issue #11, week 27. 07 July 2010
Prepared by TDM and Aloysius Gng (CEPMLP/Dundee)

TDM News Digest

provides a condensed overview of recent events of interest to the international arbitration community.

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NEWS

CPC seeks compensation from Venezuela over oil dispute

July 3, http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?ID=201007030013&Type=aECO

CNA - State-owned oil company CPC Corp. Taiwan said Saturday that as its request for international arbitration regarding a dispute with Venezuela over oil exploration was accepted last month, it is claiming more than US$80 million compensation from Venezuela's state-owned oil company.

There are 11 cases against Venezuela at the ICSID involving compensation claims totaling more than $43.5 billion

July 2 - http://www.cnbc.com/id/38063296

Progress in arbitration cases and new filings are putting more pressure on Venezuela's cash-strapped state oil company PDVSA, which faces having to compensate various firms for assets that were nationalized.

Venezuela Approves Nationalization of Helmerich Rigs

June 29, http://www.businessweek.com/news/2010-06-29/venezuela-approves-nationalization-of-helmerich-rigs-update1-.html

Bloomberg - Venezuelan National Assembly lawmakers approved nationalizing 11 oil rigs owned by Helmerich & Payne Inc. after state oil company Petroleos de Venezuela SA accused the U.S. company of a production "boycott."

See also: "AN declara utilidad pública de 11 taladros petroleros" http://www.pdvsa.com/index.php?tpl=interface.sp/design/salaprensa/readnew.tpl.html&newsid_obj_id=8707&newsid_temas=1

"... Next in the pipeline for probable nationalization are the five drills of the Chevron Corp. venture." source http://finance.yahoo.com/news/Venezuela-Seizes-Helmerichs-zacks-3754445639.html?x=0&.v=1

PDVSA to Seek Seizure of 11 Helmerich Oil Rigs Involved in Pay Dispute

June 24, http://www.bloomberg.com/news/2010-06-24/pdvsa-to-seek-seizure-of-11-helmerich-oil-rigs-involved-in-pay-dispute.html

PDVSA is seeking nationalization of 11 oil rigs owned by Helmerich & Payne Inc., which it accuses of trying to slow crude production in the South American country.

See also "Venezuela asumirá control soberano de 11 taladros de perforación" June 23, http://www.pdvsa.com/index.php?tpl=interface.sp/design/salaprensa/readnew.tpl.html&newsid_obj_id=8697&newsid_temas=1

Helmerich & Payne Comments on News Reports in Venezuela

June 24, http://phx.corporate-ir.net/phoenix.zhtml?c=101650&p=irol-newsArticle&ID=1441439&highlight=

PRNewswire - Helmerich & Payne, Inc. commented on recent media reports that refer to Venezuelan government authorities affirming that they will seek to nationalize the Company's 11 rigs in Venezuela. The Company has been in recent discussions with PDVSA (the Venezuelan national oil company) in efforts to achieve a mutually beneficial agreement that would address both PDVSA's desire for the Company's rigs to return to work and make progress towards collecting unpaid invoices corresponding to services rendered in prior years. The Company communicated to PDVSA on numerous occasions that it would be willing to enter new drilling contracts for drilling work in Venezuela if and when significant progress was achieved in terms of such receivable collections and currency conversion. PDVSA recently informed the Company that it would be interested in buying the Company's drilling rigs in Venezuela should the Company not be willing to return to work without such pre-conditions. The Company recently offered to sell rig assets to PDVSA. As of this morning, the Company has not received any notification from Venezuelan government authorities or from PDVSA regarding nationalization or expropriation of the Company's rigs or other assets.

President and CEO Hans Helmerich commented, "Our dispute with PDVSA has never been very complicated and our position has remained clear: We simply wanted to be paid for work already performed. We stated repeatedly we wanted to return to work, just not for free. We are surprised by yesterday's announcement only because we have been in ongoing efforts in a good faith attempt to accommodate a win-win resolution, including a willingness to sell rigs. We have worked in Venezuela for 52 years and wanted to continue under reasonable conditions. At the same time, Helmerich & Payne has reduced its number of rigs in Venezuela in half since 1998. At that point, almost 30% of our land rigs were in that country, as compared to under 5% of our land rigs today."

As previously reported in the Company's public filings, all 11 Helmerich & Payne rigs that formerly worked for PDVSA completed their contract obligations during calendar year 2009. Since then, these conventional land rigs have been idle in Venezuela and remain in our facilities there. The total invoiced amount by the Company that remains due from PDVSA as of June 14, 2010, is valued at approximately $43 million (U.S. currency equivalent), including approximately $36 million in invoices issued since the Company changed its revenue recognition to cash basis for its Venezuelan operation. Also pending resolution is an exchange with PDVSA of local currency (Bolivar Fuerte) for U.S. dollars as a result of PDVSA unilaterally paying U.S. dollar invoices (issued in 2007 and 2008) in local currency. Furthermore, since July 22, 2008, the Company has had an outstanding application with the Venezuelan government requesting approval to convert local currency cash balances to U.S. dollars for dividend payment purposes. When and if the Venezuelan government approves this application, the Company's Venezuelan subsidiary is expected to remit approximately $14.2 million, adjusted for the January 2010 currency devaluation, as a dividend to its U.S. based parent.

At May 31, 2010, the Company had approximately $30 million (U.S. dollar equivalent) in cash denominated in local currency in Venezuela. As of the end of the second fiscal quarter of 2010, the Company's consolidated balance sheet included approximately $67 million in net book value of long-lived assets comprised of property, plant and equipment in Venezuela, and approximately $5 million in equipment inventories in that country. Other less significant current assets and liabilities related to Venezuela are also included in the Company's consolidated balance sheet. For additional details related to the Company's operations and risks in Venezuela, please refer to the Company's latest annual report on Form 10-K and to its latest quarterly report on Form 10-Q.

Helmerich & Payne, Inc. is primarily a contract drilling company. As of June 8, 2010, the Company's existing fleet included 214 U.S. land rigs, 39 international land rigs and nine offshore platform rigs.

