Ukrainian Oil Co. Can’t Shake $147 Million Arbitration Award

Ukraine’s largest petroleum extraction company is still on the hook for a $147 million arbitration award to a Delaware-based investor, the Fifth Circuit said Monday.

OJSC Ukrnafta couldn’t convince the U.S. Court of Appeals for the Fifth Circuit that Carpatsky Petroleum Corp.'s decision to change it’s place of incorporation means an amendment that allowed a Stockholm-based arbitration panel resolve its disputes wasn’t properly executed.

Carpatsky was incorporated in Texas when, during the breakup of the Soviet Union, it agreed to invest in Ukranian oil development. The original agreement stated that an international commercial arbitration tribunal in Kyiv would resolve any ...