Berkeley Energia's Arbitration Claim Proceedings Against Spain to be Bifurcated in Two Phases
Berkeley Energia (ASX:BKY) said that a tribunal advised that the company's arbitration claim proceedings against Spain will be bifurcated and conducted in two phases, after Spain filed a request to bifurcate the proceedings, under the International Centre for Settlement of Investment Disputes convention and arbitration rules, according to a Tuesday Australian bourse filing.The proceedings will be a first phase, dealing with jurisdictional objections concerning the denial of benefits, and a second phase regarding the merits and quantum of damages.The firm's unit, Berkeley Exploration, had filed a request for arbitration in 2024 for its investments in Spain through its Spanish subsidiary, Berkeley Minera España, initiating arbitration proceedings against Spain before the International Centre for Settlement of Investment Disputes.Berkeley Exploration had then filed a memorial of claim at the International Centre for Settlement of Investment Disputes in February, alleging that Spain's actions against Berkeley Minera España and the Salamanca project violated multiple provisions of the Energy Charter Treaty, and therefore it was seeking a $1.25 billion compensation for these violations.Berkeley Exploration remains committed to the Salamanca project and continues to be open to a constructive dialogue with Spain to find an amicable resolution, the filing added.
