Karkey crisis resolved through diplomatic efforts


ISLAMABAD: The Pakistani government has resolved the Karkey dispute with the help of Turkish President Recep Tayyip Erdogan, Prime Minister Imran Khan announced on Monday.
In a tweet, PM Imran said the matter was resolved “amicably” and that Pakistan had successfully saved $1.2 billion the sum the International Centre for Settlement of Investment Disputes (ICSID) had imposed as a penaltiy on Islamabad. “PTI Govt, with the help of President Erdogan, has amicably resolved the Karkey dispute and saved Pak USD 1.2 billion penalty imposed by ICSID,” the premier wrote.
The ICSID had slapped a penalty worth $760 million plus interest to the Turkish ship-based energy firm, Karkey Karadeniz Elektrik Uretim, following the latter’s move to register arbitration claims against Pakistan under a bilateral investment treaty (BIT).