State Minister for Power, Energy and Mineral Resources Nasrul Hamid attributed the government’s win in the case against the Canadian gas company Niko Resources for Tangratila Gas field blowout to coordinated efforts of all.   “The coordinated efforts made in a professional manner has given us the success against Niko”, he said while addressing a virtual seminar on “Niko Arbitration 2020: Political & Judicial Antecedents and Aftermath” organised by Ducsu Law and Political Review on Saturday night from his home.   Barrister Moin Gani, Petrobangla’s lawyer in Niko Case, Dr Rumana Islam, a professor at Law Department of Dhaka University, Shahriar Tianjin and Chief Editor of Ducsu Law and Political Review Md Azharuddin Bhuiya attended the videoconference.    Blaming the BNP-Jamaal-led government’s wrong decision to award the gas field to Niko, Nasrul Hamid said the Tangratila gas field incurred a huge financial loss due to their wrong decision.    “If we had got 500 mmcd gas from Chhatak Tangratila Gas field, it would have played an enormous role in our economy,” he said.            Bangladesh has won the case filed with the International Centre for Settlement of Investment Disputes (ICSID) against Canadian company Niko Resources for the blowout in Tangratila Gas field at Chhatak, Sylhet on January 7, 2005.   The ICSID delivered its verdict recently holding Niko responsible for the blowout against which Bangladesh submitted a claim for a total loss of over US$ 1 billion as part of the government’s loss and also of Bapex, a Petrobangla subsidiary.   But it is not clear whether Bangladesh could realise the full compensation from Niko as the company has already been declared bankrupt by the Canadian government.

Bangladesh has won a case filed with the International Centre for Settlement of Investment Disputes (ICSID) against Canadian company Niko Resources for the blowout in Tangratila Gas field at Chhatak, Sylhet on January 7, 2005.   State Minister for Power, Energy and Mineral Resources Nasrul Hamid disclosed the verdict of the Washington-based arbitration court through an online videoconference from his home.   The verdict was released on February 28 this year.   “We’ve won the award of ICSID. Our claim was established in the international court that Niko was responsible for the blowout,” he told reporters.    He mentioned that Bangladesh submitted a claim for a total loss of over US$ 1 billion as part of the government’s loss and also of Bapex, a Petrobangla subsidiary.   However, Anisur Rahman, senior secretary of the Energy Division, who took part in the videoconference, said it will not be possible to realise the amount from the Niko Resources as the company has already been declared bankrupt.    “But Bangladesh’s benefit in the win of the case is that the country would not need to pay Niko $30 million against the purchase of its share of gas,” he said adding that Bangladesh also seized Niko’s resources at gas block 9 which the company would not be able to sell out following this verdict.    Niko was trying to sell out the block 9 to a third party but Bangladesh government seized the resources, he said.