Friday 17 January, 2020

Unipet optimistic of renewal of annual supply agreement with Paria

UNIPET says it is ready to complete the negotiations of its annual supply agreement with Paria Fuel Trading Company Limited which will take effect from January 1, 2020.

"As these negotiations continue we are constrained to minimize our public discussion on the issues and will therefore continue to limit such discussions," UNIPET said in a media release issued on Tuesday. 

This follows the announcement that the two reached a deal on Monday after Paria Fuel announced that it would stop supply UNIPET with fuel over the non-payment of fees on December 3, 2019. 

UNIPET said it was pleased to have signed the settlement agreement and acknowledged that it agreed to withdraw its High Court action.

"Our progress to date has been fuelled by our customers, partners, stakeholders and the general public. UNIPET continues to be a stable company operating according to standard accounting procedures," the statement ended. 

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