The stay of enforcement of the arbitral award of February 20, 2004 will remain in effect for the duration of these Annulment Proceedings on condition that Petroecuador post an unconditional and irrevocable bond for the total amount of the award plus the corresponding interest. This bond will be delivered to the Committee, represented by its President, in the form of a guarantee from a solvent and reputable international bank, and will be collectable in its entirety by Repsol in the event that Petroecuador’s application is completely rejected. If the request is only partially accepted, Repsol may collect the guarantee for that portion of the award not annulled by the Committee, without prejudice to the possible continuation of the stay allowed by ICSID Arbitration Rule 54(3) or by a new arbitral tribunal under ICSID Arbitration Rule 55(3).
If Petroecuador fails to provide a guarantee deemed satisfactory by the Committee in accordance with the above terms by January 15, 2006, the stay of enforcement of the arbitral award shall become null and void on that date. The resolution adopted here does not suspend the first session of this Committee with the parties, which will take place in Quito on January 31, 2006, as previously agreed.
This order has been signed on behalf of the Committee by its President.