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Oman state refiner Orpic says it is proceeding with legal action against Korea’s Samsung Engineering for “failure to meet their obligations” under a tender for the Sohar Refinery Improvement Project (SRIP).
This comes in response to a filing by Samsung Engineering on 20 July for arbitration by the World Bank’s Washington-based International Center for Settlement of Investment Disputes (ICSID) in a dispute over the refinery revamp project.
The Korea Times quotes a Samsung Engineering spokesman as saying: “We submitted a request for arbitration from the third party. We were chosen as a preferred bidder for the project, but Orpic withdrew the project during the negotiations.” (CONTINUED - 263 WORDS)