EAST MEADOW, N.Y., June 30 /PRNewswire-AsiaNet/ —
Getty Petroleum Marketing Inc. (Getty) announced today the filing of a Demand for Arbitration before the American Arbitration Association against Bionol Clearfield, LLC (Bionol), an ethanol producer in Pennsylvania. Getty entered into a five-year contract to purchase ethanol from Bionol; however, a dispute has arisen regarding the ethanol purchase price. As part of the contract, Getty and Bionol agreed that they would resolve any dispute by binding arbitration before the American Arbitration Association. Getty continues to purchase its contractual requirements of ethanol from Bionol. Pursuant to the terms of the contract governing payment disputes, Getty continues to pay Bionol millions of dollars each month for the ethanol, withholding only the amounts in dispute.
“Getty’s desire remains to work with Bionol to reach agreement with respect to the disputed amounts and in the absence of such agreement, to resolve those claims through the pending arbitration, all of which is contemplated under the ethanol agreement,” says Vadim Gluzman, Getty CEO.
Getty’s parent company, OAO LUKOIL is neither a party to the contract nor to the arbitration proceedings.
SOURCE: Getty Petroleum Marketing Inc.
CONTACT: Michael G. Lewis,
Vice President and General Counsel,
Getty Petroleum Marketing Inc.,