Ecuador has 60 days to make the payment and has already contacted Perenco to start negotiations. In 2020, the country inked a $6.5 billion emergency deal with the IMF.
The Ecuadorean country will have to face a millionaire sum for Perenco oil company after a ruling by a panel formed under the auspices of the World Bank’s International Center for Settlement of Investment Disputes.
The arbitral award has condoned the tax avoidance scheme adopted by Cairn Energy.
The perverse interplay of BITs with double taxation avoidance agreements has been bleeding India from the much-needed tax revenues.
The dispute is about the assets it lost in Crimea, including the Donuzlav wind farm, which is now located in the temporarily occupied territory.
Finley Resources alleges Mexico violated investor protections under the NAFTA trade pact by failing to honor agreements.
Cairn filed the lawsuit in the US, seeking to make disinvestment-bound Air India liable for the judgment that was awarded to Cairn.
It’s time to reconsider investor-state dispute settlement; inaction risks rising costs of shifting from fossil fuels to green alternatives.
This obscure treaty from the 1990s grants sweeping rights and protections to big energy investors – mainly fossil fuel companies.
German energy company Uniper has confirmed its intention to sue the Dutch government over the country’s planned coal phase-out.
Energy conglomerates have recourse to special courts and legal regimes that they helped design – and they won’t go down without a fight.
Cairn Energy has offered to invest the entire award money in India, which includes the principal amount of $1.2 billion and interest of $500 million if the government agrees to enforce the award.
The British company pursues its investment treaty claim under the UK-Slovenia bilateral investment treaty and the Energy Charter Treaty.
India is believed to have challenged in a court in The Hague an arbitration tribunal verdict that overturned its demand for ₹10,247 crore in back taxes from Cairn Energy Plc — the second time in three months that it has refused to accept an international award against retrospective tax.
The Egyptian Ministry of Petroleum and Mineral Resources announced the entry into force of the agreement related to the Damietta Liquefaction Plant, and the settlement of all claims.
India has time till mid-April to file an appeal against an international arbitration tribunal ordering it to repay UK’s Cairn Energy Plc USD 1.2 billion-plus interest and cost, but the challenge can only be on limited grounds such as procedure not being followed.
To realise a future beyond fossil fuels, it is imperative to look at how to disentangle the legal shackles that enable companies to frustrate climate policy and shift the burden of their stranded assets onto the shoulders of taxpayers through arbitration claims.
India will be filing an appeal at The Hague this week against the $1.4-billion arbitration award against British oil firm Cairn Energy.
Vattenfall will get 1.606 billion euros and agreed to end pursuing a separate damages claim in the World Bank’s ICSID arbitration tribunal.
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