HELLENiQ ENERGY Holdings Societe Anonyme
Agreement between ELPET- BALKANIKI S.A. and the government of FYROM
As already known, on August 6, 2007, the International Court of Paris adopted a positive decision in favour of ELPET - BALKANIKI S.A. a subsidiary of HELLENIC PETROLEUM S.A. with regard to its conflict with the government of FYROM.
Following a negotiation period between officers of ELPET - BALKANIKI S.A. and representatives of the government of FYROM, a compromise satisfying both parties was achieved on 31/12/2007.
The Government of FYROM agreed to immediately pay to ELPET - BALKANIKI S.A. the amount of 40 million USD, corresponding to 80% of the Arbitration Court's judgment.
Furthermore, arrangements on a series of outstanding issues were agreed in order to ensure the uninterrupted profitable operation of ELPET - BALKANIKI S.A. in the neighboring country (operating licenses, environmental conditions, product specifications, etc.).
The Management of Hellenic Petroleum S.A. would like to thank the leadership of ELPET - BALKANIKI S.A. for the efforts made during all this period to bring about a positive outcome to this affair.
Following a negotiation period between officers of ELPET - BALKANIKI S.A. and representatives of the government of FYROM, a compromise satisfying both parties was achieved on 31/12/2007.
The Government of FYROM agreed to immediately pay to ELPET - BALKANIKI S.A. the amount of 40 million USD, corresponding to 80% of the Arbitration Court's judgment.
Furthermore, arrangements on a series of outstanding issues were agreed in order to ensure the uninterrupted profitable operation of ELPET - BALKANIKI S.A. in the neighboring country (operating licenses, environmental conditions, product specifications, etc.).
The Management of Hellenic Petroleum S.A. would like to thank the leadership of ELPET - BALKANIKI S.A. for the efforts made during all this period to bring about a positive outcome to this affair.