Canadian-listed minnow Zenith Energy, in its freshly-released annual report for the year to 31 March says it has “initiated various legal proceedings against the Republic of Tunisia, with a total cumulative claimed amount of at least US$48mn.”

Zenith has “submitted a request for arbitration against the Republic of Tunisia before the International Centre for Settlement of Investment Disputes in Washington,” it says, adding that “The Arbitration has been launched following a series of actions undertaken by the Tunisian government to the material detriment of the commercial interests of… [Zenith] including, inter alia, unreasonable and arbitrary obstructions in relation to the development of the Sidi El Kilani and Ezzaouia concessions. More specifically… unjustified obstructions for processing the sale of produced oil.” (CONTINUED - 317 WORDS)