Hess sale to Chevron stalls as appointment of arbitration panel incomplete [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
This development has stalled the decision on whether ExxonMobil retains a right of first refusal over Hess' operations in Guyana The arbitration, filed three months ago, is yet to progress as the ICC panel is incomplete. As per the process, each disputing party is required to appoint one arbitrator, and those two to nominate the third. The publication's requests for comment from the ICC, the parent of the panel, did not elicit a response. Meanwhile, Hess stated: "The arbitration is moving forward and we expect to have a decision by the end of 2024.” Legal experts indicate that the duration of international arbitrations can vary. Chris Strong, a partner at Vinson & Elkins and vice-president for model contracts of the Association of International Energy Negotiators, explained that if the two arbitrators cannot agree on a third, they may apply to the administering authority for a decision. The acquisition, which Hess shareholders approved with a 51% majority, is also await
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