International arbitration denies Eni & Vitol’s $7Bn claims against Ghana, GNPC – AG
The International Arbitration Tribunal has denied an action filed by the Eni & Vitol (Claimants) against the government of Ghana & Ghana National Petroleum Corporation (GNPC) in which the claimant was seeking some $7 billion dollars for breaches.
The Tribunal in its decision found that “the Unitisation Directives in the circumstances in which they were issued” were wrongful and dismissed same.
The Attorney General, Godfred Yeboah Dame in a statement issued on Monday, July 8, said the tribunal denied the claimants their claims of $7 billion and reviewed it rather to $915 million in addition to interest.
“The Tribunal denied the Claimants all claims to monetary damages or compensation. The Claimants claimed Seven Billion United States Dollars (US$7 bn). This was subsequently reviewed to Nine Hundred and Fifteen Million United States Dollars (US$915 M) plus interest by the end of the proceedings. This was dismissed in its entirety.
“The Tribunal also dismissed in their entirety the Claimants’ claims against GNPC.
“Regarding allocation of fees and costs, the Tribunal held that all the Parties would be required to pay their own legal fees and costs,” the A-G stated in his statement.