Union Fenosa Gas says arbitration case with Egypt “not over”
Union Fenosa Gas (UFG) challenged reports that EGAS has won an arbitration case filed against it at the International Court of Arbitration in Paris. It was reported that EGAS will no longer be required to pay UFG the USD 270 mn plus interest it was asking for. “This is just a partial award; what’s relevant is that the tribunal has clearly stated that it has jurisdiction to decide on the merits of the case and that means that the arbitrators will continue with the process,” a UFG source told Natural Gas Europe. “It is not true that the ICC tribunal has dismissed in their entirety the claims brought by Segas against EGAS… The Tribunal addressed just some legal ‘technicalities’ referring to the way of executing the payment of the outstanding contractual amounts by EGAS. The relevant fact is that the ICC tribunal has determined clearly that it retains the jurisdiction to decide on the merits of the case and therefore the arbitration will continue,” the source added.