Summary

These proceedings concern an arbitration brought under the auspices of the Singapore International Arbitration Centre ("SIAC") in SIAC Case No. ARB No. 084 of 2022 ("ARB 84") and a Final Award signed and dated 28 November 2023 ("Award") whereby it was determined that the defendant, P-H-O-E-N-I-X Petroleum Philippines, Inc (a.k.a. Phoenix Petroleum Philippines, Inc) ("Phoenix"), and another third party guarantor, Udenna Corporation ("Udenna"), were jointly and severally liable to the claimant, Pertamina International Marketing & Distribution Pte Ltd ("PIMD"), in the aggregate amounts of (a) US$142,932,694.04 (including interest and legal and other costs), and (b) S$218,948.60, plus interest from 29 November 2023 (save for interest on the legal and other costs, which would commence beginning 12 December 2023). Both Phoenix and Udenna are incorporated and based in the Philippines.