Indian contractor sues Libya’s Sirte Oil Company for $200 million

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Indian contractor sues Libya’s Sirte Oil Company for $200 million

January 11, 2018 - 18:52
Written by: HousamNajjair

The Indian construction company, Punj Lloyd, has filed an arbitration request against Libya-owned Sirte Oil Company to the International Chamber of Commerce (ICC) to recover what it called dues, estimated at more than $ 200 million.

The international law firm, Curtis, confirmed in a statement made to the Libyan TV channel Alraid, that they will be representing Sirte Oil in front of the ICC in Paris against the court order made by the Indian company.

According to Indian press reports, Punj Lloyd stated that the Libyan company broke the agreement by extending the scope of a five-year project unilaterally.

The original agreement provides for the implementation of its terms between 2006 and 2011, Punj Lloyd completed 87% of the work by late 2010 before the February 17 revolution that prevented the company from completing the project.