ZRVP Wins ICC Arbitration Dispute for OMV Petrom, with the Arbitral Tribunal Rejecting in Full Claims of Approximately USD 18 Million
The amount claimed by the opponent was an alleged difference in price which would have been due under the contract concluded between the parties. The Arbitral Tribunal, composed of three arbitrators from two continents and three different jurisdictions, resolved the dispute in favor of OMV Petrom in August 2022, awarding OMV Petrom a full dismissal of the claimant’s claims.
The contractual dispute concerned claims for an amount of approximately USD 18 million disputed by a contractor of OMV Petrom acting in the oil and gas exploration and production business. Although seemingly a one-off question of contract interpretation, the dispute proved to be extremely complex in terms of the financial and legal aspects under discussion, as well as the technical aspects specific to the industry and, last but not least, extremely comprehensive in terms of the evidence and measures requested from the Arbitral Tribunal.
”This is further confirmation that arbitration is and will remain the most appropriate dispute resolution method in the area of technical disputes in oil & gas. What is remarkable is the ability of the Arbitral Tribunal to capture in the arbitral award the essence of the dispute, despite the impressive volume of evidence involved.”, said Alina Tugearu, the lawyer that represented OMV Petrom and partner of Zamfirescu Racoţi Vasile & Partners.