The observations reflect my views as Chairman of the Arbitral Tribunal and they are not made in the name of the entire Arbitral Tribunal. I feel obliged to submit observations because the Appellant argues an alleged procedural violation by the Arbitral Tribunal.
In the Arbitral Tribunal's view, Z._________'s communications had by the end of the meeting of June 28, 1979, reached the level of an unconditional repudiation of its obligation to deliver the balance of the 1978 Contract. As such they amounted, in the Arbitral Tribunal's view, to a breach of the 1978 Oil Contract. As a result, X._________acquired at latest by June 28, 1979, a claim for damages for non-delivery of the 1978 shortfall...
1. The appeal is rejected.
2. The judicial costs set at CHF 200'000 shall be borne by the Appellant.
3. The Appellant shall pay to the Respondents as joint creditors an amount of CHF 250'000 for the federal judicial proceedings; this amount shall be taken from the security deposit with the Treasurer of the Federal Tribunal.
4. This judgment shall be communicated to the representatives of the parties and to the President of the Arbitral Tribunal. It shall also be communicated to the Secretariat of State for Economy (SECO) as information.