US trial court ruling rejects $18bln claim against Saudi Aramco

The dispute involved rent payments allegedly due to petitioners for Saudi Aramco’s usage of a plot of land in Ras Tanura in Saudi Arabia

  
The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.

The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.

REUTERS/Hamad I Mohammed

Riyadh –   The Saudi Arabian Oil Company (Saudi Aramco) has received a trial-level court ruling issued in the company's favour to dismiss a lawsuit filed by alleged heirs of Khalid Abu Al Waleed Al Hood Al Qarqani to claim a nearly $18 billion (SAR 67.292 billion) purported foreign arbitral award.

Issued on 17 November 2020, the case was brought before the US District Court for the Southern District of Texas, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Sunday.

The dispute involved rent payments allegedly due to petitioners for Saudi Aramco’s usage of a plot of land in Ras Tanura in Saudi Arabia. 

The company referred that the court ruling is subject to appeal before the US Court of Appeals for the Fifth Circuit. 

"Saudi Aramco believes that its arguments are sound, well supported, and should be sustained if the petitioners elect to challenge the ruling," the company announced.

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© Mubasher 2020

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