Japanese contracting company Toyo and Saudi Basic Industries Corp. (SABIC) have failed to reach an agreement on payment of arrears for work carried out by Toyo for the Petrokemya project, a wholly-owned subsidiary of SABIC. Toyo has decided to file a lawsuit against SABIC for its claim of hundreds of millions of dollars arising as a result of its construction of this large petrochemical complex in Jubail. Toyo is demanding arrears of the value of the contract it had signed with SABIC, in addition to other huge compensations for certain aspects of the complex.
Last year, SABIC suffered a big loss after a legal battle with ExxonMobil as an American court ordered the Saudi petrochemical giant to pay US$399 million to ExxonMobil in compensations.
25-Oct-05 
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