Arbitral Digest

Matter

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

Case no.
ARB/01/10
Applicable rules
ICSID Arbitration Rules
  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.

    Supporting details

    5 participants
    Repsol YPF Ecuador S.A.
    Empresa Estatal Petroleos del Ecuador (Petroecuador)
    International Centre for Settlement of Investment Disputes

    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.

    Supporting details

    1 authority · 5 participants
    Repsol YPF Ecuador S.A.
    Empresa Estatal Petroleos del Ecuador (Petroecuador)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Judd Kessler
    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.

    Supporting details

    2 authorities · 5 participants
    Repsol YPF Ecuador S.A.
    Empresa Estatal Petroleos del Ecuador (Petroecuador)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Judd Kessler
    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.

    Supporting details

    7 authorities · 15 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
    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

Matter record

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