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International Arbitral Tribunal: Award on the Merits in Dispute Between Texaco Overseas Petroleum Company/California Asiatic Oil Company and the Government of the Libyan Arab Republic (Compensation For Nationalized Property)

Published online by Cambridge University Press:  26 May 2017

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Abstract

The following arbitral award was rendered by a sole arbitrator in connection with disputes reen the Libyan Arab Republic ("Libya") and two international oil companies arising out of rees of nationalization promulgated by Libya. This award is being reproduced herewith in entirety . The award not only considers many fundamental principles and doctrines of international law but is also unique in two major respects . For the first time in the history of international arbitration relating to economic development contracts , an arbitral tribunal held ; the injured parties were entitled to restitutio in integrum and that the sovereign s t a te obliged to perform specifically its contractual obligations with private foreign investors, iddition, the arbitral tribunal , after reviewing the legal effect in international law of the :ed Nations General Assembly resolutions concerning permanent sovereignty over natural wealth resources, concluded that such resolutions could not be used by the state to violate its :ractual obligations in commercial transactions . The remaining portion of this Introductory : will briefly describe the steps leading to arbitration , the arbitral proceedings and the ilution of the disputes.

Type
Judicial and Similar Proceedings
Information
International Legal Materials , Volume 17 , Issue 1 , January 1978 , pp. 1 - 37
Copyright
Copyright © American Society of International Law 1978

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References

* [Reproduced from the English translation authorized by the Texaco overseas Petroleum Company and the California Asiatic Oil Company. The Award on the Merits was delivered in French. The French text of Part III appears in the Journal dudroit international , Vol. 104, No. 2 April , May, June, 1977), at page 3 50..

** [The Introductory Note was provided to International Legal Materials Robert B. von Mehren of the New York Bar..

* This text is an English translation of the Award which was handed down in the French language. All quotations from judicial decisions, arbitral awards, scholarly works, etc., which appear in French in the Award, have also been translated. The original French text of quotations from a thesis by Mr. Cohen-Jonathan, which is not readily available outside of France, has been quoted with the translation. The original texts of other material, which have been translated are not quoted.

2 The texts of these amendments are contained in Exhibits 1.2, 1.3, 1.4 and 1.5 to the Memorial on the Merits of the plaintiffs.

* The original French text translated above reads as follows: “Le caractère contractucl de la concession dans le domaine international n'est, d'aillcurs, plus sérieusement contesté ni dans la doctrine ni dans la jurisprudence. Le juge ou l'arliitre international ne prend meme pas parfois la peine de démontrer la nature contractuelle de l'acte: il se contcnte de l'affirnier. II rejoint en cela le comportement des litats dans leurs rapports conventionnels coinme an scin des organisations intemationales. Déjà, dans les travaux de codification entrcpris par la S.D.N., la concession était assimilée à tin contrat. Dernièrement encore, aux Nations-Unies, lors des discussions précédant l'adoption de la résolution 1803 (XVII) du 14 décembre 1962, relative à la souveraineté permanente sur les ressources naturelles, la nature conventionnelle des concessions n'á pas été mise en doute meme parmi les partisans les plus farouches de la souveraineté [référence étant ici faite aux déclarations de délégués de l'lrak, de la République arabe unie et de la Turquie]”.

* The French text does not contain a paragraph 107.