ISLAMABAD – Pakistan and Saudi Arabia Joint Venture ends up at theInternational Court of Arbitration.
Pakistan and Saudi Arabia’s Al-Tuwairqi Group of Companies’ joint venturewith South Korea – Al-Tuwairqi Steel Mills, have ended up in a legal battlein the International Court of Arbitration.
Al-Tuwairqi Steel Mills Limited (TSML), a joint venture between Al-TuwairqiGroup and a South Korean firm in the form of a foreign direct investmentproject, which was established at Bin Qasim port over a 220 acres area, hasapproached the international court of arbitration over the refusal ofprevious Pakistan’s Muslim League – Nawaz (PML-N) government to supplynatural gas at discounted rates, reported Express Tribune.
Following the legal battle, the government of Pakistan has approved Rs110million in the form of a supplementary grant to pay foreign counsel topursue the case.
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Moreover, the office of the attorney general of Pakistan had requested theMinistry of Industries to arrange €125,000 (Rs19.79 million) to pay theinitial fees of the permanent court of arbitration and $132,168 (Rs18.72million) for the initial fee of Addleshaw Goddard LLP to defend the case inPermanent Court of Arbitration at The Hague, the report claims.
The request sent by the attorney general’s office also states that thetotal fees payable to Addleshaw Goddard may not exceed $2,000,000 (Rs283.25million).
