Applicant
Respondent
- Parties: The applicant was Export Development Canada. The respondents were Suncor Energy Inc., Suncor Energy Oil (North Africa) GmbH, Suncor Energy En Naga Limited, Suncor Energy Libya Exploration B.V., and Suncor Energy Ventures (North Africa) Limited.
- Subject Matter: In 2006, the applicant, as insurer, issued a political risk insurance policy to Petro-Canada, Suncor Energy Inc.’s predecessor. The policy insured certain losses caused by expropriation or political violence relating to oil assets in numerous countries outside Canada. In 2009, Suncor merged with Petro-Canada and became insured under the policy. In 2015, due to political unrest affecting oil operations in Libya, Suncor claimed indemnity under the policy for losses relating to Libyan oil assets. A first arbitration determined the value of Suncor’s claimed losses and awarded Suncor over $300 million. The applicant paid $347 million with interest. A second arbitration arose in connection with a dispute over Suncor’s rights to recover payment. The applicant applied for an order appointing an arbitrator under the policy’s dispute resolution clause.
- Ruling: The court denied the subsidiaries’ request to be removed as parties to this application and denied their request that the order specify the arbitrator’s appointment as between the applicant and respondent Suncor. The court appointed John Judge as arbitrator for the second arbitration.
- Date: The hearing was set on May 1, 2023. The court released its decision on July 31, 2023.
- Venue: This was a federal case before the Federal Court.
- Amount: No financial award was specified.
Court
Federal CourtCase Number
T-2071-22Practice Area
Corporate & commercial lawAmount
$ 0Winner
OtherTrial Start Date
11 October 2022Download documents