Review force majeure clauses before storms hit
United States | Publication | March 2021
A blast of arctic air across much of the US resulted in below-freezing temperatures, equipment failures and widespread loss of power last month, as electricity generators struggled to meet demand. Most of the power losses were in Texas, which is home to a large swath of petrochemical production facilities, among many other major energy and industrial operations.
Multiple manufacturers and producers shut down or lost operations as a result of the winter storm, leading to supply chain disruptions. As temperatures rise and businesses focus on the aftermath of the storm, now is the time to consider whether or not performance has been excused by force majeure clauses.
Iraq and Turkey both claim victory in the Iraq-Turkey Pipeline arbitration but the future of Kurdistan’s oil and gas sector remains unclear
In a long-awaited decision, the Tribunal in a Paris-seated ICC arbitration has ordered the Republic of Turkey (Turkey) to pay the Republic of Iraq (Iraq) approximately USD 1.5bn and to suspend the loading and export of crude oil from Kurdistan transported through the Iraq-Turkey Pipeline (ITP).