The National Oil Corporation (NOC) reported yesterday that it had won the arbitration case brought against it by the owners of the Noor (1) tanker before the London Court of International Arbitration.
The owners of the tanker, it explained, had submitted a request to the court to issue a ruling obligating the corporation to compensate them for the value of the tanker and some other financial penalties. The claim was based on the damages incurred by the tanker (chartered by the corporation) due to armed clashes in 2014.
The National Oil Corporation had previously negotiated with the owners of the Noor (1) tanker in 2024 with the aim of reaching an amicable settlement of the dispute. However, the other party rejected the amicable settlement offer, and the London court ruled to reject the compensation claims made by the owners of the Noor (1) tanker.
The NOC affirmed its keen interest in protecting the interests and rights of its partners and clients in various fields of work, and that it respects its contracts with all, without exception. The NOC explained that it sought an amicable settlement with the other party within the framework of the contract, but these efforts were rejected. It also affirms that it is its duty to preserve its rights and confront unlawful demands.
