APCL - BREAKING - To avoid ruin, Barrow returns to APCL

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APCL 26.06.2018 kl 03:09 5699


26.06, 2018

Gambia: To avoid ruin, Barrow returns to African Petroleum

Worried about potentially risky arbitration with the oil tanker, Banjul has no choice but to negotiate.

After several weeks of talks, the Gambian authorities finally obtained, on June 7, the resumption of negotiations. with the British junior African Petroleum (AP) and the temporary freezing of arbitration launched at the Cirdi.

Founded by Australian tycoon Frank Timis, AP launched the offensive in front of this institution in October 2017, saying that its blocks A1 and A4 in the Gambia had been improperly withdrawn when President Adama Barrow came to power.

However, the latter has no assurance to win the case after this expensive procedure and seeks, since the beginning of the year, to obtain an amicable solution via his Minister of Justice Abubacarr Marie Tambadou, in charge of the file.

The arbitration also impedes the resale process of the two blocks, as no major is willing to invest on these perimeters as long as legal proceedings are in progress.

Interest from some companies, including Woodside Energy and Tullow Oil, for certain blocks, the Ministry of Petroleum has been pushing back the deadline for the tender, formally closed on February 18 (AEI no. 812).

https://tech2.org/senegal/gambia-to-avoid-ruin-barrow-returns-to-african-petroleum/
Redigert 26.06.2018 kl 03:14 Arkivert
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