Court to hear Frontera Resources suit against SOCAR in May
AssA-Irada (Baku)
25/03/2005
The lawsuit filed by US Frontera Resources against the State Oil
Company (SOCAR) will be considered in May. The suit is completely
groundless and this will be proven in court, SOCAR President Natig
Aliyev said.
The International Court of Justice is currently involved in procedural
work to get ready for the litigation, Aliyev said.
Frontera Resources claims it faced certain technical difficulties
several years ago while working in Azerbaijan, thereby demanding that
damages be paid.
The US company held a 30% stake in the development of Azerbaijan’s
Kursanghi and Garabagli offshore oil fields.
However, the company transferred its stake to EBRD after it was unable
to repay the loan it borrowed from the bank. The share was later sold
to a Chinese company.