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- Stock Exchange Release
- 01.09.2008 13:30 CET
NESTE OIL SPECIFIES ITS CLAIMS IN INSTALLATION CONTRACT DISPUTE
CORPORATE RELEASE SEPTEMBER 1, 2008 at 14:30
NESTE OIL SPECIFIES ITS CLAIMS IN INSTALLATION CONTRACT DISPUTE
Neste Oil has specified its claims against YIT Industrial and Network Services in a contract dispute being processed in the court of arbitration by presenting compensation also on subsequent lost production. Neste Oil's total claims amount to EUR 107 million.
YIT contests Neste Oil's claims and has presented claims against Neste Oil based in principal on the amendments and additional work performed and the additional costs that arose from the prolongation of the contract.
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 in the summer 2007, was brought before the court of arbitration for a decision in April 2008. YIT published a stock exchange release concerning the matter on April 1, 2008.
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
YIT is a successful European service company in building systems, construction services and services for industry. We build, develop and maintain quality living environments in Nordic countries, Russia, Baltic countries and Central Europe. In 2007, YIT's revenue amounted to EUR 3.7 billion. The Group employs more than 25,000 people. YIT's share is listed on OMX Nordic Exchange Helsinki. www.yitgroup.com