VOL. XXXI

NO. 21

29-FEBRUARY-1988

UAE

Amoco Wins Arbitration Award against EGPC

Amoco Sharjah Oil Company has been awarded $383mn in damages from theEmirates General Petroleum Corporation (EGPC). The three member arbitrationpanel appointed by the Paris-based International Chamber of Commerce, finding inAmoco's favor, has given EGPC 30 days to pay, but also required Amoco to passon more than 80% of the award to the Sharjah Government in lieu of its unpaid54% petroleum tax, 50% income tax and 14.5%...