Dalia Petrochemical Pursues Arbitration Over Leviathan Gas Deal Cancellation
Translated & summarized from TheMarker by baba
Dalia Petrochemical has filed for arbitration in London to enforce its gas purchase agreement for the Leviathan field against partners NewMed Energy and Ratio Energies. The company is seeking a declaration that the sellers' recent cancellation notice is invalid and that the gas deal remains in full effect. The arbitration follows the sellers' attempt to cancel the agreement at the beginning of the month.
The story in 4 lines · by baba
- Dalia Petrochemical filed for arbitration in London to enforce its Leviathan gas deal.
- The company is suing partners NewMed Energy and Ratio Energies.
- Dalia seeks to invalidate the sellers' recent cancellation notice.
- The arbitration is being handled by the London Court of International Arbitration (LCIA).
Dalia Petrochemical has initiated arbitration proceedings in London, seeking to enforce a gas purchase agreement for the Leviathan field against partners NewMed Energy and Ratio Energies. The company filed a request with the London Court of International Arbitration (LCIA) on Thursday, aiming to compel the enforcement of the deal.
Dalia is requesting a declaration that the sellers' notice of cancellation, issued earlier this month, is invalid. The company argues that the cancellation notice was issued in violation of the agreement's terms or applicable law, rendering it legally void. Dalia seeks a formal determination that the gas purchase agreement is fully effective.