Latest News
- Court Sentences Bank Employee To 5 Years For Embezzling 100,000...
- Fake ‘Sheikh’ Sentenced To 2-yr As Court Overturns Verdict
- Justice Ministry New Service On The Sahel App
- Ministry Probes 68 Cases Of Illegal Charity, Funds Collection
- Globally, Kuwait Is Among The Top Consumers Of Incense And Oud O...
- Decrease Seen In Foreign Investment
- Kuwait Customs Seized 2 Containers Laden With Tobacco At Shuwaik...
- Unpaid Salaries, Accountant Beaten Up By Workers
- The Sahel App Was Not Hacked, A Spokesman Claims
- Four Expats Arrested For Stealing Copper Cables Worth 60,000 Din...
- Indian National Died In Abdalli Car Accident
- Work Permits And Foreign Worker Transfers Are Amended By PAM
Koc Wins Billion Dollar Lawsuit Filed By Korean Contracting Company In 2014
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
Trending News
-
Eid Al Fitr 2024: Crescent Moon Not Sighted In Sau...
08 April 2024
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
When Will Eid Al Fitr 2024 Take Place In Qatar, Ba...
08 April 2024
-
On Sunday, The Meteorological Department Warns Of...
07 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Winners Of Kuwait National Assembly 2024 Elections
06 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
Comments Post Comment