Caltex (Texaco v. Libya)
International Arbitration Tribunal
53 I.L.R. 87 (1982)
Between 1955 and 1968, Libya (defendant) entered 14 deeds of concession with two American oil companies, Texaco Overseas Petroleum Company and California Asiatic Oil Company (plaintiffs). In 1963, the Libyan government issued new provisions relating to petroleum that necessitated amendments to nine of the deeds. In 1973 and 1974, Libya passed further legislation that nationalized Libya’s petroleum interests. Texaco and California Asiatic brought a claim to the tribunal, asserting that Libya’s adoption of the new provisions breached its contractual obligations arising from the deeds of concession.
Rule of Law
Holding and Reasoning (Per curiam)
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