Translation provided by JIGGSLAW®. Enagás, the Spanish gas company, hopes to receive a favourable award in the arbitration against Peru that has been ongoing since 2018 before the International Centre for Settlement of Investment Disputes (ICSID) before 20 June 2023. Enegás has stated that it is confident of recovering the inversion made in the Peruvian South Pipeline (known as GSP in Spanish) following the State’s termination of the concession contract. The company clarifies in the document that this project has not been “irrefutably and evidence-based” linked to corruption cases in Peru.

Enagas argues that “if the Peruvian State had complied with its obligation stated in the Concession Agreement, it would have calculated the VNC (Net Accounting Value) and would have opened the three auctions that it was required to open for granting the concession, then   GSP would have received the auctions’ profit, and would have used this amount to pay creditors and reimburse the capital to its shareholders.” (Informe Anual 2022 de Enagás, 30.03.2023).

In 2018 the arbitration started under the Mutual Promotion and Protection of Spanish and Peruvian Investment Treaty (known as APPRI in Spanish), and the award is still due on 30 June, 2023.

Enagás explains that “they expect that the Arbitral Tribunal that is dealing with the arbitration proceeding at the ICSID will accept Enegás arguments and issue a favourable award in which it acknowledges that the Peruvian State has not protected the investment of Enegás according to the APPRI and thus it shall compensate Enegás for the value of a such investment.”

The gas company’s claim amounts to $511 million:

Accounts are to be paid on the previously mentioned executed guarantees, totalling $226.8 million.

Interests totalling $1.8 million,

Several invoices totalling $7.6 million for professional services rendered, and

 $275.3 million in social capital received by GSP

Enagás details other arbitration proceedings related to this conflict in the yearly report, clarifying that the GSP project is not among those that are affected by corruption and the Odebrecht case; and qualifying that “no new facts that link GSP with corruption in an irrefutable and proven manner” have been brought forward in the arbitration’s development.

Enagás’s second ICSID arbitration.

Enagás has another ICSID arbitration against Peru, which was filed under the ICSID Rules on 23 December 2021 and, like the July 2018 claim, alleges the Spain and Peru APPRI Treaty.

This case concerns the inclusion of Enegás International in the Peruvian State’s “Class 2 List of Contracts and Subjects” following the concession contract awarded to GSP.

This rule means that various mechanisms for contribution” to the payment of potential civil compensation, as such the establishment of an escrow, duties to provide information, restrictions on foreign transactions, or the preparation of a compliance programme” are applied.

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