Paris, France, headquartered LNG control professional GTT (Gaztransport & & Technigaz) states it will certainly appeal a penalty of about $11.4 million troubled it by the Korea Fair Trade Commission (KFTC).
KFTC’s choice to impose the penalty is the most up to date advancement in a long term conflict in between GTT and also Korean shipyards annoyed at the certificate charges they have to pay to make use of GTT freight control options in the LNG service providers they develop.
According to GTT, in its choice the KFTC located that several of the business’s industrial methods have actually not abided by Korean competitors policies because 2016, and also, “notably requests that GTT allow those Korean shipyards which would so request to perform all or part of the technical assistance services currently included in the technology license.”
GTT states that the mixed licensing of the modern technology and also the technological support comprise “an inseparable offering” that assures the stability of the GTT innovations, which any type of splitting up might be destructive to the whole LNG provider sector.
GTT tests the reasoning of the choice and also, on invoice of the KFTC’s composed choice, means to appeal versus it, with an ask for suspension of the choice, prior to theSeoul High Court The business does not expect any type of substantial economic or commercial effect in the brief or mid-term. Depending on the verdicts of the allure treatment, it will certainly reassess the effects on its tasks.
Philippe Berterotti ère, Chairman and also Chief Executive Officer of GTT, specified: “We are convinced that our commercial practices comply with the Korean competition rules and that the structuring of our offer, which has contributed for decades to the safe development of LNG maritime transport, makes it possible to provide our shipyard partners with ever more innovative, safe and efficient technologies, for the benefit of the entire industry.”
