The International Center for Settlement of Investment Disputes (ICSID) has ruled that Pakistan needs to pay $800 million in compensation to Turkey-based energy-generating ship builder and operating company, Karadeniz Holding for the detention of the company's power-generating ships, Karadeniz announced on Thursday.
Karadeniz Holding’s subsidiary Karkey filed a lawsuit against Pakistan at the ICSID for holding the company's ships in 2013. The arbitration institution agreed on Aug. 22 that Pakistan was to pay compensation including interest to Karkey.
The ICSID also decided in 2014 that Pakistan should release the company's powership 'Kaya Bey', which they unfairly detained.
Karpowership, a member of the Karadeniz Energy group, is the sole owner, operator and builder of the first powership, or floating power plant fleet, in the world.
The company, who employs over 2,200, owns and operates 13 powerships with an installed capacity of 2.7 gigawatts (GW) and has powerships under construction of 5.3 GW.
Karpowership is operational in Ghana, Indonesia, Lebanon and Zambia via Mozambique.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr