A&V Oil and Gas in an attempt to convince the courts that there is a case against state-owned Petrotrin’s termination of its contract, has lost once again.
On Monday, the Privy Council refused A&V Oil permission to appeal a ruling of the local court of appeal, effectively clearing the way for the refinery to give effect to the termination of the contract. This includes taking possession of A&V Oil’s assets.
As a result of Monday’s ruling the two-week old temporary injunction was lifted.
In an online post this afternoon, Newsday reported that the lease operator was unsuccessful in its bid to challenge Petrotrin’s entitlement to withhold $83.9 million, which was retained under a term of the agreement between the state oil company and the lease operator.
A&V Oil’s attorneys, on February 15, applied for and were granted the injunction in the Privy Council on Ash Wednesday.
Two similar injunctions for interim relief were previously sought in the local courts and were denied.
Petrotrin, on December 22nd, announced the termination of its contract with A&V Oil and Gas.