{"id":631957,"date":"2024-07-08T00:00:00","date_gmt":"2024-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/world-bank-arbitration-tribunal-dismisses-emirati-oil-firms-case-against-egyptian-government\/"},"modified":"2024-07-08T00:00:00","modified_gmt":"2024-07-08T00:00:00","slug":"world-bank-arbitration-tribunal-dismisses-emirati-oil-firms-case-against-egyptian-government","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/world-bank-arbitration-tribunal-dismisses-emirati-oil-firms-case-against-egyptian-government\/","title":{"rendered":"World Bank arbitration tribunal dismisses Emirati oil firm\u2019s case against Egyptian government"},"content":{"rendered":"

Egypt did not br<\/strong>e<\/strong>ach its investment treaty in dispute with UAE oil company in EGP 3 bn claim: <\/strong>The World Bank\u2019s International Center for the Settlement of Investment Disputes (ICSID) last week dismissed<\/a> claims brought against the Egyptian government by UAE-based CTIP Oil & Gas Investment Limited, according to a statement<\/a> from the State Lawsuits Authority (SLA). A second near-identical treaty claim on the same day brought forward by two CTIP investors with Canadian citizenship was also dismissed on the same day by a Paris-seated United Nations Commission on International Trade Law tribunal.<\/p>\n

Good news for the public purse: <\/strong>The Emirati firm was looking to receive an EGP 3 bn \u2014 equivalent to USD 62.4 mn at current exchange rates\u2013 settlement from the government to make up for alleged damages filed by the company, according to the SLA. However, the Global Arbitration Review puts the figure much higher, reporting that the claimants were pushing for claims amounting to USD 190 mn.<\/p>\n

The claims: <\/strong>The claimants in the two separate suits alleged that Egypt violated its obligations under bilateral investment treaties (BITs) between Egypt and the UAE and Canada, after a contract between CTIP subsidiary National Gas<\/a> and the state-owned Egyptian General Petroleum Corporation (EGPC) was terminated by the EGPC. The 25-year contract inked in 1999 to build and operate a gas distribution network in Sharkia was terminated twenty years in 2019, leading to accusations Egypt had broken its BITs with the UAE and Canada, among other allegations, according to the Global Arbitration Review<\/a>. The case has been before the international arbitration tribunals since 2019. <\/p>\n

What they said: <\/strong>\u201cThis confirms the Egyptian state\u2019s respect for all its international treaties and agreements, which encourages investors to invest in Egypt,\u201d said States Lawsuit Authority Vice President Sameh Sayed Mahmoud.<\/p>\n

Legal teams: <\/strong>The Egyptian state was represented by government lawyers and law firm Gaillard Banifatemi Shelbaya Disputes. CTIP and the two investors were represented by Freshfields Bruckhaus Deringer and Shahid Law.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Emirati company was looking to receive an EGP 3 bn settlement from the Egyptian government<\/p>\n","protected":false},"author":1,"featured_media":631958,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8678],"tags":[957,72,963,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-631957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-dispute-watch","tag-enterpriseam","tag-law","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"423c9cc8-bb65-45b2-9f6b-94600e715d18","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/533.jpg","photo_position":"above","homepage_title":"","full_issue_title":"World 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WATCH- Egypt found in breach of investment treaty in cement arbitration case but dodges damages: The International Center for the Settlement of Investment Disputes (ICSID) has dismissed claims brought against the Egyptian government by Spanish cement group Cementos La Union despite finding Egypt in breach of a bilateral investment\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591895,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/19\/uae-encouraging-companies-to-invest-in-egypt-mubadala-cdo\/","url_meta":{"origin":631957,"position":1},"title":"UAE encouraging companies to invest in Egypt -Mubadala CDO","author":"enterpriseam admin","date":"19 December 2019","format":false,"excerpt":"UAE encouraging companies to invest in Egypt -Mubadala CDO: The Emirati government is encouraging companies to increase their investments in the Egyptian oil and gas, renewable energy, and construction sectors, Mubadala Chief Development Officer Sheikh Mansour Al Hamed told Investment Minister Sahar Nasr during talks yesterday, according to a ministry\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631919,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/this-evening-remittances-rise-72-8-y-o-y-in-may\/","url_meta":{"origin":631957,"position":2},"title":"THIS EVENING: Remittances rise 72.8% y-o-y in May","author":"enterpriseam admin","date":"8 July 2024","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and happy Monday. Today is the midway mark to this shorter business week. THE BIG STORY TODAY Remittances from Egyptians abroad surged 73.8% y-o-y in May to USD 2.7 bn, according to a statement (pdf) from the central bank. On a monthly basis, remittances increased\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/439.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568677,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/30\/damietta-lng-plant-operator-union-fenosa-gas-still-wants-its-usd-2-bn\/","url_meta":{"origin":631957,"position":3},"title":"Damietta LNG plant operator Union Fenosa Gas still wants its USD 2 bn","author":"enterpriseam admin","date":"30 January 2020","format":false,"excerpt":"DISPUTE WATCH- The Damietta plant probably isn\u2019t going to be opening in a few weeks: The dispute between the Egyptian government and Damietta LNG plant operator Union Fenosa Gas (UFG) doesn\u2019t seem close to ending, after the joint venture restated its demands for a USD 2 bn settlement, according to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/767.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570981,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/26\/breakdown-in-naturgy-eni-and-egpc-damietta-dispute-resolution\/","url_meta":{"origin":631957,"position":4},"title":"Breakdown in Naturgy, Eni and EGPC Damietta dispute resolution","author":"enterpriseam admin","date":"26 April 2020","format":false,"excerpt":"DISPUTE WATCH- The resolution of a long-simmering dispute over a shuttered Damietta LNG plant has fallen apart despite an agreement reached last month, according to a cabinet statement. Parties to the dispute include Spanish gas firm Naturgy Energy Group, Italy\u2019s Eni, and the Egyptian government. Why does this matter? First,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/212.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601144,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/union-fenosa-denies-agreement-with-egypt-over-damietta-lng-plant\/","url_meta":{"origin":631957,"position":5},"title":"Union Fenosa denies agreement with Egypt over Damietta LNG plant","author":"enterpriseam admin","date":"20 February 2019","format":false,"excerpt":"DISPUTE WATCH- The Damietta LNG plant may not be reopening in April after all: Damietta LNG plant operator Union Fenosa Gas (UFG) poured cold water on reports this week that the facility will be reopened in April. An Oil Ministry source claimed this week that UFG, 50-50 owned by Union\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/631957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=631957"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/631957\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/631947"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/631958"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=631957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=631957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=631957"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=631957"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=631957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}