2019
Petrochemical v. Romania Petrochemical Holding GmbH v. Romania (ICSID Case No. ARB/19/21)
Romania
Austria
96.5% shareholding in RAFO S.A., an oil refinery in Onești, Romania.
Claims arising out of the Government’s alleged failure to provide a state guarantee in support of the modernization of the oil refinery RAFO in which the claimant had invested, and a seizure of some RAFO assets in 2015. According to the claimant, this interfered with its ability to revive the RAFO refinery and damaged its investment.
Secondary: C - Manufacturing
19 - Manufacture of coke and refined petroleum products
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Binnie, I.
Tawil, G. S.
Neuberger, D.
Decided in favour of investor
Award dated 19 November 2024
835.80 mln EUR (882.70 mln USD)
85.00 mln EUR (89.80 mln USD)
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None