Arbitration Center to resolve energy disputes
An International Court of Arbitration will be set up in Istanbul to deal with dispute resolution of international energy cases, according to law experts.
“International arbitration is preferred by companies in recent years instead of local courts in the event of commercial litigation,” said Dr. Harun KILIC, partner from KILIC & Partners International Law Firm.
KILIC said that energy is an international issue, which forms a basis for international arbitration. “Energy projects bring a lot of market actors together such as financiers, international investors and suppliers, and that’s why it needs a court of arbitration for settling international commercial disputes,” Kilic said, adding that the center will need to retain its independence.