Frontera Resources’ request against SOCAR dismissed

Frontera Resources’ request against SOCAR dismissed
# 30 May 2007 11:15 (UTC +04:00)
Frontera had initiated the arbitration against SOCAR related to the Production Sharing Agreement for the onshore Kursangi & Karabagli oilfields in the Azerbaijan Republic.
In March 2005, Frontera filed an arbitration request against SOCAR with Stockholm Court, claiming some $25 million in damages.
The arbitration was held in Sweden in January, 2006 and the arbitration panel rejected all other claims and counterclaims between the parties and awarded Frontera Resources Azerbaijan Corporation. SOCAR was not satisfied and appealed against the awarding decision while Frontera requested Southern District Court of New York for fulfillment of the decision. On April 4, 2007 Southern District Court of New York rejected Frontera’s appeal. Irene Dallas said Fronter has lodged a request again but SOCAR has strong position. /APA-Economics/

Politics

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THE OPERATION IS BEING PERFORMED