Government Approaches Balkan Energy For Out Of Court Settlement

Government has consulted the Balkan Energy authorities to settle out of court a twelve million dollar judgment debt against the state.

Balkan Energy in 2013 won a judgment against the government at the International Court of Arbitration.

In 2007, government entered a 20-year lease agreement with the company, Balkan Energy Ghana, to refurbish and operate the Osagyefo power barge.

The company was expected to initially operate the facility with diesel fuel and later switch to gas to be delivered by the West African Gas Pipeline.

Also they were expected to increase the generation capacity of the barge by 60 Megawatts and to begin operations in 90 days after the signing of the agreement.

READ THIS:  Don't pray for miracles - Gifty Anti urges Ghanaians

But government through the Supreme Court annulled the agreement because it was not approved by Parliament among other reasons.

Meanwhile Balkan Energy resorted to the International Court Arbitration who awarded a twelve million dollar judgment debt against the government for wrongfully terminating the contract.

According to an Accra based Citi FM, government has officially written to the Balkan Energy for an out of court resolution.

 

Do you also have any story/news to share with GhanaCrusader? Get Published! Contact us on Our Facebook Page or email via [email protected]