RPC Rejoice as Arbitral Award Orders PTT to Pay ฿64m Compensation for Breaching Contract

RPCG Public Company Limited (RPC) has reported that according to the dispute submitting to the Arbitration Institute on November 9, 2016, to appeal PTT Public Company Limited (PTT) for compensate to RPC due to the reason that PTT did not comply with the contract of condensate waste purchase by delivering condensate which is a raw material to RPC that has a higher sulfur content than specified in the contract (CR-High Sulfur).

 

On January 3, 2020, RPC received a copy of the arbitral award dated December 26, 2019 from RPC’s legal counsel, by the Arbitration Committee have an unanimous decision to PTT pay damages in case of breach of contract (CR-High Sulfur) during the year 2006. Amounting to 26.70 million Baht including interest at the rate of 7.5% per annum from the date of 13 September 2016 onwards until the damages are paid to RPC completely and ordered PTT to pay damages in the event of breach of contract (CR-High Sulfur) during the year 2010 in the amount of 37.27 million Baht including interest at the rate of 7.5% per annum from November 9, 2011 onwards until complete the payment for damages to RPC.

 

According to the Arbitration Act B.E. 2545, PTT was able to file a petition with the jurisdiction so that the court can revoke the arbitral award within 90 days from the date of receiving the copy of the award.