Saudi Arabian Oil Co. (Saudi Aramco) said it received a favorable ruling from US District Court for Southern District of Texas on Nov. 17, 2020, to dismiss the case brought by alleged heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani in their claim to enforce a roughly $18 billion (SAR 67.3 billion) purported foreign arbitral award.
The lawsuit was filed by alleged heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani, Waleed Khalid Abu Al-Waleed Al-Hood Al-Qarqani, Ahmed Khalid Abu Al-Waleed Al Hood Al-Qarqani, Shaha Khalid Abu Al-Waleed Al Hood Al-Qarqani, Naoum Al-Doha Khalid Abu Al-Waleed Al Hood Al-Qarqani, and Nisreen Mustafa Jawad Zikri.
The claim was filed on June 1, 2018, to enforce a purported foreign arbitral award.
The dispute subject involved rent payments allegedly due to petitioners for Saudi Aramco’s operations on a plot of land in Ras Tanura, Saudi Arabia.
The ruling is in Saudi Aramco’s favor, therefore, this case is not expected to have any financial impact on the company, it said in a bourse filing.
This trial-level ruling is still subject to challenge, including appeal before the US Court of Appeals for the Fifth Circuit.
Saudi Aramco believes that its arguments are sound, well supported, and should be sustained if the petitioners elect to challenge the ruling.
The oil firm does not intend to take any measures given that a trial-level court ruling has been issued in its favour, the statement added.
Aramco will later announce any material developments in this respect.
Comments
{{DisplayName}}
{{ElapsedTime}}