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Saturday, 03 February 2018

Romania won lawsuit against Chevron. The company is to pay damages to Romania

Chevrom Petroleum Company is to pay damages of USD 73, 450,000 to the National Agency for Mineral Resources (ANRM) following the annulment of three oil concession agreements without complying with the financial obligations under the Petroleum Law.

The decision belonged to the ICC International Court of Arbitration in Paris, the leading international commercial arbitration institution which was requested  to rule in the Chevron vs. ANRM case. According to the ruling, Chevron has pay to ANRM the amount of USD 73,450,000, plus the legal interest rate according to the BNR reference rate +8%, calculated from October 23, 2014 until the date of full payment, as well as the arbitration expenses paid by ANRM.

ANRM was represented by the Law Office Zamfirescu Racoţi & Partners, specialized in consultation services in the field of business and reoresentation in litigation solving.

Additional information

ANRM and Chevron Romania Holdings concluded, on March 3, 2011, three concession agreements for the exploitation-development-exploration in the EX-17 Costineşti, EX-18 Vama Veche and EX-19 Adamclisi perimeters approved by Government Decisions, which stipulated minimum exploration obligations assumed by Chevron.

In November 2014, Chevron informed ANRM that it was giving up the aforementioned concession agreements. ANRM refused however to issue the decision to terminate the concession, given the petroleum company’s failure to observe Article 40 of the Petroleum Law. More precisely, Chevron did not make available to the competent authority „the amount representing the value of works provided by the minimum exploration programme set under the oil agreement and those of development and exploration, due on the date of notification of the renouncement and not performed for reasons attributable to the holder of the oil agreement”.

The US company appealed to the Court of Arbitration in June 2015, asking to ascertain that it had fulfilled its obligations under the oil agreements with ANRM to terminate the contracts.

By the end of 2015, ANRM represented by the Law Office Zamfirescu Racoţi & Partners, submitted to the Court of Arbitration in Paris both the the Answer to the Request for Arbitration, and a reconventional demand by which it formulated financial claims resulting from the concession contracts.

During June 19-23, 2017, the final hearings were held in Paris in the Chevron vs. ANRM (21138 / MHM) arbitral case and the decision of the Arbitration Court was ruled in favour of ANRM.

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