Saudi Arabia's Nama Chemicals has announced that it has initiated arbitration proceedings against a consortium comprising Green Dimension Company for Environmental Services and Confident Engineering International after terminating two contracts with its subsidiary, Jubail Chemical Industries Company (Jana), over alleged contractual breaches.

The consortium had been notified of the termination of the contracts, signed in February 2024, after it failed to meet its contractual obligations and did not take corrective action within the agreed cure period, stated Nama Chemicals in its filing to Saudi bourse Tadawul.

The arbitration aims to protect its legal and contractual rights and seek compensation for damages and losses resulting from the alleged breaches. 

Nama said its legal advisor is also reviewing the contract for the Sodium Chloride Return Water Treatment Project with a view to initiating separate arbitration proceedings. 

It did not provide an estimate of the financial impact, saying this would be determined at a later stage.-TradeArabia News Service