Aiteo Eastern E&P Company Ltd v Shell Western Supply and Trading Ltd 2022 EWHC 2912 Comm - 17 November 2022
This is the hearing of two applications by the Claimant (Aiteo) under s.67 of the Arbitration Act 1996 (the 1996 Act) challenging:
i) a Partial Award of the tribunal dated 15 March 2022 (the First Award), in which the tribunal held that it had jurisdiction to determine the Defendant's (SWST's) claims against Aiteo, and rejected Aiteo's challenge to the tribunal's jurisdiction; and
ii) a second Partial Award of the tribunal dated 22 July 2022 (the Second Award), in which the tribunal made an order for the consolidation of the arbitration with another arbitration.
The parties' disputes arise under a facility agreement (the Offshore Facility Agreement) entered into between Aiteo and SWST, pursuant to which Aiteo borrowed $512 million from SWST. Aiteo also entered into a facility agreement (the Onshore Facility Agreement) with another group of lenders, pursuant to which it borrowed $1.488 billion. These transactions were concluded in connection with Aiteo's acquisition of an interest in certain Nigerian oilfields and associated facilities.