Dhaka: 7:47 PM, Sat, 11 Jul, 2020

Bangladesh wins case against Niko

News Desk : risingbd.com
Publish on: 2020-05-03 8:15:43 AM     ||     Updated: 2020-05-03 2:52:41 PM

Bangladesh secured a win in a case filed against Canadian company Niko over  Tengratila gas explosion at Chhatok gas field.

The International Centre for Settlement of Investment Disputes (ICSID) has given its verdict in favour of Bangladesh in the case against Niko.

The ICSID in its verdict also asked Niko to pay compensation to Bangladesh.

Mir Mohammad Aslam Uddin, senior information officer at the Ministry of Power, Energy and Mineral Resources, confirmed the matter on Saturday (May 2) evening.

Bangladesh will not have to pay the dues demanded by Niko as a result of the ICSID verdict. Besides, Bangladesh will also be able to take Niko's property in Block 9 or Bangura in Cumilla, according to a source at the Ministry of Power, Energy and Mineral Resources.

The next hearing is scheduled to be held in September this year, the source said. The amount of compensation that Bangladesh will get following the verdict of the international court may be determined in that hearing.

State Minister for Power and Energy Nasrul Hamid will officially announce the verdict on Sunday (May 3) noon, said Aslam Uddin.