Exxon Comes Out Ahead In Arbitration Despite Venezuela's Claims

June 25, http://www.foxbusiness.com/story/markets/industries/energy/exxon-comes-ahead-arbitration-despite-venezuelas-claims/

Dow Jones - The latest decision from an arbitration panel has given Exxon Mobil Corp. (XOM) an edge over its battle to extract compensation from Venezuelan President Hugo Chavez. Legal experts say the June 10 decision by a World Bank-affiliated international dispute center allows Exxon to proceed in its claim to be paid for oil-producing assets, estimated to be worth billions of dollars, expropriated by Venezuela in 2007. The decision also bodes well for other companies that are pursuing similar claims against Venezuela, the one the top world's top 10 crude oil producers.

Former Petroleos de Venezuela (PDVSA) Finance Coordinator Oliver L Campbell about the dispute between ExxonMobil and Venezuela

June 27, http://www.vheadline.com/readnews.asp?id=93688

On June 10, the International Center for Settlement of Investment Disputes published the proceeding of the dispute between Mobil Corporation, the claimants, and the Bolivarian Republic of Venezuela, the respondent. ... The document -- sixty pages long -- deals only with the Tribunal's jurisdiction which was challenged by Venezuela ... I will touch on just a few salient points. The most surprising one was that "Venezuela first contends that Article 22 of the Investment Law does not provide the requisite clear and unambiguous consent to arbitration of this dispute."

SBU To Interrogate All Involved In Clearing Customs For 11 Billion Cubic Metres Of Gas In 2009

June 25, http://un.ua/eng/article/272645.html

Ukrainian News Agency - The Security Service of Ukraine plans to summon to interrogations all those involved in clearing customs for 11 billion cubic metres of gas in 2009, in frames of investigation into aggrieving the state since the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) award of June 8, SBU Chairman Valerii Khoroshkovskyi has told a news briefing.

Azarov: Courts considering 15 suits against Ukraine due to Tymoshenko government

June 23, http://www.kyivpost.com/news/politics/detail/70736/

Interfax-Ukraine - International courts are considering 15 suits against Ukraine due to unlawful decisions by the previous government headed by former Premier Yulia Tymoshenko, Prime Minister of Ukraine Mykola Azarov has said.

Gazprom not planning to withdraw from RosUkrEnergo authorized capital

June 25, http://www.kyivpost.com/news/business/bus_general/detail/71064/

Interfax - Gazprom does not plan to withdraw from RosUkrEnergo's authorized capital, Gazprom CEO Alexei Miller told journalists on Friday. Asked whether Gazprom could sell 11 billion cubic meters of gas to Naftogaz Ukrainy so that the latter could comply with a ruling by the Arbitration Institute of the Stockholm Chamber of Commerce, Miller said nobody has yet asked Gazprom to do so. In particular, Miller said he had met with Ukrainian Fuel and Energy Minister Yury Boiko on Thursday and did not hear such a request.

Adroit Resources Inc.: Expropriation Appeal Decision

July 1, http://pr-canada.net/index.php?option=com_content&task=view&id=221653&Itemid=59

Adroit Resources Inc. - In a judgment handed down on June 29, 2010, the Court of Appeal for British Columbia allowed the appeal in part and dismissed the cross-appeal awarding the Government of British Columbia the costs of both the appeal and cross-appeal. The Court of Appeal ordered that the disturbance damages ordered by the trial judge be reduced from $303,633 to $3,633 effectively halving the trial judge's award. The Company's news release of June 25, 2009 refers to the trial judge's order. On July 30, 2009, the Company reported that the Government of British Columbia had filed a Notice of Appeal indicating its intention to appeal the compensation award in favour of the Company made by the Supreme Court of British Columbia on June 24, 2009. The Company subsequently protested that the Notice of Appeal was served late, with the result that the Government was required to apply to the British Columbia Court of Appeal for an Order extending the time for serving the Notice of Appeal.

On November 10, 2009 the Company reported that the Court of Appeal had granted the Government's application for an extension of time, but provided that the Government must pay $650,000 to the Company within 7 days to stay execution by the Company on its judgment. Management was pleased to report that the Company had received the required C$650,000 payment from the Government. The Company estimates the total value of the compensation originally awarded by the Supreme Court for the expropriation of the "Amber" mineral claims to be well in excess of $1,400,000 with costs and interest. The Government appealed that decision in an effort to convince the Court of Appeal to reduce the quantum of that award. The Company vigorously opposed the Government's appeal and filed its Cross-Appeal Factum seeking again the sum claimed before the Supreme Court of British Columbia.

Further information concerning the judgment pronounced by the trial court in the Company's favour is set out in the Company's news release dated June 25, 2009 and the receipt of the Government's Notice of Appeal in the Company's news release of July 30, 2009. The Reasons for Judgment in full can be seen on the Court's web site: http://www.courts.gov.bc.ca/search_judgm ents.aspx#SearchTitle

Further details of the Company's expropriation claim against the Government are on the Company's web site www.adroitresources.ca .

Delhi HC dismisses Bhushan Steel petition against Danish company

July, http://sify.com/finance/supreme-court-settles-dispute-over-hpcl-distributorship-news-columns-kgvbOdebgia.html

The Delhi high court has dismissed a petition moved by Bhushan Steel Ltd against a Danish company in a dispute over consignments of coated steel coils to Europe. The foreign company found that some goods were not according to its specifications and therefore it rejected them. Both of them demanded money from each other. Following this dispute, the foreign firm moved the Singapore International Arbitration Centre. The Indian company, however, challenged its jurisdiction and contended that the terms of arbitration in the contract were vague and unenforceable.

Vietnam: New Law on Commercial Arbitration will come into force on January 1 2011

July 5, http://www.vir.com.vn/Client/VIR/index.asp?url=content.asp&doc=17477

The newly-introduced Law on Commercial Arbitration, effective from January 1 next year, is expected to engineer more effective commercial dispute settlements in Vietnam. On June 17, 2010, the 12th Legislature of the National Assembly passed, together with seven other laws, the Law on Commercial Arbitration ("Law 2010"), which will come into force on January 1, next year. The law is seen as an important instrument for Vietnam's economic integration into the international community. Vietnamese legislators have addressed several shortcomings of current laws essentially based on the Ordinance on Commercial Arbitration of 2003 ("Ordinance 2003") for enabling the arbitration system to gain public faith amid dispute settlements.

