UNIPET, Paria come to an Agreement

Unit­ed In­de­pen­dent Pe­tro­le­um Mar­ket­ing Com­pa­ny Lim­it­ed (UNIPET) and Paria Fu­el Trad­ing Com­pa­ny have reached an agreement on Monday.

A press release from Paria stated that the par­ties have en­tered in­to a set­tle­ment agree­ment which re­sult­ed in the re­sump­tion of UNIPET’s sup­ply at 5 p.m. Monday.

UNIPET has agreed to set­tle its debt to Paria and with­draw its High Court law­suit and cor­re­spond­ing in­junc­tion ap­pli­ca­tion, the release noted.

Both par­ties will con­tin­ue to work to­geth­er to iron out a sup­ply agree­ment which will take ef­fect in Jan­u­ary.

Lawyers for both com­pa­nies agreed to an ad­journ­ment as they claimed their clients were locked in talks to re­solve the dis­pute.