19.06.2018 kl 08:35 1423

Update 19/6:

"To avoid ruin, Barrow strikes new deal with African Petroleum.

Rather than risk a costly case against the oil company, the Gambian government is negotiating a settlement.

After several weeks of behind-the-scenes talks, on June 7 the Gambian government formally resumed negotiations with the British oil junior African Petroleum (AP) and obtained the temporary freeze of an arbitration procedure at the International Court for Settlement of Investor Disputes (ICSID). AP, which was founded by Australian magnate Frank Timis, filed a suit to the ICSID in October 2017 over the Gambian government's withdrawal of contracts to operate blocks A1 and A4 when President Adam Barrow came to power. To avoid a costly court case that could land the government with heavy fines to pay, the Gambian justice minister Abubacarr Marie Tambadou has been trying to reach an out-of-court settlement since the beginning of the year. The dispute has also been an obstacle to selling the two blocks to another oil company, since no major would want to invest while a legal case is ongoing. Although companies including Woodside Energy and Tullow Oil have expressed an interest in the blocks, the oil minister has repeatedly pushed back the final date for tenders, which was originally fixed at February 18 (AEI 812)."


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