Dhaka delays controversial gas project

July 2, http://www.dvb.no/news/dhaka-delays-controversial-gas-project/10554

Bangladesh will not proceed with plans to explore for oil and gas in the Bay of Bengal until a dispute over maritime boundaries with Burma is resolved. Arbitration will continue and the project will aim to resume in four years, Bangladesh's foreign minister Dipu Moni told parliament on Wednesday. The UN is brokering the mediation, but Dhaka will push for direct talks with Burma as well.

Claimant pushing for SABC to fork out more

July 1, http://www.businessday.co.za/articles/Content.aspx?id=113352

NAMIBIA-based Trustco Group, which last month was awarded R24,7m plus interest in arbitration proceedings against the SABC for breach of contract, said yesterday it would ask for more money. ... "The company (Trustco) was advised by its external legal representatives that there are good prospects that the amount of the award made by the arbitrator will be increased by an appeal tribunal," it said. Trustco expected the matter to be finalised this year .

Tymoshenko Publishes Stockholm Arbitration Tribunal's Decision On Dispute Between Naftohaz Ukrainy And RosUkrEnergo

July 1, http://www.tymoshenko.ua/en/article/ees2c38z

According to the ruling by the Stockholm arbitration court, Naftohaz of Ukraine recognizes the lack of sufficient legal grounds for its acquisition and possession of 11 billion cubic meters of gas and agrees to pay RosUkrEnergo penalties for the late return of this gas. See also "Tymoshenko To Publish Stockholm Arbitration Tribunal's Decision On Dispute Between Naftohaz Ukrainy And RosUkrEnergo" July 1, 2010. http://un.ua/eng/article/273524.html

Ukraine's Parliament Decides Investigate Possible RosUkrEnergo Corruption Facts Since Stockholm Arbitration Tribunal Decision

July 1, http://un.ua/eng/article/273384.html

Ukrainian News Agency - The Verkhovna Rada decided to set up an interim investigative commission to hold an inquiry into a decision the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) made on June 8 to bind Naftohaz Ukrainy national joint-stock company return 11 billion cubic meters of natural gas to RosUkrEnergo (Switzerland) and provide another 1.1 billion cubic meters of natural gas as penalties for violating the terms of the contract, and also into possible facts of RosUkrEnergo corruption and involvement in this of public authorities and arrest of former head of the State Customs Service Anatolii Makarenko. Corresponding draft bylaw No.6605 found support with 238 members of parliament, while 150 votes is enough.

Regal Petroleum provides Ukraine Update

June 28, http://www.regalpetroleum.co.uk/media_471.asp

Regal, the AIM-listed oil and gas exploration and production group, notes the comments in the media regarding the possible actions of the Ministry of Environmental Protection in relation to its operations in Ukraine. The Company is in ongoing dialogue with the Ministry of Environmental Protection and the Ukrainian Government in relation to these matters, during which operations continue as normal.

The Company advises that an order dated 30 March 2010 was signed by the Minister of Environmental Protection identifying certain matters requiring rectification in relation to Regal's compliance with certain legislation in Ukraine relating to its operations at its Mekhediviska Golotvshinska (MEX-GOL) and Svyrydivske (SV) gas and condensate fields, and requiring a suspension of operations whilst such matters were rectified. However the Company was not aware of this order until it was enclosed with a letter to the Company received on 21 May 2010.

Upon receipt of this letter and the order, the Company immediately engaged with and held meetings with, inter alia, the Minister of Environmental Protection, officials within the Ministry of Environmental Protection and senior members of the Ukrainian Government to understand the circumstances surrounding this order. These discussions have resulted in an ongoing dialogue with the Ukrainian Government and its Ministries which the Company believes will result in the rectification of the issues raised by the order, and have included assurances from the Ministry of Environmental Protection that the Company is not required to suspend operations whilst these ongoing discussions continue.

A further update will be provided as soon as further information is available.

Pakistan: Eight ordinances laid before National Assembly

June 28, http://www.app.com.pk/en_/index.php?option=com_content&task=view&id=107657&Itemid=2

APP - The government on Monday laid eight ordinances before National Assembly amidst objections by the opposition regarding the missing ordinances from the series. ...

The Ordinances laid to the House on Monday include the Arbitration (International Investment Disputes) Ordinance 2010, the Recognition and Enforcement (Arbitration Agreements and Foreign Arbitral Awards) Ordinance 2010.....

Bay gas exploration in 4 years: FM

June 30, http://bdnews24.com/details.php?id=166267&cid=4

Bangladesh will get access to its oil and gas resources in the Bay of Bengal in four years, foreign minister Dipu Moni told the parliament Wednesday. She said the conflict over territorial waters with India and Myanmar that threatens the rights to exploration would be resolved either by bilateral negotiations or through arbitration.

Ghana wins arbitration dispute with German investor

June 29, http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=185145

GNA - The International Centre for Settlement of Investment Disputes (ICSID) has, in a landmark ruling, granted an award in favour of Ghana over an arbitration dispute instituted against her on September 24, 2007 by a German investment company, Gustav F. W. Hamester. An official statement issued in Accra on Tuesday said the ruling in favour of Ghana was a strong pointer to current and future investors in Ghana that even though they were always welcome to accelerate the development agenda of the country, investor misconduct would not be tolerated.

The Svea Court of Appeal dismisses challenge of arbitral award [Baltiysky Zavod JSC v Stena RoRo AB]

June 24, http://www.chamber.se/?id=23696&newsid=34697

A Russian company has challenged an Arbitral Award rendered in Stockholm. The company moved that the Arbitral Award be set aside since no valid contracts, nor an arbitration agreement, between the parties in the arbitration existed. The validity of the contracts was conditional upon the approval of the Board of Directors of both companies. An approval should have been submitted from the counter party, a Swedish company, in form of minutes from a board meeting. Such minutes did however not exist.

The Svea Court of Appeal found that it was showed that the Board of Directors of the Swedish company had approved the contracts. The fact that the Swedish company did not comply with the provisions in the Swedish Companies Act as regards the keeping of minutes was irrelevant in this context. The Russian company's challenge was thus dismissed.

