Almotamar.net - An arbitration body of the International Chamber of Commerce in London rejected on Monday a lawsuit filed by the Yemeni Company for Explorations and Production, owned by the American Exxon Mobil and Hunt companies against the Yemeni government regarding the alleged extension for five years of a production sharing agreement in oil block Safir after the agreement defined for 20 years.
The International Arbitration Body approved in its judgment issued Monday that the production sharing agreement concluded between the Yemeni Company for Exploration and production, owned by the American Exxon Mobil and Hunt, and Yemen expired practically on 14 November 2005.
The verdict stipulated rejection of the lawsuit on the alleged extension of the agreement for other five years after the end of the agreement period. The Yemeni government supported its commitment to the judgment of the International Chamber of commerce Court No. 122.
International arbitration body rejects lawsuit by Exxon and Hunt Cos. against Yemen
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