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- Stock Exchange Release
- 01.04.2008 14:00 CET
NESTE OIL AND YIT CONTRACT DISPUTE GOES TO COURT OF ARBITRATION
CORPORATE RELEASE APRIL 1, 2008 at 15:00
NESTE OIL AND YIT CONTRACT DISPUTE GOES TO COURT OF ARBITRATION
The disagreement that has arisen in the financial final settlement for the mechanical installation work of production line 4, which was completed at Neste Oil's Porvoo oil refinery last summer, has been brought to the court of arbitration for a decision. Neste Oil's claims against YIT Industrial and Network Services amount to around EUR 36 million and they comprise mainly damages based on the delay to the contract. Neste Oil is reserving the right to further specify its claims.
YIT has presented claims against Neste Oil in the financial final settlement for an amount of around EUR 25 million. The principle bases of these claims are the work performed under the contract and the additional costs that arose from the prolongation of the contract.
Both parties contest the claims made against each other.
For additional information, contact: Pekka Frantti, President, YIT Industrial and Network Services Ltd, tel. +358 50 390 0932
YIT CORPORATION Juha Kostiainen Senior Vice President, Corporate Communications and Business Development
Distribution: OMX Nordic Exchange in Helsinki, principal media, www.yitgroup.com