HCRH suddenly drops its arbitration request

Costa Rica

In an abrupt about-face, U.S.-owned Harken Costa Rica Holdings (HCRH) filed a massive arbitration request blaming the Costa Rican government for frustrating the company’s offshore oil-drilling plans, then withdrew the request two weeks later. Claiming the anti-oil stance taken by Costa Rican President Abel Pacheco has violated his company’s contract to drill near the Atlantic port city of Moín, HCRH President Brent Abadie on Sept. 16 filed an arbitration request with the Washington-based International Center for the Settlement of Investment Disputes (ICSID), which is affiliated with the World Bank. HCRH is a joint venture of MKJ Xplorations of Metairie, Louisiana and Houston, Texas-based Harken Energy. Founded in Nevada, the company has offices in Louisiana and Costa Rica. Abadie also... [Log in to read more]

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