KARACHI, Oct 21: The World Bank-affiliated International Centre for Settlement of Investment Disputes (ICSID) has ordered release of Turkish powership Kaya Bey that has been held up since April 2012.

In a press release issued on Monday, Karkey Karadeniz ElektrikUretim, which owns the power vessel, welcomed the decision by the tribunal on October 16, 2013.

In the decision, the tribunal stated that the State of Pakistan shall grant all authorisations and clearance required for the vessel’s departure, and shall take any other action necessary or required to allow the vessel to depart lawfully into international waters.