Petro-king Oilfield Services Unit Ordered to Pay 16.6 Million Yuan in Service Fees Dispute
Petro-king Oilfield Services (HKG:2178) said its Petro-king Oilfield Technology unit was ordered to pay 16.6 million yuan plus interest and court fees in a long-running litigation, according to a Thursday filing with the Hong Kong bourse.The oilfield technology services company's shares gained nearly 2% in morning trade Friday.Xinjiang Zhengtong Oil and Gas had filed the case against the company in January 2024 for disputes over technical service fees worth 28.9 million yuan. The claims related to fees for the provision of fracturing services, as well as interest accrued.Petro-king Oilfield said the latest ruling by the Shenzhen Intermediate People's Court of Guangdong Province will not have any material adverse impact on the business as the amounts were already accrued for and would have been paid under ordinary course of business operation.