International Court of Arbitration

Gary Born, one of the leading figures in international arbitration, is becoming the new member of the Istanbul Arbitration Center's (ISTAC) prestigious International Arbitration Board, Ziya Akıncı, the president of the center has announced.

Greece's state-controlled gas utility DEPA, earmarked for privatisation this year, has won a legal case over a supply deal with Turkish state energy company BOTAS, DEPA said on Thursday.

The International Court of Arbitration (ICC) ruled on Wednesday that BOTAS should cut retrospectively the contractual gas prices that DEPA has paid, DEPA said in a statement.

"Rosatom has declared its readiness to take part in the implementation of this project. Today we see the constructive attitude of the current Bulgarian government, which intends to give a 'restart' to the construction of the Belene NPP.

TOBB Chair Rifat Hisarcıklıoğlu (L), Turkish Trade Minister Ruhsar Pekcan (C) and Alexis Mourre, the president of ICC International Court of Arbitration, chat during a meeting in Istanbul on Feb. 15. (İhlas News Agency)

Energy group OMV has launched a case against Romania at the International Court of Arbitration, demanding the reimbursement of environmental clean-up expenses worth 34 million euros which the Austrian group says it is entitled to according to the contract with Bucharest.

Iran is expected to pay $1.9 billion as compensation to Turkey in line with a decision made by the International Court of Arbitration, Iran's Deputy Petroleum Minister Hamid Reza Araqi said on Jan. 24.      

Araqi said the two countries also agreed on a 13.3 percent discount on the prices of gas delivered from Iran to Turkey, according to semi-official Iranian Students News Agency. 

The National Electric Company (NEK EAD) might have a total profit around BGN 12.2M by the end of 2016, according to the outgoing Energy Minister Temenuzhka Petkova, cited by BGNES.

The law proposed by the Bulgarian government on Tuesday, was adopted on a first reading with the support of 132 out of 140 lawmakers on Wednesday.

It allows the state electric company NEC to receive state aid in the form of an interest free loan and to use it to pay off its debts to Russia's state nuclear company Atomstroyexport.

Russia insists that the decision of the international arbitrage be fulfilled as soon as possible and that Bulgaria pay its debt of Euro 620 M for Belene. Moscow expects Bulgarian authorities to send information about the deadlines for paying the money for the project.

Canada's Banker's Petroleum has announced the sale of oil exploration and production rights to affiliates of China's Geo-Jade Petroleum for a price of $442.34 million.

The Canadian company announced the news in a press release on Sunday, adding that the Chinese company is going to pay $1.69 per share. The board of directors of Bankers approved the deal unanimously.