Kuwait - Gold Clause, oil, value

September, 1982
ARBITRATION TRIBUNAL: AWARD IN THE MATTER OF AN ARBITRATION BETWEEN KUWAIT AND THE AMERICAN INDEPENDENT OIL COMPANY (AMINOIL)
March 24, 1982
Copyright (c) 1982 by The American Society of International Law, Washington, D.C.
http://translex.uni-koeln.de/261900

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INTERNATIONAL INVESTMENT LAW AND ARBITRATION:
Leading Cases from tke ICSID, NAFTA,
Bilateral Treaties and Customary International Law
Edited by
ToJJ Weiler
http://www.arbitration-icca.org/media/0/12232936774610/martin_and_anthon...

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This case summary was prepared in the course of research for S Ripinsky with K Williams, Damages in International Investment Law (BIICL, 2008)
Case summary
The Government of the State of Kuwait v The American Independent Oil Company
(‘Kuwait v Aminoil’)
http://www.biicl.org/files/3938_1982_kuwait_v_aminoil.pdf

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 Kuwait Oil history
"On February 22nd, 1938, oil was discovered in the Burgan field of Kuwait. The Kuwait desert had long stood witness to several strange black patches of a rough bituminous substance; but it was not until the matter was investigated in 1935 did it become apparent that the wealth of Kuwait had remained underground for years, and was yet to be discovered..."

"...On December 23rd, 1934, Sheikh Ahmad Al-Jaber Al-Sabah signed a document that was to increase his country's wealth and international importance: the first Kuwait Oil Concession Agreement was awarded to Kuwait Oil Company Limited. Kuwait Oil Company, Ltd. was formed by the Gulf Oil Corporation (presently Chevron Oil) and the Anglo-Persian Oil Company (presently British Petroleum)."

"A new era of historic importance began on 6th December 1975 with the Nationalisation of Kuwait's oil industry. In line with all the other Arab oil-producing states, Kuwait began negotiations in the early 1970s to restore control over its own natural oil resources. By mutual agreements with the Company's two original partners, the State's shareholding in Kuwait Oil Company was progressively increased until full control was achieved. On March 5th, 1975, an agreement was signed by the State of Kuwait and the two oil companies (British Petroleum and Gulf) giving Kuwait complete control of its oil resources."

http://www.kpc.com.kw/AboutKPC/KuwaitOilHistory/default.aspx