Government has formally written to Balkan Energy in a move to settle out of court, a twelve million dollar judgment debt against the state.<\/p>\n
The company won the judgment against government in 2013 at the International Court of Arbitration.<\/p>\n
In 2007, government entered a 20-year lease agreement with the company, Balkan Energy Ghana, to refurbish and operate the Osagyefo power barge.<\/p>\n
The company was expected to initially operate the facility with diesel fuel and later switch to gas to be delivered by the West African Gas Pipeline.<\/p>\n
Also they were expected to increase the generation capacity of the barge by 60 Megawatts and to begin operations in 90 days after the signing of the agreement.<\/p>\n
But government through the Supreme Court annulled the agreement because it was not approved by Parliament among other reasons.<\/p>\n
Balkan Energy proceeded to the International Court of Arbitration for wrongful termination of contract and was awarded a judgment debt of twelve million dollars.<\/p>\n
The company currently has sued government in a South African court ,claiming damages for nonpayment of the judgment debt.<\/p>\n
But a source close to the situation told\u00a0Citi News<\/strong> that the government has written to the company indicating its decision to pay its debt without interest.<\/p>\n –<\/p>\n By; Franklin Badu Jnr\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" Government has formally written to Balkan Energy in a move to settle out of court, a twelve million dollar judgment debt against the state. The company won the judgment against government in 2013 at the International Court of Arbitration. In 2007, government entered a 20-year lease agreement with the company, Balkan Energy Ghana, to refurbish […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[10,11],"tags":[9369,3,2809],"class_list":["post-336999","post","type-post","status-publish","format-standard","hentry","category-slider-1","category-top-stories","tag-balkan-energy","tag-ghana-news","tag-power"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/336999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=336999"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/336999\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=336999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=336999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=336999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}