Petroleum Africa
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Friday, January 17, 2014
The legal battle between Sinopec’s subsidiary Addax Petroleum and the government of Gabon is drawing to a close. Addax reported that negotiations with the government had been successfully concluded and a new contract was signed.
The two had been in a dispute for some time, with the oil ministry alleging that Addax failed to pay customs duties and comply with other laws
Gabon transferred the Obangue oil field from Addax to the country’s state-run firm over a year ago, citing breach of contract, in a move that sparked a $1 billion legal battle in a Paris-based tribunal.
“I am pleased to confirm that our efforts to resolve amicably all existing issues and disputes have borne fruit and resulted in the completion of our negotiations with the Gabonese government,” said Yi Zhang, chief executive of Addax Petroleum.
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