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Saudi Arabian Oil Co (64EZ)

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Monday 23 November, 2020

Saudi Arabian Oil Co

Saudi Aramco Announcement

RNS Number : 1395G
Saudi Arabian Oil Company
23 November 2020
 

Saudi Arabian Oil Company (Saudi Aramco) announces the issuing of the trial-level court ruling in favour of Saudi Aramco to dismiss the case brought by alleged Heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani

 

ELEMENT LIST

EXPLANATION

Announcement Title

Saudi Arabian Oil Company (Saudi Aramco) announces the issuing of the trial-level court ruling in favour of Saudi Aramco to dismiss the case brought by alleged Heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani.

Introduction

Saudi Arabian Oil Company (Saudi Aramco) announces that it has received the trial-level court ruling issued on November 17, 2020 in favour of Saudi Aramco to dismiss the case brought by alleged Heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani before the U.S. District Court for the Southern District of Texas, in their claim to enforce a roughly US$ 18 billion (SR 67,292,475,000) purported foreign arbitral award.

Lawsuit Opponent

The lawsuit was filed by alleged Heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani, who are as follows:

Waleed Khalid Abu Al-Waleed Al-Hood Al-Qarqani;

Ahmed Khalid Abu Al-Waleed Al Hood Al-Qarqani;

Shaha Khalid Abu Al-Waleed Al Hood Al-Qarqani;

Naoum Al-Doha Khalid Abu Al-Waleed Al Hood Al-Qarqani; and

Nisreen Mustafa Jawad Zikri.

Name of the Plaintiff

The lawsuit was filed by alleged Heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani, who are as follows:

Waleed Khalid Abu Al-Waleed Al-Hood Al-Qarqani;

Ahmed Khalid Abu Al-Waleed Al Hood Al-Qarqani;

Shaha Khalid Abu Al-Waleed Al Hood Al-Qarqani;

Naoum Al-Doha Khalid Abu Al-Waleed Al Hood Al-Qarqani; and

Nisreen Mustafa Jawad Zikri.

Type of the Lawsuit

Action to enforce a purported foreign arbitral award before the U.S. District Court for the Southern District of Texas, United States of America.

Name and Location of the

Competent Judicial Authority

The U.S. District Court for the Southern District of Texas, United States of America.

Date of Submitting the Lawsuit

June 1, 2018.

Summary of the Lawsuit and

its Reasons

Action to enforce a purported foreign arbitral award in the amount of roughly US$ 18 billion (SR 67,292,475,000). The dispute subject of the purported arbitral award involved rent payments allegedly due to petitioners for Saudi Aramco's operations on a plot of land in Ras Tanura, Saudi Arabia.

Expected Financial Impact

Including the Claimed Sums,

Fees and any other Charges

The value of the claim was roughly US$ 18 billion (SR 67,292,475,000), however, the ruling is in Saudi Aramco's favour, thus this case is not expected to have any financial impact on Saudi Aramco.

Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing

This trial-level ruling is still subject to challenge, including appeal before the U.S. Court of Appeals for the Fifth Circuit.  Saudi Aramco believes that its arguments are sound, well supported, and should be sustained if the petitioners elect to challenge the ruling.

Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit

At this time, Saudi Aramco does not intend to take any measures given that a trial-level court ruling has been issued in Saudi Aramco's favour. 

Additional Information

Saudi Aramco will later announce any material developments in this respect.

 

To view Saudi Aramco's announcement on the Saudi Stock Exchange (Tadawul), please click  here . 

 

 

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