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The award denies Unipec's request to terminate the lease, awards Ocean Point $20,758,606 in damages for delinquent lease payments, and $153,296 in reimbursement for fees and expenses.
A team of Texas and New York-based Quinn Emanuel Urquhart & Sullivan lawyers secured an arbitration award of almost $21 million on behalf of an oil storage terminal company that was forced to litigate a breach-of-contract dispute.
The arbitration panel also denied the respondent company’s attempt to get out of a 10-year lease that has an estimated worth of $500 million.
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