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Cairn Energy PLC (CNE)

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Tuesday 30 March, 2021

Cairn Energy PLC

Indian Arbitration Update

RNS Number : 8744T
Cairn Energy PLC
30 March 2021
 

 

FOR IMMEDIATE RELEASE         30 March 2021

 

 

 

CAIRN ENERGY PLC ("Cairn")

 

 

Indian Arbitration Update

 

Cairn confirms that it has received notice that the Government of India has petitioned the Dutch Court of Appeal to set aside the arbitration award dated 21st December 2020 issued pursuant to the UK-India Bilateral Investment Treaty which was granted unanimously in favour of Cairn. 

 

Cairn has full confidence in its position.  As previously advised, Cairn will continue to take all steps necessary in order to protect the interests of its shareholders.

 

 

 

 

 

 

 

Notes to Editors

On 23 December 2020, Cairn announced that the tribunal established to rule on its claim against the Government of India ("GoI") had found unanimously in Cairn's favour. Cairn's claim was brought under the terms of the UK-India Bilateral Investment Treaty (the "Treaty"), the legal seat of the tribunal was the Netherlands and the proceedings were under the registry of the Permanent Court of Arbitration.

 

The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and that compensation was due.

 

Addressing the jurisdiction of the arbitration, the tribunal ruled that the dispute was within the scope of the Treaty and other relevant legal parameters. It further ruled that the application to Cairn of the retrospective tax amendment introduced by the GoI was "grossly unfair" and in breach of the "Fair and Equitable Treatment" standard of the Treaty. 

 

Enquiries

 

Analysts/Investors

 

David Nisbet, Corporate Affairs

Tel: 0131 475 3000

Media

 

Linda Bain/Jonathan Milne, Corporate Affairs

Tel: 0131 475 3000

 

 

Patrick Handley/David Litterick, Brunswick Group LLP

Tel: 0207 404 5959

 

About Cairn Energy PLC

Cairn is one of Europe's leading independent energy companies and has been listed on the London Stock Exchange for 30 years. Cairn has explored, discovered, developed and produced oil and gas in a variety of locations throughout the world as an operator and partner in all stages of the oil and gas lifecycle. 

 

Cairn's exploration activities have a geographical focus in the North Sea, West Africa and Latin America, underpinned by interests in production and development assets. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London and Mexico.

 

For further information on Cairn please see:  www.cairnenergy.com

 

 

 

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