Barmek demands AZN 291m payment of damages from Azeri Government

Barmek President Huseyn Arabul told APA the amount of damages would rise if taking stock of the interest rates. "I raised a number of questions before ICSID. First, the Government has to pay AZN 140-150m to me under the Contract. Under the Contract, the Government had to increase electric bills in 2005-2006, but it didn’t. I demand this amount including the four-year interests," he said.

Arabul also said Azerenergy appraised Barmek's technical losses at 17.63%. Plus, Taxes Ministry fined Barmek $4m.

ICSID made a decision on October 18 to consider the arbitration claim filed by Barmek-Azerbaijan against the Government of Azerbaijan.