An arbitration tribunal has ordered Ecuador to pay a ConocoPhillips’ wholly-owned subsidiary nearly $380 million and ordered the company to pay Ecuador $42 million in response to the Republic’s counterclaim
The latest award on jurisdiction conflicts with the ruling of a Dutch court which overturned an earlier award of US$50 billion in favour of the former majority shareholders of Yukos.
A New York-based energy company is asking the Ontario Superior Court to enforce a $28-million award against the Canadian and Ontario governments that it received under a NAFTA arbitration.
The Svea Court of Appeal rejected the Republic of Kazakhstan’s request to declare invalid or set aside the arbitral award in Stati v Kazakhstan. The judgment cannot be appealed.