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Even though we still cannot say anything, is certain. Would say that most of what is coming out points towards Frr coming through the arbitration in a positive way.
hit the bullseye first dart -8 pages back
it was posted by looed yesterday at 02.57 - as part of a cut and paste over several posts
this is the part i was referencing re frr - The document said the gg had put an offer to frr which had been declined. frr had stated that if satisfactory solution was found they would drop the counter claim of 3.5 billion. The article went on to say it would be in the GG interests to find a mutual solution as it could nit afford a pay out of that magnitude.
Jiffy - thanks for the info on the link. I found a few articles about FRR on the site but I can't figure out the dates. So this is a the article that is top of the list so I assume is the latest -
By: Shota Tkeshelashvili
Georgian Oil and Gas Corporation is involved in an arbitration dispute with US energy company Frontera. Frontera demands from the state to fulfill the terms of its contract with the state and return 99% of the contracted territory to Georgia. For its part, Frontera puts forward the demands of the state. In September 2018, the company filed for arbitration seeking a $ 3.5 billion compensation from the Georgian Oil and Gas Corporation.
The British-American law firm Hogan Lovells International is defending the interests of the Oil and Gas Corporation in the dispute. The service contract with the company was signed on November 6, 2017 on the basis of a government decree and its total estimated cost is $ 7.4 million. It is one of the most expensive contracts awarded by a state-owned company for legal services. At today's exchange rate, the volume of the contract exceeds GEL 20 million.
According to documents uploaded to the State Procurement Agency system, after the contract was signed in 2017, the actual amount paid to Hogan Lovells International is $ 6,485,594. The payment was made with 28 individual payments. (Purchase code CMR170189525)
Hogan Lovells International itself is a law firm founded in 2010. Headquartered in London and Washington, DC, it is one of the largest law firms in the world today. The company employs 2,800 lawyers. In 2018, the company's revenue from services was $ 2.12 billion.
In addition to the Oil and Gas Corporation, Hogan Lovells International also has a contract with the Roads Department of the Ministry of Infrastructure. The aforementioned acquisition cost 472,000 euros. (Purchase code CMR200002902)
What's going on with Frontera in dispute?
Vazha Khidasheli, an adviser to BMG's Oil and Gas Corporation, said that at this point Frontera had expressed readiness to reject the $ 3.5 billion request, but that the company is making other demands. Arbitration proceedings are pending in The Hague Permanent Court of Arbitration. GOGC hopes that the verdict will be announced in the first half of 2020.
"There is talk of an arbitration dispute between the parties. The arbitration dispute is being conducted at an impartial arbitration tribunal formed by the parties on a parity basis. Accordingly, qualifying an
it was in one of the documents translated giving information around arbitration yesterday.
i said in my opinion it must be worth in excess of 3.5 billion to frontera - which we know to be the case if we have the oil and gas stated.
The document said the gg had put an offer to frr which had been declined. frr had stated that if satisfactory solution was found they would drop the counter claim of 3.5 billion. The article went on to say it would be in the GG interests to find a mutual solution as it could nit afford a pay out of that magnitude.
It may well be that as part of the arbitrational solution frontera, or the GG for that matter, would have to accept the arbitrational panel solution and relinquish any counter claim.
It will all depend on what the dispute resolution clause states in the contract between GG and FRR. In some we have signed in the past the method set out in the dispute resolution clause for resolving the dispute removes any other claim or process.
if i get time later i will troll back the posts- i didnt save it anywhere - just commented that i thought it out us in a good position