In a matter before the Permanent Court of Arbitration, CRA’s Dr. Tiago Duarte-Silva was retained in a dispute concerning allegedly unpaid costs of several projects in the oil and gas sector for two State-owned companies. The respondent had entered into various agreements with the claimant, a project management consultant (PMC), to facilitate engineering, procurement, and construction work (EPC) on some of the projects. The projects were undertaken to increase refining capacity towards reducing the respondent’s reliance on importing oil and gas products to satisfy domestic demand. Dr. Tiago Duarte-Silva was supported by Isabel Serrano Alas and Selina Luu.
Project finance basics for International Arbitration practitioners
Lenders often depend exclusively on project revenues for repayment, so any operational or regulatory disruption can quickly jeopardize covenant compliance and...