Christopher Harris QC has successfully defeated an LCIA claim arising out of the aborted sale of Egyptian oil and gas assets less than three months after it was filed.
Christopher acted for United Arab Emirates energy company Dana Gas, which last year announced the sale of gas and condensate assets onshore Egypt to IPR Energy in a deal that was worth up to $236 million. However, in April of this year, Dana terminated its agreement for the sale of these Egyptian assets to IPR as the parties were unable to complete a number of conditions precedent to the transaction by 14th April 2021. IPR Energy initiated the arbitration following Dana Gas’ board of directors’ decision on terminating their sale and purchase agreement.
The Tribunal rejected IPR Wastani’s claim in its entirety and ruled in Dana Gas’ favour on all key points, concluding in particular that Dana Gas’ termination of the SPA was valid.
Christopher was instructed by Three Crowns partners Constantine Partasides QC and Scott Vesel.