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Dhaka wins case against Niko but co ‘declared bankrupt’

Dhaka wins case against Niko but co ‘declared bankrupt’

State Minister for Power, Energy and Mineral Resources Nasrul Hamid attributed the government’s win in the case against the Canadian gas company Niko Resources for Tangratila Gas field blowout to coordinated efforts of all.

“The coordinated efforts made in a professional manner has given us the success against Niko”, he said while addressing a virtual seminar on “Niko Arbitration 2020: Political & Judicial Antecedents and Aftermath” organised by Ducsu Law and Political Review on Saturday night from his home.

Barrister Moin Gani, Petrobangla’s lawyer in Niko Case, Dr Rumana Islam, a professor at Law Department of Dhaka University, Shahriar Tianjin and Chief Editor of Ducsu Law and Political Review Md Azharuddin Bhuiya attended the videoconference.

Blaming the BNP-Jamaal-led government’s wrong decision to award the gas field to Niko, Nasrul Hamid said the Tangratila gas field incurred a huge financial loss due to their wrong decision.

“If we had got 500 mmcd gas from Chhatak Tangratila Gas field, it would have played an enormous role in our economy,” he said.

Bangladesh has won the case filed with the International Centre for Settlement of Investment Disputes (ICSID) against Canadian company Niko Resources for the blowout in Tangratila Gas field at Chhatak, Sylhet on January 7, 2005.

The ICSID delivered its verdict recently holding Niko responsible for the blowout against which Bangladesh submitted a claim for a total loss of over US$ 1 billion as part of the government’s loss and also of Bapex, a Petrobangla subsidiary.

But it is not clear whether Bangladesh could realise the full compensation from Niko as the company has already been declared bankrupt by the Canadian government.

source: UNB