Introduction

On 2 August 2005, the U.S. Overseas Private Investment Corporation ("OPIC") issued a determination that the Government of Argentina (the "GOA") violated international law by abrogating key provisions of the license that it had granted to operate the major natural gas pipeline in southern Argentina.[1] As a result, OPIC decided to pay a $50 million political-risk-insurance claim filed by Ponderosa Assets L.P. ("Ponderosa"), which owned 35% of the licensee.[2] This appears to be the second-largest cash payment ever made by OPIC.[3] This article will introduce the major ...