For information only - not an official document

UNIS/L/204
28 August 2014

Correction to misleading reports on UNCITRAL's role in arbitral proceedings between Croatian and Hungarian oil and gas companies

VIENNA, 28 August (UN Information Service) - The United Nations Commission on International Trade Law (UNCITRAL) wishes to correct erroneous media reports stating that UNCITRAL would prohibit the Croatian government and Hungarian oil and gas company MOL from selling their shares in Croatia's INA until the arbitration court took a decision on the disputes between the stakeholders.

UNCITRAL is a body which reports to the UN General Assembly and establishes standards in international commercial law, among which are the procedural rules for the conduct of commercial arbitration (the UNCITRAL Arbitration Rules).

Various arbitral bodies around the world conduct arbitrations using the UNCITRAL Arbitration Rules.

In the dispute relating to the Croatian oil company INA, it may be that an arbitration using the UNCITRAL Rules is being conducted. However, UNCITRAL itself has no role in the conduct of the case or the decision of the arbitral tribunal.

UNCITRAL does not have further information about the case. Requests for information about the content and outcome of that or any other specific arbitration case would have to be directed to the arbitral tribunal or the respective parties involved.

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The United Nations Commission on International Trade Law (UNCITRAL) is the core legal body of the United Nations system in the field of international trade law. Its mandate is to remove legal obstacles to international trade by progressively modernizing and harmonizing trade law. It prepares legal texts in a number of key areas such as international commercial dispute settlement, electronic commerce, insolvency, international payments, sale of goods, transport law, procurement and infrastructure development. UNCITRAL also provides technical assistance to law reform activities, including assisting Member States to review and assess their law reform needs and to draft the legislation required to implement UNCITRAL texts. The UNCITRAL Secretariat is located in Vienna, Austria , and maintains a website at www.uncitral.org.

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For information contact:

Timothy Lemay
Principal Legal Officer
UNCITRAL Secretariat
Email: timothy.lemay[at]uncitral.org