Romania Awarded $73M Against Chevron In Oil Contract Row

Law360 (February 6, 2018, 6:31 PM EST) -- International arbitrators have awarded Romania $73 million in damages following Chevron Petroleum Co.'s cancellation of three agreements related to shale gas exploration that were found to have violated the country's Petroleum Law, the country's finance ministry said Friday.

A tribunal for the International Chamber of Commerce's International Court of Arbitration in Paris ordered the U.S. oil giant to pay the sum to Romania's National Agency for Mineral Resources in connection with services not performed under a series of contracts dating back to 2011, the country said....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.