AnnouncementDetails

Actions

Saudi Arabian Oil Company (Saudi Aramco) announces the issuing of the trial-level court ruling in favour of Saudi Aramco to dismiss the case brought by alleged Heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani

Element ListExplanation
Introduction Saudi Arabian Oil Company (Saudi Aramco) announces that it has received the trial-level court ruling issued on November 17, 2020 in favour of Saudi Aramco to dismiss the case brought by alleged Heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani before the U.S. District Court for the Southern District of Texas, in their claim to enforce a roughly US$ 18 billion (SR 67,292,475,000) purported foreign arbitral award.
Lawsuit Opponent The lawsuit was filed by alleged Heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani, who are as follows:

Waleed Khalid Abu Al-Waleed Al-Hood Al-Qarqani;

Ahmed Khalid Abu Al-Waleed Al Hood Al-Qarqani;

Shaha Khalid Abu Al-Waleed Al Hood Al-Qarqani;

Naoum Al-Doha Khalid Abu Al-Waleed Al Hood Al-Qarqani; and

Nisreen Mustafa Jawad Zikri.

Name of the Plaintiff The lawsuit was filed by alleged Heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani, who are as follows:

Waleed Khalid Abu Al-Waleed Al-Hood Al-Qarqani;

Ahmed Khalid Abu Al-Waleed Al Hood Al-Qarqani;

Shaha Khalid Abu Al-Waleed Al Hood Al-Qarqani;

Naoum Al-Doha Khalid Abu Al-Waleed Al Hood Al-Qarqani; and

Nisreen Mustafa Jawad Zikri.

Type of the Lawsuit Action to enforce a purported foreign arbitral award before the U.S. District Court for the Southern District of Texas, United States of America.
Name and Location of the Competent Judicial Authority The U.S. District Court for the Southern District of Texas, United States of America.
Date of Submitting the Lawsuit 2018-06-01 Corresponding to 1439-09-17
Summery of the Lawsuit and its Reasons Action to enforce a purported foreign arbitral award in the amount of roughly US$ 18 billion (SR 67,292,475,000). The dispute subject of the purported arbitral award involved rent payments allegedly due to petitioners for Saudi Aramco’s operations on a plot of land in Ras Tanura, Saudi Arabia.
Expected Financial Impact Including the Claimed Sums, Fees and any other Charges The value of the claim was roughly US$ 18 billion (SR 67,292,475,000), however, the ruling is in Saudi Aramco’s favour, thus this case is not expected to have any financial impact on Saudi Aramco.
Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing This trial-level ruling is still subject to challenge, including appeal before the U.S. 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.
Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit At this time, Saudi Aramco does not intend to take any measures given that a trial-level court ruling has been issued in Saudi Aramco’s favour.
Additional Information Saudi Aramco will later announce any material developments in this respect.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

Company Profile

Actions

Company Profile

Summary

Last Price Net Change
34.8 -0.1 (-0.29%)
Value Traded (SAR) Volume Traded
84,076,546.1 2,414,424