Opinion ID: 186237
Heading Depth: 2
Heading Rank: 1

Heading: The Original Purchase Agreement

Text: 5 In April 1993, a U.S. corporation, Occidental Congo Inc. (Occidental), signed a Purchase Agreement with Congo, pursuant to which Congo was to provide Occidental with 50 million barrels of royalty oil in exchange for $150 million and Occidental's assistance with an economic structural adjustment program. Purchase Agreement (Apr. 28, 1993), reprinted in Joint Appendix (J.A.) 119-35. Agip Recherches Congo (Agip), a subsidiary of Italian oil conglomerate ENI SpAaan, and Elf Congo S.A., a subsidiary of French conglomerate Elf Aquitaine, had previously agreed to pay the royalty oil to the Congo in exchange for the right to operate various Congolese oil fields. See id. Arts. 1.1-1.3, at 3-4, J.A. 121. 6 Several provisions of the Purchase Agreement are of particular relevance here. First, in Article 9, the parties explicitly contemplated Occidental's assignment of its oil interests. That provision states: 7 Occidental shall have the right to assign ... its interest in this Agreement without first obtaining the approval of the Government provided that any assignment to a third party other than to an affiliate of Occidental shall require the prior written consent of the Government which consent shall not be unreasonably withheld. Any request for such consent shall state the main terms of such assignment. Any such assignment... shall be promptly notified to the Government. 8 Id. Art. 9, at 8, J.A. 128. Second, the agreement contained an explicit acknowledgment that the transactions contemplated by it were commercial in nature. Id. Art. 10.1(j), at 10, J.A. 130. And it included an explicit waiver of sovereign immunity. Id. Finally, the agreement provided that all disputes which could not be resolved amicably would be settled through arbitration following the rules of the International Chamber of Commerce in Paris, France. Id. Art. 11.1, at 10, J.A. 130.