PCL and Ors v The Y Regional Government of X - 2015 EWHC 68 Comm - 23 January 2015
Background: The Claimants and the YRG are parties to ongoing LCIA arbitration proceedings in London. The arbitration was commenced in October 2013 pursuant to an arbitration clause contained in a contract made in 2007 between the Second Claimant and the YRG. The contract concerns the exploitation of hydrocarbon resources in the Y region of country X. In the arbitration, the Claimants seek payment for petroleum products allegedly sold and delivered to the YRG. The claim is disputed by the YRG, who has brought a counterclaim for in excess of US$6 billion.