The Abu Dhabi oil Experience: Certain Recent Developments International arbitration
The present case were not in themselves unlawful The tribunal concluded that an award declaring that the nationalization laws were ineffective to transfer rights under the concessions would be contrary to the right to nationalize and were practically unenforceable. It was determined that the right for compensation existed and LIAMCO was entitled to it The compensation was calculated by adding claim for value of plant and equipment, loss of concession, interest and costs The decisions in the AMINOIL and Libyan nationalization cases have been published.
Commenting on these and similar arbitration cases, Lord Wilberforce said at an International Law Association(LA) meeting in 1981 arbitrator tow a huge industry concerned with divan between much states and powerful multinationals This meant the people involved In this business are now the foremost law The big bains.
It means that they are making law making the top level from which it will filter down to national domestic the traditional process of domestic Io Professor Richard Bentham makes the following remarks on contribution of the awards in those international arbitration cases to building a new lex Mercator and to providing an appropriate framework for the resolution of disputes arising under petroleum-Arbitration and the law developed from it are essential to maintain and fester world trade, and it is probably not an exaggeration to say that the decisions of arbitral tribunals are at present building a new Mercator a new law for international trade a law which may help to resolve the continuing conflict between the concepts of stent serum on the one hand and”changing circumstances on the other.