The International Chamber of Commerce (ICC) has ruled in favour of Libya’s Sirte Oil Company, rejecting a lawsuit filed by India’s Punj Llod against the company.
ICC ordered the Indian company Punj Llod to pay 5.195 million dollars to Sirte Oil Company in compensation.
The Indian construction company, Punj Lloyd, filed an arbitration request against Sirte Oil Company in 2018 to recover what it called dues, estimated at more than $ 200 million.
Punj Lloyd claimed that the Libyan company violated the terms of a joint agreement signed in 2006. ICC rejected Punj Lloyd’s claims.