinet Affairs Anas Al-Saleh revealed that an expatriate was appointed in the General Secretariat of Cabinet and another in Kuwait Fire Service Directorate on short term basis from... July 15, 2019 1 3076 Category: Kuwait
an-arab-woman-who-saved-the-life-of-indian-driver-with-her-abaya_kuwait
An Arab Woman Who Saved The Life Of Indian Driver With Her Abaya Media reports about the brave and timely action of a young Emirati woman who saved an Indian truck driver who was on fire, by covering the victim with an abaya, have gone viral.  The blaze bro... July 14, 2019 0 2909 Category: International
change-in-designation-leads-to-cancellation-of-driving-license_kuwait
Change In Designation Leads To Cancellation Of Driving License I took my licence 2 years back on engineer visa. After 1 year changed my company and they put designation as driver. When it was changed I went to Asma Muroor and unblocked it. But now again company i... July 15, 2019 2 1472 Category: Legal
kuwaiti-holds-domestic-helper-against-her-will_kuwait
Kuwaiti Holds Domestic Helper Against Her Will An unidentified domestic helper has been referred to the deportation center and the Kuwaiti who allegedly held her captive against her will following a dispute between them has been arrested and refer... July 15, 2019 1 1077 Category: Crime News
muslim-brotherhood-terror-cell-busted-in-kuwait--8-egyptians-arrested_kuwait
Muslim Brotherhood Terror Cell Busted In Kuwait – 8 Egyptians Arrested Kuwait security forces arrested 8 Egyptians who were accused of joining Muslim brotherhood group plotting attacks in Egypt. The sources said that these members were hiding in Kuwait and were operating... July 13, 2019 0 893 Category: Crime News
131-travel-and-tourism-agencies-in-kuwait-given-deadline-by-iata_kuwait
131 Travel And Tourism Agencies In Kuwait Given Deadline By IATA In a move that may threaten local travel market due to the irresponsible actions of some travel agencies, the International Air Transport Association (IATA) has notified 131 travel and tourism agencie... July 12, 2019 0 846 Category: Kuwait
kuwait-customs-officers-seized-10-million-contraband-pills_kuwait
Kuwait Customs Officers Seized 10 Million Contraband Pills Kuwait customs officers have seized 10 million Tamol pills enlisted among narcotics that affect human mental condition at Shuwaikh Port. The banned drugs were shipped from an Asian country through ... July 13, 2019 0 832 Category: Crime News
View All
Popular Offers
900-fils--from-10th--23rd-july-2019 in kuwait
900 Fils - From 10th...
123-kd-offers in kuwait
1,2,3 Kd Offers
cost-savers in kuwait
Cost Savers
summer-collection in kuwait
Summer Collection
Popular Events
11 Aug, 2019
0
95
Category : Music
11 Aug, 2019
0
94
Category : Entertainment
16 Jul, 2019
0
72
Category : Sports & Fitness
16 Jul, 2019
0
60
Category : Film & Media
22 Jul, 2019
0
57
Category : Health
Kuwait Local News
Kuwait News
Crime News New Rules Entertainment
Entertainment
Immigrate to Canada or Australia
Study In Abroad