SARCO says court rejects its lawsuit against Saudi Aramco

11/02/2020 Argaam

 

Saudi Arabia Refineries Co. (SARCO) said that the court has rejected its lawsuit filed against the Saudi Arabian Oil Company (Saudi Aramco).

 

The company said in a bourse filing on Tuesday that the court has overturned the case one more time after reviewing legal documents and hearing the appeal. 

 

Earlier today, the Saudi Stock Exchange (Tadawul) suspended trading of SARCO on Tuesday for 1 session, as per the latter’s request ahead of an event disclosure.

 

In November 2014, the Eastern Province appeal court affirmed the previous order issued by Jeddah administrative court requesting Aramco to pay SAR 137.1 million to SARCO in a long-standing dispute between the two firms.

 

In November 2016, SARCO filed a petition to King Salman, requesting Saudi Aramco to pay SAR 137.1 million, in order to settle a dispute dating back to November 2011.

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