Georgiev, Todorov and Co. Law Offices has successfully consulted a major natural gas provider for Europe (the client) regarding a dispute which lasted over five years with one of the largest gas companies in Bulgaria – Overgas Inc.

In 2018 the relevant arbitration proceedings before the International Chamber of Commerce (ICC) were closed and the award was fully in favour of the international gas provider. Georgiev, Todorov & Co. acted as the local adviser along with Baker & McKenzie – acting as Lead Counsel in the ICC arbitration, provided legal advice on all matters related to the energy regulations and commercial legislation in Bulgaria, including the potential enforcement of the ICC arbitration award in Bulgaria.

In the end of January 2021, the international gas provider and the Bulgarian company reached a mutually satisfactory final agreement on the settlement of all existing disputes and claims, as well as the sale of the shares between the parties. As a result of all the efforts and negotiations between the parties, the natural gas provider received over EUR 100 million, and the litigation proceedings in the High Court of Justice in London previously initiated by him were terminated upon the parties’ mutual agreement.

The key position the companies have on the energy market in Bulgaria and the success reached, is another proof for the exceptional professionalism and expertise of the leading lawyers in Georgiev, Todorov & Co.’s team working on the matter – Maria Derelieva and Tsvetelina Dimitrova.