As part of its keenness to preserve its resources and rights, KOC succeeded in the arbitration case it filed against one of its contractors, and succeeded in obtaining the final binding arbitration award that was issued in its favor this month, after about 3 and a half years of arbitration proceedings at the London Court of International Arbitration (LCIA).
This is the second case in which the company has succeeded in obtaining a ruling in its favor through the arbitration process via the London Court of International Arbitration. This provision reinforces the fair and professional approach taken by the company when dealing with its contractors.
KOC resorted to arbitration after the contractor refused to accept responsibility and failed to reach an amicable settlement. Accordingly, the CEO formed an arbitration committee led by the KOC DCEO (Commercial & Corporate Services), bringing together specialized knowledge and experience from various departments within the Company and from KNPC, who worked continuously, diligently, professionally and in a distinguished manner to present KOC's position fairly and defend its rights, in cooperation with the Company's legal counsel, Holman Fenwick Whllan (HFW).
This positive outcome would not have been possible without the trust, support of KOC higher management, as well as cooperation, commitment and dedication among all members involved in this cause.
During the recognition ceremony, which was held in honor of the participating members at KOC main office, the CEO expressed his appreciation to the members and praised their efforts that resulted in this great achievement.
