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Slovenia: UK energy company ask 500 mln damages

Country banned fracking in May

17 August, 16:52
(ANSA) - BELGRADE, AUG 17 - The UK energy and natural resources company Ascent Resources and its Slovenian subsidiary have formally requested arbitration against Slovenia due to complications in the country green-lighting their gas project near Lendava, the Slovenian news agency STA reported. The company has increased its damage estimate from EUR 100 million to more than EUR 500 million. According to a press release from Ascent Resources, the request was submitted to the International Centre for Settlement of Investment Disputes (ICSID) in Washington.

The move follows the filing of notices of dispute in July 2020 and May 2022, in which "Slovenia was formally notified of the existence of a dispute under the Energy Charter Treaty and the UK-Slovenia bilateral investment treaty," according to the company. Furthermore, in May 2022, changes to the mining act went into effect, effectively prohibiting fracking in Slovenia.

According to Ascent, this was the culmination of the country's campaign against the company, STA wrote. (ANSA).

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