TOA Petroleum to get $1.75m

The government is satisfied that its out of court settlement with fuel importers, TOA Petroleum and Triad, is a fair result for the taxpayer, says Deputy Prime Minister Sir Terepai Maoate.
TOA Petroleum will receive $1.75 million in full settlement of all claims for compensation, interest and costs up to the date of the mediation. The claims which have been resolved include historic claims for payments under the pricing template. Triad Pacific Petroleum will be reimbursed around $73,000 for legal costs associated with the court case.
Kit Toogood QC, the legal consultant recently commissioned by the government to assist with resolving the claims, said that the potential cost to the Crown, if the settlement had not been agreed, was more than $10 million. “It was in the best interests of all parties to achieve certainty, rather than leaving the complex factual and legal issues to be decided by the courts”, he said. “The settlement has saved the government the huge cost of a 5-week High Court hearing and probable appeals. And it has resulted in an accord between the government and the commercial parties which will enable them to contribute, along with other interested parties, to the development of a comprehensive fuel supply chain policy designed to secure supply and control prices.”
- DPM Office Press Release

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