Mr. Rana Sajjad, wrote an op-ed on the international arbitration proceedings and the arbitral award of $700 million against the Government of Pakistan in connection with the Rental Power Plants (RPP) dispute with Karkey Karadeniz Elektrik Uretim, a Turkish rental power plants company:
Read More →
We have been hearing news of the Pakistan government’s efforts to reach a settlement with the Tethyan Copper Company (TCC) in connection with the Reko Diq matter involving copper and gold reserves worth billions of dollars. International arbitration proceedings before the International Center for Settlement of Investment Disputes (ICSID) and the International Chamber of Commerce tribunals are ongoing in this matter. More than two years after the Supreme Court declared the agreement with the TCC illegal,Read More →
In the past few years, Pakistan has been involved in international arbitral proceedings in connection with a couple of important international commercial and investment disputes including the Reko Diq and the Rental Power Plants (RPP) cases. One striking aspect of the discussions and analyses of these proceedings has been the glaring lack of even elementary knowledge of the substantive and procedural issues related to international arbitration. In view of the high stakes involved in these proceedings,Read More →
According to a recent news report, China has demanded that all mega power projects, including the Bhasha Dam, the Gadani and Lakhra coal plants, the Tarbela extension project and several transmission lines be handed over to China without any competitive bidding in exchange for a $22 billion dollar Chinese investment in Pakistan. Surprisingly, it was also mentioned in this report that the Pakistani government is seriously considering this offer and is contemplating either using a loophole in Pakistan’s public procurement rules or amending these rules to close the deal.Read More →
EARLIER last month, a three-member bench of the Supreme Court headed by Chief Justice Iftikhar Chaudhry declared null and void the Reko Diq gold and copper mine agreement, the Chagai Hills Exploration Joint Venture Agreement (CHEJVA), with Tethyan Copper Company (TCC).
In view of the sheer value of the stakes involved (estimated to be in the billions of dollars), is it time to rejoice over yet another judgment of the Supreme Court that is ostensibly aimed at protecting our country’s natural resources from “exploitation” by a foreign entity?Read More →