Sinolam International Takes Legal Action Over Canceled Energy Project
Sinolam International has filed for arbitration with the World Bank against Panama after its gas-fired power project license was revoked. The arbitration is under the Panama-Singapore Free Trade Agreement. This follows a $4 billion lawsuit by Sinolam entities against AES Corp., alleging attempts to dominate Panama's LNG power market.
Sinolam International has initiated arbitration proceedings with the World Bank against Panama due to the cancellation of its license for a gas-fired power project, as announced on Thursday.
The legal action claims violation under the Panama-Singapore Free Trade Agreement, with Sinolam highlighting the project's role in providing low-emission electricity to meet Panama's growing energy needs.
This development comes after a separate $4 billion lawsuit by Sinolam entities against AES Corp and InterEnergy Holdings in the U.S., accusing them of trying to monopolize Panama's LNG market. AES has dismissed the lawsuit's claims as unfounded and is preparing its defense.
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