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Niko faces another blow
Aug 17: Niko Resource Ltd, already reeling under heavy losses, was dealt another blow recently when an arbitration tribunal ruled that the company will have to pay $ 17.8 million along with a 10% per annum from 2012 to the date of award plus further interest at 10% per annum from the date of the award until payment to its JV partner in the Hazira field.
8The liability adds up to a whopping $28 million.
8The case relates to a minimum contracted quantities dispute in the Hazira field.
8In accordance with previous contracts for natural gas sales from the Hazira field in India, Niko had committed to deliver certain minimum quantities.
8However, for the period ended December 31, 2007, Niko was unable to deliver the minimum quantities to certain customers and its joint operating partner in the Hazira field delivered the shortfall volumes from other gas sources.
8The partner was awarded damages by an arbitration council for losses suffered.
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