Enforcement of $2Bn award against Egypt sought in DC
Union Fenosas Gas, the Spanish gas company, which secured an ICSID award against Egypt earlier this year has begun enforcement proceedings in Washington DC. The company secured an award in its favor after it claimed for compensation for halting has procurement in the aftermath of the 2011 revolution. The Spanish company claimed $4Bn in compensation while instituting the arbitration at ICSID, however the tribunal reduced it to $2Bn in the final award.
Union Fenosas Gas filed for enforcement before the District Court of the District of Columbia on October 17. The application was made by Jeffrey Bucholtz, a partner at King & Spalding, on behalf of the company.
The case information is available here.
Source: I-Arb Africa