A court of international arbitration in Paris has fined the Former Yugoslav Republic of Macedonia (FYROM) 55 million euros for breaching the terms of operation of the country’s largest oil refinery, OKTA, after it was acquired by Greece’s Hellenic Petroleum in 1999.
FYROM’s Social Democratic opposition had then criticized the acquisition and refused to implement the agreement in full when it later came to power, prompting the company to take the issue to arbitration after attempts at a compromise failed.
OKTA employs about 1,000 and also supplies petroleum products to Kosovo.
(Kathimerini)