Press

Paris Court of Appeals confirms two arbitral awards ordering Ukraine to pay $112 million, plus interest, to Tatneft


Tatneft commenced arbitration proceedings against Ukraine in 2008 on the basis of the Russian-Ukrainian Bilateral Investment Treaty.

In 2010, the arbitral tribunal unanimously found that it had jurisdiction over the dispute.

In 2014, the arbitral tribunal found in favor of Tatneft, and ordered the Republic of Ukraine to pay to Tatneft damages in the amount of $112 million, plus interest.

Later that year, Ukraine commenced proceedings before the Paris Court of Appeals in an attempt to set aside these two awards, arguing that (i) the arbitral tribunal did not have jurisdiction over the dispute and (ii) one of the arbitrator lacked independence and impartiality.

On November 29, 2016, the Paris Court of Appeals rejected both arguments and confirmed the validity and enforceability of both awards.

Tatneft is very pleased with this result.

Although the final award was already enforceable before the decision of the Court of Appeals of Paris, Tatneft did not act on it because it was hoping that Ukraine would voluntarily pay the damages owed to Tatneft. Now that the Paris Court has confirmed that the awards were valid and enforceable, Tatneft hopes that the decision will voluntarily be performed. If this is not the case, Tatneft will take all the available legal steps to recover the funds due by Ukraine.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

londonstockexchange.com/exchange/news/market-news/...

LegalFinanceUkraineTatneft

More items from katie


Shell announces appointment of new Company Secretary

Royal Dutch Shell plc announces the appointment of Linda Szymanski as Company Secretary with effect from January 1, 2017. Ms Szymanski succeeds Michiel Brandjes who retires at the end of the year after 36 years of service with the Shell group, of which 13 years was as General Counsel Corporate and C ...

Katie Woodward - OilVoice


Posted 2 years agoPress > ShellPeople on the MoveCompany Secretary

Spartan Energy Corp. Announces Closing of Previously Announced Strategic Light Oil Acquisition, 2017 Corporate Budget and Increase in Borrowing Base to $350 Million

CALGARY, ALBERTA--(Marketwired - Dec. 8, 2016) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to announce the closing of its previously announced strategic light oil acquisition in southeast Saskatchewan from ARC Resources Ltd. (the "Acquisition"). The Acquisition includes ...

Katie Woodward - OilVoice


Posted 2 years agoPress > Spartan Energy CorpAcquisition2017 +2

ARC Resources Ltd. Closes Sale of Saskatchewan Assets

CALGARY, Dec. 8, 2016 /CNW/ - (ARX – TSX) ARC Resources Ltd. is pleased to announce that it has successfully closed the previously-announced sale of its Saskatchewan assets and operations to Spartan Energy Corp. (SPE – TSX), for total cash consideration of $700 million, subject to customary post-clo ...

Katie Woodward - OilVoice


Posted 2 years agoPress > ARC ResourcesSaskatchewanAssets +2

Perpetual Energy announces 2017 capital spending and production guidance

CALGARY, Dec. 8, 2016 /CNW/ - Perpetual Energy Inc. ("Perpetual", the "Company" or the "Corporation") (TSX:PMT) is pleased to announce its capital spending plans and expected production growth for 2017. Perpetual's success in advancing its strategic priorities in 2016, coupled with strengthening co ...

Katie Woodward - OilVoice


Posted 2 years agoPress > Perpetual Energy2017CAPEX +1

First LNG produced from PETRONAS' first floating LNG facility PFLNG Satu

PETRONAS' first floating liquefied natural gas (LNG) facility, PFLNG SATU has achieved an industry breakthrough with the successful production of its first drop of LNG from the Kanowit gas field, offshore Sarawak on 5 December 2016. The operational milestone marks a decade long journey for PETRONAS ...

Katie Woodward - OilVoice


Posted 2 years agoPress > PETRONASLNGPFLNG Satu +1
All posts from katie