ETC is a commodity trading company incorporated in Switzerland and the subsidiary of a Mauritian company, ETC Group Limited, which I shall refer to as "ETC Group" in order to save confusion. On 22 May 2020, ETC entered into a joint venture agreement with an Ethiopian commodity importer, Aplas Importer, for the supply of milling wheat to the Ethiopian government. The agreement included a dispute resolution clause mandating London arbitration under the rules of the London Court of International Arbitration ("LCIA") and an English choice of law clause.
Pursuant to their joint venture, on 22 May 2020 ETC and Aplas entered into a sale agreement under which ETC agreed to supply 100,000 metric tonnes (plus or minus 10%) of milling wheat for delivery between 15 July and 15 August 2020 at a price of US$218 per metric tonne, giving a total contract value of circa US$21.8 million. The sale agreement included a dispute resolution clause mandating London arbitration under the Grain and Feed Trade Association ("GAFTA") Arbitration Rules and an English choice of law clause.