ICSID raises award to Enagás over cancelled gas pipeline

The ICSID increased its compensation to Spain’s Enagás from $194 million to $302 million over Peru’s 2017 cancellation of the Gasoducto Sur Peruano (GSP) project. This correction adds $108 million, reflecting overlooked damages in the 2024 ruling. While less than the original $505 million claim, it marks a financial win for Enagás. The dispute arose after Peru terminated the 1,100 km pipeline due to a corruption scandal tied to the main contractor. Enagás, a 25% stakeholder, argued the cancellation violated the Spain–Peru Bilateral Investment Treaty. The rectified ruling includes lost dividends and cost adjustments, reaffirming a treaty breach.