Petrobras to pay $70m to IESA in arbitration award

Brazilian national oil and gas company Petrobras has announced that an arbitral panel seated in New York has issued an award in an arbitration initiated by IESA Óleo e Gás.

The arbitral panel has ruled two subsidiaries of the company, Petrobras Netherlands and Tupi, to pay $37m and $33m plus interest respectively to IESA.

According to Petrobras, the arbitration runs under confidentiality, and it was related to and EPC contract for the construction of FPSO modules.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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