Repsol YPF Ecuador S.A. v. Empresa Estatal Petróleos del Ecuador (Petroecuador) (ICSID Case No. ARB/01/10)

Procedural record

1. 20 February 2004Arbitration

   20 February 2004Arbitration

   Arbitral Award dated 20 February 2004

   International Centre for Settlement of Investment Disputes

   Decision summary

   The Award favored Repsol YPF Ecuador S.A. and ordered Petroecuador to pay US$13,684,279.23 plus interest as of the date of the Award.

   Participants

   Repsol YPF Ecuador S.A.

   Empresa Estatal Petroleos del Ecuador (Petroecuador)

   International Centre for Settlement of Investment Disputes

   Arbitrator

   Rodrigo Oreamuno Blanco

   Arbitrator

   Alberto Wray Espinosa

   Arbitrator

   Eduardo Carmigniani Valencia

   1 year, 10 months and 2 days later · 671 days

2. 22 December 2005Arbitration

   22 December 2005Arbitration

   Procedural Order No. 1 concerning the Stay of Enforcement of the Award

   International Centre for Settlement of Investment Disputes

   Decision summary

   The stay of enforcement of the Award remained in effect for the annulment proceeding on condition that Petroecuador post an unconditional and irrevocable bond for the total amount of the Award plus interest. If the bond was not provided by 15 January 2006, the stay would become null and void.

   Participants

   Repsol YPF Ecuador S.A.

   Empresa Estatal Petroleos del Ecuador (Petroecuador)

   International Centre for Settlement of Investment Disputes

   Arbitrator

   Judd Kessler

   Arbitrator

   Piero Bernardini

   Arbitrator

   Gonzalo Biggs

   Authorities cited

   1

   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
     treaty

   2 months later · 62 days

3. 22 February 2006Arbitration

   22 February 2006Arbitration

   Procedural Order No. 4 concerning the Stay of Enforcement of the Award

   International Centre for Settlement of Investment Disputes

   Decision summary

   The Committee terminated the stay of enforcement of the Award because Petroecuador did not post the required bond by the extended deadline and directed the ICSID Secretary-General to notify both parties.

   Participants

   Repsol YPF Ecuador S.A.

   Empresa Estatal Petroleos del Ecuador (Petroecuador)

   International Centre for Settlement of Investment Disputes

   Arbitrator

   Judd Kessler

   Arbitrator

   Piero Bernardini

   Arbitrator

   Gonzalo Biggs

   Authorities cited

   2

   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
     treaty
   • ICSID Administrative and Financial Regulations, Regulation 25
     regulation

   10 months and 17 days later · 320 days

4. 8 January 2007Arbitration

   8 January 2007Arbitration

   Decision on the Application for Annulment

   International Centre for Settlement of Investment Disputes

   Decision summary

   The Committee rejected Petroecuador's application for annulment, confirmed the Award, and ordered Petroecuador to pay Repsol US$207,677.15 for Centre expenses and US$20,500.00 for half of Repsol's professional fees.

   Participants

   Repsol YPF Ecuador S.A.

   Representative

   Carlos J. Arnao Ramirez (For: Repsol YPF Ecuador S.A.)

   Representative

   Francisco Roldan (For: Repsol YPF Ecuador S.A.)

   Representative

   Rodrigo Jijon (For: Repsol YPF Ecuador S.A.)

   Representative

   Juan Manuel Marchan (For: Repsol YPF Ecuador S.A.)

   Representative

   Perez, Bustamante & Ponce (For: Repsol YPF Ecuador S.A.)

   Empresa Estatal Petroleos del Ecuador (Petroecuador)

   Representative

   Emilio Clemente Huerta (For: Empresa Estatal Petroleos del Ecuador (Petroecuador))

   Representative

   Julio Cesar Trujillo (For: Empresa Estatal Petroleos del Ecuador (Petroecuador))

   Representative

   Jose Nikinga (For: Empresa Estatal Petroleos del Ecuador (Petroecuador))

   Representative

   Huerta Ortega y Asociados (For: Empresa Estatal Petroleos del Ecuador (Petroecuador))

   International Centre for Settlement of Investment Disputes

   Arbitrator

   Judd Kessler

   Arbitrator

   Piero Bernardini

   Arbitrator

   Gonzalo Biggs

   Tribunal secretary

   Claudia Frutos-Peterson

   Authorities cited

   7

   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
     treaty
   • Ecuadorian Hydrocarbons Law
     statute
   • Ecuadorian Civil Code
     statute
   • Vienna Convention on the Law of Treaties
     treaty
   • Klockner Industrie-Anlagen GmbH and others v. Republic of Cameroon and the Societe Camerounaise des Engrais (ICSID Case No. ARB/81/2)
     case-law
   • Wena Hotels Ltd. v. Arab Republic of Egypt (ICSID Case No. ARB/98/4)
     case-law
   • Compania de Aguas del Aconquija S.A. y Vivendi Universal v. Argentine Republic (ICSID Case No. ARB/97/3)
     case-law