Translation (Office translation by Mannheimer Swartling) available here: http://www.chamber.se/filearchive/3/34695/Baltiysky%20v%20Stena%20Ro%20Ro_translation%20MSA.pdf

Is Big Oil Turning Against BP?

June 25, http://www.cbsnews.com/8301-31727_162-20008842-10391695.html

CBS News has learned that some oil and gas companies in the Gulf of Mexico are considering litigation against BP for lost revenue due to the Deepwater Horizon explosion and the environmental disaster it has caused. The administration's moratorium on deepwater drilling is said to have hurt revenues industry-wide. ..... said the oil companies would have to find something in a federal statute that would allow them a private right to sue because there is no contractual duty between BP and their fellow oil and gas companies. James Noe, general counsel for Hercules Offshore says that while his company is not suing he understands why others are weighing litigation.

Canada to Congo: Play fair with miners

June 30, http://www.theglobeandmail.com/globe-investor/canada-to-congo-play-fair-with-miners/article1625028/?cmpid=rss1

Canada is holding up a World Bank decision to relieve $8-billion in debt because of Congo's dispute with First Quantum Minerals

G8 leaders take DRC to task over First Quantum Minerals expropriation

June 25-26, http://g8.gc.ca/g8-summit/summit-documents/g8-muskoka-declaration-recovery-and-new-beginnings/

...

18. The G8 remains concerned about the illicit exploitation of and trade in natural resources - including minerals and timber. These activities play a major role in fuelling conflict. We support efforts of regional mechanisms and organizations to prevent, curb and eradicate these illegal activities. We support efforts of the Kimberley Process to manage the trade of rough diamonds and ensure compliance by all participants with its standards. The illicit exploitation of and trade in natural resources from the eastern Democratic Republic of the Congo has directly contributed to the instability and violence that is causing undue suffering among the people of the DRC. We urge the DRC to do more to end the conflict and to extend urgently the rule of law. We welcome the recent initiatives of the private sector and the international community to work with the Congolese authorities and to enhance their due diligence to ensure that supply chains do not support trade in conflict materials. We also urge candidate countries to the Extractive Industries Transparency Initiative (EITI), including the DRC, to complete the EITI implementation process as a mechanism to enhance governance and accountability in the extractive sector. The recent inclusion of coltan and cassiterite in the DRC's EITI reporting is a step in the right direction. Further, we welcome the ongoing research and advocacy of international NGOs and local civil society as an important contribution to reducing the conflict opportunities of natural resources.

...

Congo Declines to Ratify Key Tullow Oil Licenses

June 24, http://www.rigzone.com/news/article.asp?hpf=1&a_id=95145

Congo's government has declined to ratify U.K.-listed Tullow Oil's licenses for two key oil exploration blocks, instead awarding them to companies owned by a relative of South African President Jacob Zuma. The presidential decree from Kinshasa confirmed long-stalled licenses for some U.K. and African oil companies, but replaced Tullow and its partners with Caprikat Ltd. and Foxwhelp Ltd., owned by the South African businessman Khulubuse Zuma.

Note: decree also available in the OGEL Legal & Regulatory database, see www.ogel.org/legal-and-regulatory-detail.asp?key=3925

Rosneft to abide by Dutch court Yukos decision: company

June 28, http://www.expatica.com/nl/news/dutch-news/rosneft-to-abide-by-dutch-court-yukos-decision-company_79816.html

Rosneft said on Monday it would abide by a top Dutch court decision denying Russia's largest oil firm the right to appeal against an order to pay 400 million dollars to the now defunct Yukos oil major.

Dutch Court Denies Rosneft's Yukos Appeal

June 28, http://www.themoscowtimes.com/business/article/dutch-court-denies-rosnefts-yukos-appeal/409152.html

The Dutch Supreme Court denied Rosneft the right to appeal in a case relating to 13 billion rubles ($420 million) of arbitration awards granted to a former subsidiary of defunct oil firm Yukos, a court spokeswoman said Friday. "The Supreme Court cannot hear the appeal because it has no jurisdiction," a spokeswoman for the court said.

Dutch text: http://jure.nl/bm1679

Russia Closes Criminal Case Against Yukos Executive Aleksanyan

June 24, http://www.businessweek.com/news/2010-06-24/russia-closes-criminal-case-against-yukos-executive-aleksanyan.html

Bloomberg - A Moscow court closed a criminal case against Vasily Aleksanyan, a former vice-president at OAO Yukos Oil Co., as the limitation period expired, according to the website of Yukos's one-time owner Mikhail Khodorkovsky.

See http://www.khodorkovskycenter.com/news-resources/stories/charges-dropped-against-yukos%E2%80%99-aleksanyan

Taiwan court clears ex-officers of graft over French frigate deal

June 25, http://www.earthtimes.org/articles/news/331445,graft-french-frigate-deal.html

Taipei - The Taipei District Court Friday cleared five former navy officers of corruption charges over a controversial 2.8-billion-US-dollar frigate deal. Retired Vice Admiral Lei Hsueh-ming, retired Rear Admiral Wang Chin-sheng and three senior navy officers were charged with graft in 2001 for inflating the prices of six French-made Lafayette-class frigates by 4 billion Taiwan dollars (129 million US dollars).

Ecuador To Include Tax Reform In Hydrocarbons Law

June 25, http://english.capital.gr/news.asp?id=999406

Dow Jones - An executive-branch initiative to reform Ecuador's hydrocarbons sector will include tax reforms aimed at making planned new petroleum-services contracts more viable, a cabinet minister said Friday. Ecuador Nonrenewable Natural Resources Minister Wilson Pastor said the reforms will put the taxes that companies should pay at an average of about 36.25%, against the current level of over 40%. … The proposed law will prevent companies having disputes settled by the World Bank's International Center for Settlement of Investment Disputes, known as ICSID. Instead, the government wants disputes settled by the International Court of Justice, at an office in Santiago, Chile.

Ecuador Govt To Submit Oil Contract Model Next Week -Report

June 24, http://online.wsj.com/article/BT-CO-20100624-709921.html

Dow Jones - Non-renewable Natural Resources Minister Wilson Pastor plans to submit to private oil companies next week the new service contract model that the government hopes will allow it to reach agreements on new contracts.

