PDVSA must pay invoices in oil drilling dispute, says English court
An at sea oil rig (Credit: iStock.com/1971yes)
The English Court of Appeal has issued two rulings in connection with an UNCITRAL arbitration between Venezuela’s national oil and gas company PDVSA and a Saudi Arabian oil services provider – permitting the latter to draw on a US$130 million letter of credit from a Portuguese bank to settle unpaid invoices.
To read more
Subscribe to Global Arbitration Review
Subscribe to unlock unlimited access
Get news, unique commentary, expert analysis and essential resources from the Global Arbitration Review experts.
Subscribe now