Court orders Aramco to compensate Al-Masafi

14/07/2014 ِِArgaam

Jeddah administrative court ordered Aramco to pay SAR 137.1 million to Saudi Arabian Refineries Company (Al-Masafe) in a long-standing dispute between the two firms.

The dispute dates six years back, when Jeddah Refinery, in which Al-Masafe owned 25 percent, was liquidated, and the parties failed to agree on a proper compensation.

Al-Masafe filed a lawsuit in 2008 claiming around SAR 1.2 billion, and amended the claim in 2012 to around two billion riyals.

Al-Masafe will challenge the verdict, according to a filing on Tadadwul.

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