U.S. energy major Chevron Corp has decided to continue negotiations with Thailan...
“We have agreed to temporarily suspend the arbitration process to allow more time for resolution discussions,” a Chevron spokesman told Reuters, adding that the company was “encouraged” by the Thai energy minister’s desire to come to an agreement.
The dispute arose in 2016 when Thailand retroactively enforced a new energy ministry regulation requiring gas field operators to pay the costs to decommission all installed assets even if they no longer operate those assets. Chevron told Reuters in July that moving to an arbitration process provided for by the 1971 contracts was a possibility.
Other operators in Thailand are watching the dispute closely in case it changes their future liabilities for assets in Thailand. Foreign investors in Thailand in other industries were also concerned about what precedent the case might set for the sanctity of their contracts.
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