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Devaluation But Not Protecting The State Electricity Board.
▪ After A Few Years Of Non Payment Phase 2 Was Abandoned And Phase 1 Was Shut Down. The Plant Is Currently Inactive. It Would Have Been The World’s Largest Private Gas-powered Power Plant.
▪ The Government Asked For The World Bank To Review The Deal
▪ World Bank Questioned The Economic Viability Of The Deal
▪ Said It Was Very One-sided In Favour Of Enron
Enron’s Indian Power Project in Dabhol
▪ In 1992 During A Period Of Economic Liberalization The Congress Party-led Government Announced It Would Open Power Sector To Foreign Investment
‘BT’ in India Continued
▪ After The Cable Was Built, The Government Of India (GOI) Announced A Scheme Of Liberalisation Where LDMI No Longer Had A Monopoly. They Had To Allow Other Carriers To Enter India Using Their Network And Landing Station (For A Price)
▪ LDMI’s Argument Was That We Had An ‘Exclusive’ Agreement With Them.
▪ This Was Not True. Our Multi-party Agreement Was The Same For All Landing Partners. In Those Countries Where The Markets Opened Up, The Landing Partner Had To Allow Access.
Enron Dabhol History Continued
▪ Enron submitted a detailed proposal in December 1992 for a $3.1 B investment
▪ The government scaled back the project to $2.65B and Enron Agreed.
Bermuda Telecom (BT) In India
(Names Disguised) ▪ Bermuda Telecom Landed A Submarine Cable In Mumbai ▪ Bt’s Landing Partner Is The State-owned Long Distance Monopoly In India (LDMI) ▪ As Part Of The Multi-party Landing Agreement LDMI Paid BT $36 Million To Buy A Small Portion Of Capacity On The Cable. At The Time LDMI Had A Monopoly On Long-distance Traffic In And Out Of India.
▪ In June 1992 During A Indian Government Roadshow Enron Was Invited To Bid For A Power Generation Project In The State Of Maharashtra
▪ Enron Reviewed Sites In Maharashtra And Entered Into Discussions With Central Government. The Site Selected Was 150km South Of Mumbai.
▪ There Argument Was: “It’s In The Agreement, If You Don’t Like It, Sue Us.”
What Should BT Do?
Another Case Involving International Arbitration
Enron’s Dabhol Project
▪ The Central Government approved the project in Early 1993 and applied for World Bank Financing.
▪ The World Bank rejected the financing, saying the project was economically unviable
Enron Questions
▪ What went wrong from a contract negotiation standpoint?
▪ How could things be done differently? ▪ How useful was international arbitration?
▪ The Central Electricity Authority (CEA) gave provisional approval, despite concerns.
▪ The State of Maharashtra took CEA’s approval as final clearance and signed in November 1993 official 20-year agreement with Enron to build plant and supply power at agreed prices. Essentially the Electricity Board would pay a minimum of $220 million a year over 20 years.
▪ Enron Argued Case Via The International Court Of Arbitration In Paris, As Provided For In The Agreement, And The Court Ruled In Enron’s Favour.
▪ After Ruling, Agreement Was Reinstated (With Modifications) And The Power Plant Was Constructed, With The First Phase Completed In 1999.
BS7312 International Business Environment & Trade
Two Personal Case Studies Involving International Contracts
21 February 2018
Peter Martins da Silva
Both Cases Relate to My Experience in the Submarine Cable Industry…
▪ After Less Than A Year In ห้องสมุดไป่ตู้peration, The State Government Was Behind In Payments For The Electricity.
▪ Rates Were Much Higher Than The Government-provided Rates ▪ Rates Were Same Even If The Capacity Wasn’t All Used ▪ Rates Were Denominated In US$, Protecting Enron Against
▪ Five Days Later Enron And The Government Signed An MOU. Total Value Of The Project Was $3B The Largest Contract In India.
▪ Soon After, Criticism Started In The Press And In Government Circles About The Hastiness Of The Deal
▪ We Had Many Carrier Customers Who Wanted To Get Access Into India. We Also Knew Many Indian Software Houses Who Wanted Overseas Access. We Wanted To Connect Them Together But LDMI Wouldn’t Let Us, Even Though The Government Decreed That They Should.
▪ In 1994 after further review of the contract conditions the State of Maharashtra rescinded the agreement.
Enron Dabhol Continued
▪ Enron And Its Project Partner, Bechtel, Sued The State Government. Also Put Intense Pressure Via The US State And Commerce Departments Over An 18 Month Period.
