Addax Loses Ruling in Gabon Arbitration
Sinopec unit Addax Petroleum saw a setback in its battle against the government of Gabon when the International Chamber of Commerce’s arbitration court rejected a request by Addax to resume operations on the Obangue field and prevent Gabon from selling the license to a third party.
Gabon took over the Obangue field in January, after alleging a breach of contract and just recently handed it over to its state-run firm, Gabon Oil Co.
Addax, in a statement to Reuters, confirmed the court had denied its request for provisional measures to maintain a “certain status quo” while the arbitration continued.
“This decision however has no bearing on the main claims of the parties and does not constitute a decision on the disputes that triggered the arbitration,” said Addax, which started the arbitration last December.