Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Saudi prince's firm says to file complaint vs. France's EDF

[December 30, 2013]  KHOBAR, Saudi Arabia (Reuters) — Soroof International, a conglomerate controlled by a Saudi Arabian prince, said on Sunday that it would file a complaint before Saudi courts against France's state-run utility EDF <EDF.PA>.

The Saudi company cited the "faulty execution" by EDF of an agreement between the two sides to form a joint venture in Saudi Arabia that would develop electricity projects.

In a statement, Soroof said the complaint would be filed in coming days. It did not give details of the dispute, saying it had to respect the confidentiality of an arbitration procedure already launched at its request at the International Chamber of Commerce.

The Saudi company is headed by Prince Bander Bin Abdullah Al-Saud. He is directly related to King Abdullah through his mother, though his branch of the sprawling royal family is not at the center of political power.

EDF was unable to comment immediately on the issue on Sunday, a working day in the Gulf but the weekend in Europe.

French President Francois Hollande and other senior French officials were expected to arrive in Saudi Arabia later on Sunday to discuss diplomatic issues and business ties with Saudi leaders.

Saudi Arabia's atomic energy plans are expected to provide multi-billion dollar contracts to foreign nuclear reactor vendors, possibly including EDF and French rival Areva.

(Reporting by Reem Shamseddine; writing by Andrew Torchia; editing by Erica Billingham)

[© 2013 Thomson Reuters. All rights reserved.]

Copyright 2013 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.