UniCredit cancels injunction against a Gazprom venture
Global Arbitration Review

Gain unique insight into the biggest oil and gas disputes
Gain unique insight into the biggest oil and gas disputes

Hi GIR,

Several oil and gas arbitrations have been in the spotlight recently, with the most notable being the Delhi High Court overturning a UNICITRAL award in favour of Reliance Industries and its partners in a US$1.7 billion dispute with India. The High Court declared that Reliance and its partners qualified to produce all gas within their contracted area, including any gas that could have migrated from an adjacent block.

In another significant update, the Court of Appeal in London has approved UniCredit's request to lift an anti-suit injunction it won against a Gazprom venture. The restriction restrained RusChemicalAlliance (RCA) from pursuing Russian litigation in support of a Paris-seated ICC arbitration agreement. However, the RCA defied UK courts and obtained its injunction in Russia, threatening the bank to either cancel the injunction or pay a €250 million fine.

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Here's a sample of some of our biggest news stories
India overturns award in gas migration dispute
India overturns award in gas migration dispute

The Delhi High Court has overturned an UNCITRAL award favouring Reliance Industries and its partners in a US$1.7 billion dispute with India over alleged migration of gas between adjacent blocks.
UK appeal court reverses injunction against Gazprom venture
UK appeal court reverses injunction against Gazprom venture

The Court of Appeal in London has granted UniCredit’s request to lift an anti-suit injunction it won against a Gazprom joint venture after the bank said it wanted to avoid an “eye-watering” fine from the Russian courts.
European banks seek to reverse injunctions against Gazprom venture
European banks seek to reverse injunctions against Gazprom venture

Italy’s UniCredit has asked a UK court to lift an anti-suit injunction it won against a Gazprom joint venture because it faces “potentially draconian financial consequences” in parallel proceedings in Russia – and says two other European banks have made similar applications.
Slovakia defeats ICSID claim by US oil investor
Slovakia defeats ICSID claim by US oil investor

An ICSID tribunal has rejected a US oil and gas company’s US$133 million treaty claim against Slovakia over the state’s alleged failure to prevent a drilling project becoming disrupted by local protests.
Billion-dollar award confirmed in Colombian refinery case
Billion-dollar award confirmed in Colombian refinery case

A US court has confirmed an ICC award worth US$1.3 billion in favour of a Colombian state-owned entity over an oil refinery project, aiding its pursuit of recovery from insurers.
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