Texas Federal Judge Refuses To Confirm $18B Award Against Saudi Oil Company

Mealey's (November 19, 2020, 12:52 PM EST) -- HOUSTON — A federal judge in Texas on Nov. 17 denied an amended petition filed by a group of heirs of Saudi Arabian sheikhs to enforce an arbitral award worth approximately $18 billion against a Saudi oil company relating to the use of Saudi oil fields in part because the heirs as nonsignatories to an underlying agreement cannot enforce its arbitration provisions and noted that the arbitration was “riddled with irregularities” that led to criminal convictions of several of the arbitrators (Waleed Bin Al-Qarqani, et al. v. Arabian American Oil Company, et al., No. 18-1807, S.D. Texas, 2020 U.S. Dist. LEXIS 214237)....