SOCAR successfully defends claims brought by Palmali Group

SOCAR has prevailed in arbitration proceedings initiated by entities within the Palmali Group concerning ten vessels that Palmali sold to SOCAR in early 2017, Report informs, citing Türkiye's Ekonomim.

It should be noted that the Palmali Group, managed by Mubariz Mansimov, a citizen of Azerbaijan and Türkiye, initiated arbitration proceedings in June 2023 after submitting its claims. The proceedings concluded in November 2025 with a three-week hearing held in London, United Kingdom.

During the hearings, Mubariz Mansimov and other witnesses representing the Palmali side provided testimony in person. The Palmali side was represented by several UK and US law firms, as well as a team of English barristers led by a lawyer holding the title of King's Counsel.

In February 2026, a three-member arbitral tribunal ruled that Palmali's claims lacked both legal and factual basis and dismissed them in full on multiple grounds. Under the arbitration rules of the London Maritime Arbitrators Association and English law, which the parties agreed would govern the dispute, the award is final, binding, and not subject to appeal.