MEDIA RELEASE PR40231
Getty Petroleum Marketing Inc. Seeks to Arbitrate Contract Dispute with Ethanol
Producer
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.,
+1-516-542-5055
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