▪ After A Few Years Of Non Payment Phase 2 Was Abandoned And Phase 1 Was Shut Down. The Plant Is Currently Inactive. It Would Have Been The World’s Largest Private Gas-powered Power Plant.
▪ The Government Asked For The World Bank To Review The Deal
▪ World Bank Questioned The Economic Viability Of The Deal
▪ Said It Was Very One-sided In Favour Of Enron
Enron’s Indian Power Project in Dabhol
▪ In 1992 During A Period Of Economic Liberalization The Congress Party-led Government Announced It Would Open Power Sector To Foreign Investment
‘BT’ in India Continued
▪ After The Cable Was Built, The Government Of India (GOI) Announced A Scheme Of Liberalisation Where LDMI No Longer Had A Monopoly. They Had To Allow Other Carriers To Enter India Using Their Network And Landing Station (For A Price)
▪ LDMI’s Argument Was That We Had An ‘Exclusive’ Agreement With Them.
▪ This Was Not True. Our Multi-party Agreement Was The Same For All Landing Partners. In Those Countries Where The Markets Opened Up, The Landing Partner Had To Allow Access.
Enron Dabhol History Continued
▪ Enron submitted a detailed proposal in December 1992 for a $3.1 B investment
▪ The government scaled back the project to $2.65B and Enron Agreed.
Bermuda Telecom (BT) In India
(Names Disguised) ▪ Bermuda Telecom Landed A Submarine Cable In Mumbai ▪ Bt’s Landing Partner Is The State-owned Long Distance Monopoly In India (LDMI) ▪ As Part Of The Multi-party Landing Agreement LDMI Paid BT $36 Million To Buy A Small Portion Of Capacity On The Cable. At The Time LDMI Had A Monopoly On Long-distance Traffic In And Out Of India.
▪ In June 1992 During A Indian Government Roadshow Enron Was Invited To Bid For A Power Generation Project In The State Of Maharashtra
▪ Enron Reviewed Sites In Maharashtra And Entered Into Discussions With Central Government. The Site Selected Was 150km South Of Mumbai.
▪ There Argument Was: “It’s In The Agreement, If You Don’t Like It, Sue Us.”
What Should BT Do?
Another Case Involving International Arbitration
Enron’s Dabhol Project
▪ The Central Government approved the project in Early 1993 and applied for World Bank Financing.
▪ The World Bank rejected the financing, saying the project was economically unviable
Enron Questions
▪ What went wrong from a contract negotiation standpoint?
▪ How could things be done differently? ▪ How useful was international arbitration?
▪ The Central Electricity Authority (CEA) gave provisional approval, despite concerns.
▪ The State of Maharashtra took CEA’s approval as final clearance and signed in November 1993 official 20-year agreement with Enron to build plant and supply power at agreed prices. Essentially the Electricity Board would pay a minimum of $220 million a year over 20 years.
▪ Enron Argued Case Via The International Court Of Arbitration In Paris, As Provided For In The Agreement, And The Court Ruled In Enron’s Favour.
▪ After Ruling, Agreement Was Reinstated (With Modifications) And The Power Plant Was Constructed, With The First Phase Completed In 1999.
BS7312 International Business Environment & Trade
Two Personal Case Studies Involving International Contracts
21 February 2018
Peter Martins da Silva
Both Cases Relate to My Experience in the Submarine Cable Industry…
▪ After Less Than A Year In ห้องสมุดไป่ตู้peration, The State Government Was Behind In Payments For The Electricity.
▪ Rates Were Much Higher Than The Government-provided Rates ▪ Rates Were Same Even If The Capacity Wasn’t All Used ▪ Rates Were Denominated In US$, Protecting Enron Against
▪ Five Days Later Enron And The Government Signed An MOU. Total Value Of The Project Was $3B The Largest Contract In India.
▪ Soon After, Criticism Started In The Press And In Government Circles About The Hastiness Of The Deal
▪ We Had Many Carrier Customers Who Wanted To Get Access Into India. We Also Knew Many Indian Software Houses Who Wanted Overseas Access. We Wanted To Connect Them Together But LDMI Wouldn’t Let Us, Even Though The Government Decreed That They Should.
▪ In 1994 after further review of the contract conditions the State of Maharashtra rescinded the agreement.
Enron Dabhol Continued
▪ Enron And Its Project Partner, Bechtel, Sued The State Government. Also Put Intense Pressure Via The US State And Commerce Departments Over An 18 Month Period.