Nigerian Govt mulls reform in arbitration, dispute resolution laws

June 25, http://ww2.guardiannewsngr.com/index.php?option=com_content&view=article&id=14832:govt-mulls-reform-in-arbitration-dispute-resolution-laws-&catid=1:national&Itemid=559

PLANS are under way by the Federal Government to reform and harmonise the Alternative Disputes Resolution (ADR) and Arbitration Laws, Attorney General of the Federation, (AGF) and Minister of Justice, Mohammed Adoke, has disclosed.

RFE/RL Interview: Labelle Of Transparency International Says Pressure Should Be On Governments

June 25, http://www.rferl.org/content/Labelle_Of_Transparency_International_Says_Pressure_Should_Be_On_Governments/2082712.html

RFE/RL: In the last few years, Russia has been seen as growing more corrupt. In recent surveys, it ranks together with countries like Zimbabwe. At the same time, Russian President Dmitry Medvedev says he is taking steps to tackle corruption. Why isn't it working?

Huguette Labelle: Right now Russia has asked to become part of the OECD convention against corruption, which is a tremendously positive step on their part. They have a lot of work to do. They need to pass a law to criminalize corruption by their companies outside of Russia. They need to do that, and I hope that they will. So, they're taking a lot of very interesting steps. It's a big country, there's a lot to do, so it will be interesting to see within the next 2-3 years if this pressure by the government is sustained and if the industries, those who are trying to band together to fight corruption, continue their work. I think that we will see some positive results.

ConocoPhillips seeks changes in MPSC over place of arbitration

June 25, http://www.thefinancialexpress-bd.com/more.php?news_id=104099&date=2010-06-25

US oil giant ConocoPhillips has sought changes in the model production sharing contract (MPSC) over location of arbitration before signing deals to initiate hydrocarbon exploration in the Bay of Bengal, top officials said Tuesday.

Montpelier Re Prevails in Arbitration Proceedings and Reaffirms Its Reported First Quarter Catastrophe Loss Estimates and Its Previously Announced Deepwater Horizon Rig Loss

June 22, http://www.snl.com/irweblinkx/file.aspx?IID=4076538&FID=9730866

Montpelier Re Holdings Ltd., has been informed that its principal operating subsidiary Montpelier Reinsurance Ltd. ("Montpelier Re") has prevailed in its previously disclosed arbitration proceedings with Manufacturers Property & Casualty Limited ("MPCL"). The arbitration proceedings involved a dispute concerning two contracts pursuant to which Montpelier Re purchased reinsurance protection from MPCL in 2005 (the "Disputed Contracts").

The award dismisses MPCL's claim for rescission of the Disputed Contracts and calls for MPCL to pay Montpelier Re the outstanding losses on the Disputed Contracts plus accrued interest through the date payment is made. The amount of accrued interest due Montpelier Re, calculated through the date of this release, is approximately $2.5 million.

The Company also reports that it does not anticipate any increase in its net loss estimates associated with the Chilean earthquake and windstorm Xynthia over those previously recorded as of March 31, 2010, and also reaffirms its previously announced pre-tax net loss estimate of $20 million from the Deepwater Horizon rig loss.

Oilex Wins West Kampar Arbitration

June 24, http://www.oilex.com.au/files/100624%20West%20Kampar%20Arbitration.pdf

Oilex Ltd (ASX: OEX, AIM: OEX) advises that the International Court of Arbitration of the ICC (International Chamber of Commerce) has found in favour of its subsidiary Oilex (West Kampar) Limited (Oilex) in its claim against PT Asiabumi Petroleo (Asiabumi) for the recovery of US$4.6million that is owed to Oilex.

PT Asiabumi Petroleo is the parent company of PT Sumatera Persada Energi (SPE). SPE is a party to the joint venture and the Operator of the West Kampar Production Sharing Contract (PSC) in Sumatera Indonesia. The Award granted in Oilex's favour takes effect immediately.

Oilex commenced the ICC Arbitration against Asiabumi, in Singapore in April 2009 following the failure of SPE in early 2009 to repay a debt owing to Oilex under a previous agreement between OIlex and SPE. SPE's obligations to repay the debt were secured by a parent company guarantee granted by Asiabumi to Oilex in 2008.

Oilex will now immediately pursue the enforcement of the Award against Asiabumi to recover the amount due.

Watson Farley & Williams LLP's Singapore office acted for Oilex in the Arbitration.

The participating interests in the West Kampar PSC are set out below.

Joint Venture Party Participating Interest
Oilex Ltd (West Kampar) Limited 67.5% (1)
PT Sumatera Persada Energi (Operator) 32.5%

(1) Oilex (West Kampar) Limited is entitled to have assigned an additional 22.5% to its holding through the exercise of its rights under a Power of Attorney granted by SPE following the failure of SPE to repay funds due. The assignment has been provided to BPMigas but has not yet been approved or rejected. If Oilex is paid the funds due then it will not pursue this assignment.

Op-ed: When the State Battles the Corporation

By Ian Bremmer, June 23, http://www.nytimes.com/2010/06/24/opinion/24iht-edbremmer.html

Once BP begins to get its crude oil out of the Gulf of Mexico and off the front pages, a new fight will begin, one that pits a heavyweight energy corporation against the United States government in a battle over assessment of costs and blame.

EVENTS

MIGA-Georgetown Symposium on International Political Risk Management: Old Risks-New Solutions, or Is It the Other Way Around? October 28, 2010

Georgetown University. Washington, DC, http://www.miga.org/symposium/

The program includes papers and commentary from the most experienced participants in the management of international political risk, and offers opportunities for interaction with guest speakers and fellow participants throughout the day.

Tax Dispute Resolution & Litigation Summit - 8th July 2010

Sofitel St James, London. http://www.informaglobalevents.com/KW5127TDMW

The Tax Dispute Resolution & Litigation Summit programme, drafted in consultation with some the most distinguished experts in the field, features an authoritative silk speaker faculty and will be congregating some of the finest direct and indirect tax QCs in the country, leading law firms and industry experts. HMRC Solicitor's Office will of course be represented at its most senior level in the person of Anthony Inglese, General Counsel & Solicitor, while the keynote speech will be delivered by Sir Stephen Oliver QC.

International Energy and Infrastructure Arbitration - A Vietnam Perspective

30 July 2010. Ho Chi Minh City, Vietnam, http://www.siac.org.sg/cms/index.php?option=com_registrationpro&Itemid=62&view=event&did=7

The Singapore International Arbitration Center (SIAC) in partnership with The Pacific International Arbitration Centre (PIAC) will host a half-day seminar to examine the latest regional developments in dispute management and arbitration in the energy and infrastructure sectors. The conference will take place on Jul 30, 2010 at the Sheraton Saigon Hotel in Ho Chi Minh City. The keynote speaker at the Conference will be Mr K Shanmugam, Singapore Minister for Law.

Third Investment Arbitration Forum 2 - 3 September 2010, Mexico

Mexico, D.F. http://www.juridicas.unam.mx/

The Investment Arbitration Forum (IAF) is looking for speakers and suggestions for topics for the Third Investment Arbitration Forum which will take place at the Instituto de Investigaciones Jurídicas (“IIJ”) of the National Autonomous University of Mexico (“UNAM”) in Mexico City on September 2 and 3, 2010. See "Call for speakers, topics and articles" (pdf) for more information.

Legal aspects of the choice of law in international contracts under the new “Rome I-Regulation” 9 - 10 September 2010

9 - 10 September 2010. Bourgogne, France. http://www.u-bourgogne.fr/-ROME-1-et-le-choix-de-loi-.html

This two-day conference will explore the legal aspects of the choice of law in international contracts under the new "Rome I-Regulation". Speakers from eight different member States of the EU will discuss current issues relating to choice of law, in a comparative law approach based in particular on the national courts' pratice of the Rome Convention. 9 Sep 2010 - 10 Sep 2010 Dijon - France. The conference language will be French.

Cross-Border Dispute Resolution: The Perspective for Russia and the CIS, September 14

September 14, Moscow, Russia. http://new.abanet.org/calendar/resolution-of-russia-related-business-disputes-the-next-wave/Pages/default.aspx

On September 14, 2010, the Section of International Law of the American Bar Association (ABA) will hold its award-winning conference on dispute settlement, “Cross-Border Dispute Resolution: The Perspective for Russia and the CIS.”

The conference will feature presentations by world-class Russian and foreign arbitration experts, including Professor Alexey Kostin (Chairman of the International Commercial Arbitration Court at the Russian Federation’s Chamber of Commerce and Industry (MKAS)), Peter M. Wolrich (Curtis Mallet; Chairman of the ICC Commission on Arbitration), Vladimir Khvalei (Baker & McKenzie), William R. Spiegelberger (RUSAL), Ilya V. Nikiforov (Egorov Puginsky Afanasiev & Partners), Graham Coop (Energy Charter Secretariat), Ivan Marisin (Dechert LLP), and many others.

Topics will include:

To register or for more information, please visit http://new.abanet.org/calendar/resolution-of-russia-related-business-disputes-the-next-wave/Pages/default.aspx

Arbitration on the Edge of the Rules. When does a Clever Procedural Tactic Become an Abuse? September 15

September 15, Moscow, Russia. http://www.adr.org/sp.asp?id=33639

ICDR Young & International, Moscow Arbitration Forum Below 40, and the American Bar Association's Section of International Law present: The Moscow Seminar for Young Practitioners. "Arbitration on the Edge of the Rules. When does a Clever Procedural Tactic Become an Abuse?" The program will be held from 4.30 PM - 7.30 PM, with registration opening at 4.00 PM, at The Institute of State and Law of the Russian Academy of Sciences, 2nd Floor, Znamenka Street 10, 119991 Moscow, Russia.

Where lies the border between acceptable tactics and abusive procedural tricks in international arbitration? Who guards that border and what happens if it is violated? What are the remedies against procedural maneuvers such as excessive challenges, last-minute motions, disruptive interim measures, and "Friday night filings", which are formally allowed under the applicable arbitration rules but increase time and delay and challenge due process? Please join us for a debate with international and Russian arbitration practitioners on these and other topical issues.

Our keynote speaker, Nicholas Munday, the head of litigation & arbitration at Clifford Chance Moscow, will examine the ICDR and MKAS arbitration rules in search for "ticking procedural bombs" among their provisions as well as for rule-based shields against them. His presentation will be followed by a panel discussion featuring Yulia Andreeva (Debevoise & Plimpton), Andrey Astapov (Astapov Lawyers), Dmitri Evseev (Arnold & Porter), Julia Romanova (Chadbourne & Parke), and Maria Theresa Trofaier (CMS Reich-Rohrwig Hainz).

The seminar will be followed by a reception and dinner for the speakers and participants.

This seminar is organized on the occasion of the ABA conference on Cross-Border Dispute Resolution: The Perspective for Russia and the CIS. The conference will take place on September 14, 2010, at the Lotte Hotel, 8 bld. 2 Novinskiy Boulevard, Moscow, Russia. Visit http://www.adr.org/sp.asp?id=33639 for more info.

The Swedish Arbitration Days 2010 - Damages and other relief in international arbitration, 16-17 September 2010

Näringslivets Hus, Storgatan 19, Stockholm. 16-17 September 2010, www.swedisharbitration.se

Swedish Arbitration Days 16-17 September 2010 - Damages and other relief in International Arbitration. The Swedish Arbitration Days 2010 will bring together leading international arbitration practitioners, well-known arbitrators, scholars, forensic evaluation experts and accounting experts in the appraisal of damages, among others, to discuss the issues of damages and other relief in international arbitration.

Construction Disputes Asia: Evolution or Revolution?

17 September 2010, Pan Pacific Hotel, Singapore

The Singapore International Arbitration Centre and the Society of Construction Law (Singapore) proudly present a one day conference on ‘Construction Disputes Asia: Evolution or Revolution’ on 17 September 2010 at the Pan Pacific Hotel, Singapore.

This prestigious conference offer an update of the new SIAC 2010 Rules (and its application to construction contracts including Institutional Arbitration); the problems and challenges of using a Construction Expert in dispute resolution; effective ADR from an international perspective from leading construction practitioners form United Kingdom, Australia, Hong Kong and Malaysia; and aspects specialist Energy sector Construction Contracts.

Register before 31 August 2010 and pay the early registration fee. For a limited period only, register 4 delegates and pay for only 3.

For more information on programmes and registration, please visit www.siac.org.sg. Alternatively, you can email to Ms Sylvia Beetsma at events(at)siac . org . sg or call +65 6221 8833.

Investment Treaty Arbitration, 22-23 september 2010

Gouman Charring Cross Hotel, London, UK. www.c5-online.com/arbitration

C5 has brought together the leading lawyers and arbitrators to provide you with the latest tools needed to initiate, conduct and succeed in investment treaty arbitration worldwide. In a series of highly practical sessions delivered by a faculty of the top minds in the field, you will get the most up-to-the-minute and relevant information possible on the issues shaping the investment treaty arbitration landscape now.

IV Düsseldorf International Arbitration School

September 20-24 2010. Düsseldorf, Germany. http://www.duslaw.eu/en/veranstaltungen/intensiv/arbitration_en

The last decades of the twentieth century have seen a phenomenal boom in international arbitration, with all the hazards and vagaries that come with sudden success. Anyone dealing with business transactions crossing borders now needs to be familiar with the special features of international commercial and investment arbitration. The five-day Düsseldorf International Arbitration School aims at providing young practitioners, post graduates and advanced students - especially Moot Court participants - with the requisite specific knowledge. The School is based on a highly practical, inter-active teaching concept.

Participants get the rare opportunity to improve their skills and knowledge in both the law and practice of international commercial arbitration. The teaching faculty consists of some of Europe's leading arbitration practitioners. The participants may accompany these practitioners on an exciting quest: the search for efficient and fair dispute resolution in a world where there is no "non-national commercial court of compulsory jurisdiction" - a world where the two major legal systems come together and merge. Each day will have a different theme, with a special focus on EU law and arbitration on the last day (conference day).

Participation is limited. Early application is highly recommendable. The fee is EUR 600 for practitioners, EUR 300 for full-time academics, EUR 250 for students/legal trainees and EUR 300 for Moot Court teams (team fee for up to four team members, additional fee of EUR 50 per person for further team members). Scholarships are only awarded on a rare basis and in exceptional cases.

How to Handle Competition Issues in an International Commercial Arbitration: 12 - 15 October 2010

This three-day intensive seminar based on a mock arbitration case will provide critical skills and practical insight into handling arbitration cases primarily under the auspices of the ICC Rules of Arbitration.

3rd St.Gallen International Dispute Resolution Conference, 14-15 October 2010

St.Gallen, Switzerland. http://www.sg-disputeresolution.com/

Organised by the University of St.Gallen in cooperation with the University of Texas School of Law. Speakers and Moderators: Prof. Rachel Brewster, - Prof. Lucius Caflisch, - Ambassador Dr. Christian Etter, - Prof. Susan Franck, - Daniel Hochstrasser, - Prof. Dr. Christine Kaddous, - Prof. Dr. Juliane Kokott, - James Loftis, - Paul Mahoney, - Prof. Dr. Markus Müller-Chen, - Sir Richard Plender, QC. - Prof. Alan Rau, - Dean Lawrence Sager, - Prof. Akio Shimizu, - Dr. John Temple Lang, - Prof. Dr. Peter Van den Bossche, - Edwin Vermulst, - Dr. Michael Waibel, and Prof. Dr. Franz Werro.

International Investment Arbitration - The Need of Change of Legal Regulations, 26 October 2010

26 October 2010, Warsaw, Poland.

The Chairs of the Conference are prof. Andrzej Szumanski, the President of the Court of Arbitration at PCPE Lewiatan and dr Marcin Dziurda, President of the State Treasury Solicitors' Office. The panelists will be: dr Beata Gessel-Kalinowska vel Kalisz, dr Marek Swiatkowski, dyr. Maria Szymanska, mec. Bartosz Kruzewski, dr Andrzej W. Wisniewski, dr Maciej Jamka, mec. Pawel Pietkiewicz, dr Wojciech Sadowski, mec. Wojciech Jaworski, dr Katarzyna Michalowska, mec. Sylwester Pieckowski, dr Maciej Szpunar, prof. dr hab. Stanislaw Soltysinski, prof. dr hab. Grzegorz Domanski, mec. Maciej Laszczuk and mec. Justyna Szpara.

The Conference is a part of the project “Promotion of amicable methods of commercial dispute resolution” co-financed by the European Union Funds within the framework of the European Social Fund. Therefore, the Conference is free of charge. The Conference will be held in Polish and English (simultaneous translation)

Foreign Direct Investment International Moot Competition (FDI Moot) 22-24 October 2010

The 2010 Oral Rounds will be held 22-24 October 2010 at Pepperdine University School of Law in Malibu, Cailfornia (on the Pacific Coast 20-45 minutes north of Los Angeles).

The "FDI Moot Problem 2010" and other information is available on the website http://www.fdimoot.org/

Cross-Examination in International Arbitration, 5 November 2010

Grand Hotel Wien, Vienna, Austria, http://www.jurisconferences.com/

Juris Conferences will be putting on a day-long seminar at the Grand Hotel in Vienna on Cross-Examination in International Arbitration. The seminar will be directed toward an expected audience of lawyers with civil law backgrounds who would like to have greater familiarity with the techniques of cross-examination, because it is a major part of international arbitration hearings.

Fifth Annual Lecture on International Commercial Arbitration: 11 November 2010

The annual lecture offers an eminent figure in international arbitration a platform on which to share his or her ideas on novel issues and current trends in international arbitration, while providing practitioners and academics an exclusive opportunity to participate. The 2010 Annual Lecture will feature Yves Derains, Partner, Derains Gharavi & Lazareff.

Hong Kong International Arbitration Centre 25th Anniversary, 17-20 November 2010

http://www.hkiac.org/25th, Hong Kong

This year marks the 25th anniversary of the founding of the Hong Kong International Arbitration Centre (the “HKIAC”). To celebrate this special occasion, the HKIAC will host a series of events from 17-20 November in Hong Kong.

The festivities will commence on 17 November 2010 with the Kaplan Lecture 2010 and the Opening Reception. This year's Kaplan Lecture will be delivered by Toby Landau QC.

The HKIAC 25th Anniversary Conference will then be held from 18-19 November 2010. The theme for the Conference is "Rethinking International Arbitration". The Opening Keynote Speaker will be Jan Paulsson. The Conference will include many distinguished practitioners from around the world who will serve as presenters or moderators of the various sessions. These include Lord Hoffman, Lord Goldsmith QC, Professor Dr Gabrielle Kaufmann-Kohler, Arthur Marriott QC, Albert Jan van den Berg, David W. Rivkin, Dominique Brown-Berset, Hon. Charles Brower and others.

On 20 November 2010, the HKIAC will organise a mock arbitration co-supported by the ICC Court of International Arbitration and the Chartered Institute of Arbitrators, East Asia Branch.

For more details, please visit http://www.hkiac.org/25th or contact the HKIAC by email at adr (at) hkiac [dot] org or by fax at (852) 2524 2171.

The 15th Geneva Global Arbitration Forum - Ahead of the Curve. December 8 - 9

December 8 and December 9, 2010. Geneva, Switzerland. http://www.ggaf.ch/

Jacques Werner will be the Chairman of the Conference
Programme:

Wednesday, December 8, 2010Cocktail reception at the Four Seasons Hotel des Bergues


Thursday, December 9, 2010

Conference Information

Dates and Venue:
Wednesday, December 8 and Thursday, December 9, 2010
Four Seasons Hotel des Bergues - 33, Quai des Bergues - 1201 Geneva - Switzerland

Conference Fee:
CHF 900 / US$ 860 / Euro 690. This includes cocktail reception and lunch.

Language:
The proceedings will be in English.

The number of participants is limited and registration will be accepted on a first-come, first-served basis.

The Forum is sponsored by The Journal of World Investment & Trade; The Geneva Post Quarterly; OGEL; TDM
Please visit www.ggaf.ch for updates of the conference programme.

BOOKS

The Law of International Responsibility

Edited by James Crawford, Alain Pellet, and Simon Olleson
Assistant editor Dr Kate Parlett
Oxford Commentaries on International Law
978-0-19-929697-2 | May 2010 | Hardback | 1,376 pages (Discount for TDM/OGEMID members, contact us for details)

For more information please visit:

http://ukcatalogue.oup.com/product/9780199296972.do
Or
http://www.oup.com/us/catalog/general/subject/Law/PublicInternationalLaw/GeneralPublicInternationalLaw/?view=usa&ci=9780199296972

Providing detailed discussion and analysis of both jurisprudence and doctrinal controversies. The law of international responsibility plays a fundamental role in the modern system of international law. With a particular focus on the work of the International Law Commission, topics covered in The Law of International Responsibility include:

(Book review to be published on TDM)

ICSID

Sempra Energy International v. Argentine Republic (ICSID Case No. ARB/02/16)

Decision on Annulment, Jun 29, 2010, available on the ICSID website.

Burlington Resources Inc. v. Republic of Ecuador (ICSID Case No. ARB/08/5)

Decision on Jurisdiction, available on ICSID website.

Settlement agreed: MTN (Dubai) Limited and MTN Yemen for Mobile Telephones v. Republic of Yemen (ICSID Case No. ARB/09/7)

Outcome of Proceeding: Settlement agreed by the parties and settlement recorded at their request in the form of an award (Award embodying the parties' settlement agreement rendered on June 25, 2010, pursuant to ICSID Arbitration Rule 43(2)).

Award: Liman Caspian Oil BV and NCL Dutch Investment BV v. Republic of Kazakhstan (ICSID Case No. ARB/07/14)

Outcome of Proceeding: Award rendered on June 22, 2010.

Commerce Group Corp. and San Sebastian Gold Mines, Inc. v. Republic of El Salvador (ICSID Case No. ARB/09/17)

Status of Proceeding: Tribunal constituted July 01, 2010

Piero Foresti, Laura de Carli and others v. Republic of South Africa (ICSID Case No. ARB(AF)/07/1)

Status of Proceeding: Pending (the Tribunal declares the proceeding closed in accordance with Article 44(1) of the ICSID Arbitration (Additional Facility) Rules on July 2, 2010)

Joseph C. Lemire v. Ukraine (ICSID Case No. ARB/06/18)

Status of Proceeding: Pending (the Tribunal holds a pre-hearing conference with the parties by telephone on July 2, 2010)

International Company for Railway Systems (ICRS) v. Hashemite Kingdom of Jordan (ICSID Case No. ARB/09/13)

Status of Proceeding: Pending (the Respondent files a memorial on jurisdiction on June 30, 2010)

Tza Yap Shum v. Republic of Peru (ICSID Case No. ARB/07/6)

Status of Proceeding: Pending (the Tribunal holds a hearing on the merits in Washington, D.C. on May 31-June 4, 2010)

Nations Energy, Inc. and others v. Republic of Panama (ICSID Case No. ARB/06/19)

Status of Proceeding: Pending (the parties file post-hearing briefs on June 28, 2010)

Piero Foresti, Laura de Carli and others v. Republic of South Africa (ICSID Case No. ARB(AF)/07/1)

Status of Proceeding: Pending (the parties file updated statements of costs on June 28, 2010)

ABCI Investments N.V. v. Republic of Tunisia (ICSID Case No. ARB/04/12)

Status of Proceeding: Pending (the Tribunal holds a hearing on jurisdiction in Paris on June 23-25, 2010)

Tanzania Electric Supply Company Limited v. Independent Power Tanzania Limited (ICSID Case No. ARB/98/8)

Status of Proceeding: Pending (Tanzania Electric Supply Company Limited files a proposal for the disqualification of an arbitrator; the proceeding is suspended on June 25, 2010)

Helnan International Hotels A/S v. Arab Republic of Egypt (ICSID Case No. ARB/05/19)

Outcome of Proceeding: The ad hoc Committee issues a decision on the application for annulment on June 14, 2010.

RSM Production Corporation v. Central African Republic (ICSID Case No. ARB/07/2)

Status of Proceeding: Pending (the Claimant files statements of costs on June 15, 2010)

Giovanna a Beccara and others v. Argentine Republic (ICSID Case No. ARB/07/5)

Status of Proceeding: Pending (the parties file post-hearing briefs on June 22, 2010)

Vannessa Ventures Ltd. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/04/6)

Status of Proceeding: Tribunal reconstituted June 25 2010