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.
Sign the petition to pull out of the Energy Charter Treaty and stop its expansion to other countries!
The treaty enables companies to claim billions in compensation from states in front of international arbitration tribunals, if they feel unfairly treated by the states’ energy or climate policies.
The move signals the government’s resolve to defend its sovereign rights in taxation. The government has kept open possibility of settling the dispute within existing Indian laws.
A petition to ensure the Energy Charter Treaty will no longer be used against EU climate and energy policies is now available for supporters on the European Parliament website.
Cairn Energy has filed a case in a US district court to enforce a $1.2 billion arbitration award it won in a tax dispute against India, a court document showed, ratcheting up pressure on the government to pay its dues.
Ten years have passed since the judgment of Lago Agrio. Until today the oil company refuses to comply with the judgement; and, in turn, has chosen to activate a whole system that guarantees corporate impunity.
ROYAL Dutch Shell Plc launched arbitration proceedings against the Nigerian government over a long-running community dispute.
Some governments have said the bloc should consider quitting the agreement because the treaty could threaten climate goals.
SK Innovation is considering initiating international arbitration proceedings against the Peruvian government for blocking the company’s exit from Camisea Gas Project in Peru.
Alberta’s Premier said that the Canadian province, which has an equity in the now-canceled Keystone XL pipeline, may seek compensation under investor-protection provisions still in effect under NAFTA
The bill gives preference in electricity distribution to the state-run Comision Federal de Electricidad and seeks to eliminate its obligation to buy electricity through auctions.
The European Union and its member states should draw the consequences of the current stalemate in multilateral talks aimed at reforming the Energy Charter Treaty and consider a coordinated withdrawal, Paris has said