Energy ship held in Pakistan released by arbitration decision
- Sep 6, 2014
- 1 min read
A Turkish power ship held by the Pakistani government for 25 months was released this month as a decision by ICSID’s arbitration panel, the mentioned ship is just one of the four power-generating ships held since July 2012 by the Pakistani government.
Background of the case
ICSID case: - Karkey Karadeniz Elektrik Uretim A.S. v. Islamic Republic of Pakistan
In March 2013, Karkey Karadeniz Elektrik Uretim A.S., established a power plant in a ship berthed at Karachi port to provide electricity to the national grid.
The claim is based breaching the Bilateral Investment Treaty (BIT) executed between Turkey and Pakistan on May 19, 2012, which is in violation of the international law.
The Claimant’s request compensation of financial losses, also served $2billion damage suit to the ministry over alleged violation of the Rental Service Contract (RSC).
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