SNGPL's challenge to arbitration awards dismissed by English High Court

News Image

MG News | February 17, 2023 at 06:46 PM GMT+05:00

0:00

February 17, 2023 (MLN): Sui Northern Gas Pipelines Limited (SNGPL)'s challenge to two arbitration awards rendered in LCIA Arbitrations has been dismissed by the English High Court, the notification issued by the company to PSX revealed today.

The cases involved disputes under gas sale agreements that SNGPL has with National Power Parks Management Company (Pvt) Limited, a company wholly owned by the Federal Government.

While the Court held that part of the Awards manifested a degree of confusion, it also decided that the parties were proceeding on a false premise and that both SNGPL and NPPMCL were in agreement about the particular point of interpretation of the relevant gas sale agreements which formed one of the grounds of challenge.

SNGPL is now consulting its lawyers in respect of this judgment and will decide what action to take to protect its interests going forward.

In a previous disclosure dated December 15, 2021, SNGPL reiterated its position that, under the terms of the license granted to it by OGRA, the company will take up the matter with the regulator for determining the impact of the Awards on revenue requirements.

The company also noted that since the relevant Awards relate to Take or Pay transactions that were earlier offered to the Regulator as operating, the reversal of the same is not expected to have any material adverse impact on the profitability of the Company.

However, the final outcome of the same will depend on the determination by the Regulator.

The impact of the decision on SNGPL's revenue requirements and profitability is expected to be determined by the Regulator in due course.

Copyright Mettis Link News 

Related News

Name Price/Vol %Chg/NChg
KSE100 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,970.00 119,440.00
118,260.00
675.00
0.57%
BRENT CRUDE 71.91 73.17
71.75
-0.60
-0.83%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.63 69.79
68.45
-0.58
-0.84%
SUGAR #11 WORLD 16.45 16.58
16.44
-0.14
-0.84%

Chart of the Day


Latest News
July 30, 2025 at 04:11 PM GMT+05:00

PSX Closing Bell: You Can’t Always Get What You Want


July 30, 2025 at 03:47 PM GMT+05:00

CCP resolves 223 cases, recovers Rs360m


July 30, 2025 at 03:15 PM GMT+05:00

SBP keeps policy rate unchanged at 11%


July 30, 2025 at 03:09 PM GMT+05:00

LSE Capital exits Ensmile Limited


July 30, 2025 at 03:06 PM GMT+05:00

PMYP, PILDAT sign landmark LOI to strengthen youth



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg