Miércoles 23 de Junio 2021
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Ecuador has agreed to finally pay compensation to Anglo-French oil company Perenco, which suffered expropriations after a 2006 decree. (Photo: Ecuador Government)
Wednesday, June 9, 2021
Legal Briefs

ICSID: Debevoise Secures Perenco Victory


World Bank tribunal rejects Ecuador’s case for annulment in 13-year old case.

BY LATINVEX STAFF

Debevoise & Plimpton secured a victory at World Bank's International Centre for Settlement of Investment Disputes (ICSID) for its client Anglo-French oil company Perenco by substantially defeating the Republic of Ecuador’s attempt to annul an arbitral award in Perenco’s favor arising out of Law 42, a 2006 decree enacted by then-President Rafael Correa that imposed a 99 percent windfall levy on foreign oil revenues.

Ecuador was represented by Dechert and French attorney Pierre Mayer.

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Keywords: Arbitration, Debevoise & Plimpton, Dechert, Ecuador, Energy, Guillermo Lasso, Rafael Correa

 

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