Arbitral Digest

Matter

Perenco Ecuador Limited v. Republic of Ecuador (ICSID Case No. ARB/08/6)

Case no.
ARB/08/6
Applicable rules
ICSID Arbitration Rules
  1. 8 May 2009Arbitration

    8 May 2009Arbitration

    Decision on Provisional Measures dated May 8, 2009

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal recommended provisional measures restraining the Respondents from demanding or collecting Law 42 payments, taking actions connected with the Participation Contracts, or unilaterally changing the contracts. It directed the parties to establish an escrow account for sums accruing after the decision.

    Supporting details

    1 authority
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    2 years, 1 month and 22 days later · 783 days

  2. 30 June 2011Arbitration

    30 June 2011Arbitration

    Decision on Jurisdiction dated June 30, 2011

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal deferred its decision on jurisdiction over the treaty claims, found jurisdiction over Perenco's contract claims under the Block 7 and Block 21 Participation Contracts, found no jurisdiction over Petroecuador, and directed further submissions and evidence.

    Supporting details

    3 authorities
    International Centre for Settlement of Investment Disputes

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
    • Vienna Convention on the Law of Treaties
      statute
    • Agreement between the Government of the French Republic and the Government of the Republic of Ecuador on the Reciprocal Promotion and Protection of Investments (Concluded 7 September 1994)
      statute

    3 years, 2 months and 13 days later · 1170 days

  3. 12 September 2014Arbitration

    12 September 2014Arbitration

    Decision on Remaining Issues of Jurisdiction and on Liability dated September 12, 2014

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal upheld and rejected the contract and treaty claims as specified in its decision, including upholding the claim concerning Law 42 at 99 percent and the Block 21 caducidad claim, and reserved costs for the final Award.

    Supporting details

    3 authorities
    International Centre for Settlement of Investment Disputes

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
    • Vienna Convention on the Law of Treaties
      statute
    • Agreement between the Government of the French Republic and the Government of the Republic of Ecuador on the Reciprocal Promotion and Protection of Investments (Concluded 7 September 1994)
      statute

    6 months and 29 days later · 210 days

  4. 10 April 2015Arbitration

    10 April 2015Arbitration

    Decision on Ecuador's Reconsideration Motion dated April 10, 2015

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal dismissed Ecuador's reconsideration motion and its consequent requests to bifurcate. Costs were reserved.

    Supporting details

    1 authority
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    4 months and 1 day later · 123 days

  5. 11 August 2015Arbitration

    11 August 2015Arbitration

    Interim Decision on the Environmental Counterclaim dated August 11, 2015

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal issued an interim decision on Ecuador's environmental counterclaim, rejected the unsupported aspects of Ecuador's case, determined the applicable remediation framework and evidence, and directed the further expert and party work needed before quantification and final disposition.

    Supporting details

    International Centre for Settlement of Investment Disputes

    2 years and 7 days later · 738 days

  6. 18 August 2017Arbitration

    18 August 2017Arbitration

    Decision on Perenco's Application for Dismissal of Ecuador's Counterclaims dated August 18, 2017

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal rejected Perenco's application for dismissal of Ecuador's counterclaims and reserved costs for future determination.

    Supporting details

    1 authority
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    2 years, 1 month and 9 days later · 770 days

  7. 27 September 2019Arbitration

    27 September 2019Arbitration

    Award dated September 27, 2019

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal awarded Perenco Ecuador Limited US$448,820,400, ordered Perenco Ecuador Limited to pay the Republic of Ecuador US$54,439,517 for restoration costs, awarded contributions to each side's legal fees and costs, ordered Perenco to pay Petroecuador US$49,629.76 for legal fees and costs, and allocated the arbitration and independent-expert costs equally.

    Supporting details

    2 authorities · 3 participants
    Perenco Ecuador Limited
    Republic of Ecuador
    Empresa Estatal Petroleos del Ecuador (Petroecuador)
    International Centre for Settlement of Investment Disputes

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
    • Agreement between the Government of the French Republic and the Government of the Republic of Ecuador on the Reciprocal Promotion and Protection of Investments (Concluded 7 September 1994)
      statute

    3 months and 20 days later · 111 days

  8. 16 January 2020Arbitration

    16 January 2020Arbitration

    Procedural Order No. 1 dated January 16, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee issued its first procedural order governing the annulment proceeding, including the applicable rules, representation, filings, evidence, hearings, costs, and confidentiality.

    Supporting details

    International Centre for Settlement of Investment Disputes

    1 month and 5 days later · 36 days

  9. 21 February 2020Arbitration

    21 February 2020Arbitration

    Decision on the Stay of Enforcement of the Award dated February 21, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee provisionally continued the stay of enforcement of the Award, subject to Ecuador providing an unconditional payment undertaking and the specified reciprocal undertaking by Perenco if the Award were annulled. Costs were reserved.

    Supporting details

    1 authority
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute

    2 months later · 60 days

  10. 21 April 2020Arbitration

    21 April 2020Arbitration

    Procedural Order No. 2 dated April 21, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee found that Ecuador's Ministerial letter complied with the required undertaking and continued the stay of enforcement of the Award.

    Supporting details

    International Centre for Settlement of Investment Disputes

    8 months later · 244 days

  11. 21 December 2020Arbitration

    21 December 2020Arbitration

    Procedural Order No. 3 dated December 21, 2020

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee issued the remote hearing protocol and recorded the arrangements for the annulment hearing.

    Supporting details

    International Centre for Settlement of Investment Disputes

    5 months and 7 days later · 158 days

  12. 28 May 2021Arbitration

    28 May 2021Arbitration

    Decision on Annulment dated May 28, 2021

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee partially annulled the Award solely as to the US$25 million loss-of-opportunity award and the finding that OCP ship-or-pay costs were fully tax-deductible. It left the rest of the Award unaffected, reduced the compensation owed to Perenco Ecuador Limited to US$412,182,000, allocated 90 percent of the annulment arbitration costs to Ecuador and 10 percent to Perenco, and lifted the stay of enforcement.

    Supporting details

    3 authorities · 2 participants
    Perenco Ecuador Limited
    Republic of Ecuador
    International Centre for Settlement of Investment Disputes

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      statute
    • Vienna Convention on the Law of Treaties
      statute
    • Agreement between the Government of the French Republic and the Government of the Republic of Ecuador on the Reciprocal Promotion and Protection of Investments (Concluded 7 September 1994)
      statute

Matter record

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Perenco Ecuador Limited v. Republic of Ecuador (ICSID Case No. ARB/08/6) · Matter