Minister of Energy and Mines (MEM) Rosa Maria Ortiz described as successful the verdict issued by the International Centre for Settlement of Investment Disputes (ICSID) in favor of Peru in a dispute with Camisea consortium over royalty payments tied to reload of natural gas from block 56.
The process began with a lawsuit filed by the Peruvian State, represented by Perupetro, in 2012, which detected cargoes were shipped to non-scheduled destinations.
“I wanted to comment on the successful arbitration case between Camisea consortium and Perupetro for the former’s failure to pay royalties in favor of the Peruvian State, through Perupetro,” she told RPP TV and radio station.
The Minister indicated the process lasted three years, and ended a few days ago with a resolution in favor of Peru.
According to the ruling, the contractor is obliged to inform Perupetro of the terminal of the final destination, that is, the destination where the final consumption takes place, and pay the negotiated royalty amount.
The Camisea consortium has to pay US$48,823,826 over damages caused and will be charged an interest rate of 6.25% on the said amount for the corresponding period.
(END) JCC/JJN/RMB
Published: 5/26/2015