Latest development Oct 13, 2025
The Singapore Court of Appeal partly set aside the award (GAR).
The award
- Amount awarded
- About $500M (GAR, 2024), later reported as $570M (GAR, 2025)
- Award holder
- Power Machines (Russia), as named in GAR’s topic tags
- Respondent
- Vietnam Oil and Gas Group (Petrovietnam), Vietnam’s national oil and gas company
- Forum
- SIAC · seat Singapore · power plant construction contract
Challenges
A Singapore court remitted the award to the tribunal (August 2024), which issued a second award in March 2025 again finding the contract validly terminated. On October 13, 2025 (reported) the Singapore Court of Appeal partly set aside the award and reversed the remission decision. How much of the award survives was not verified.
Enforcement
A Russian court enforced the award in September 2024 despite a Singapore stay. A Singapore court declined to grant Petrovietnam a worldwide injunction against enforcement abroad (September 2025).
Recovered to date
None reported
Notes
Award partly set aside. Surviving amount, award dates and any collection through the Russian enforcement not verified. Claimant named from GAR’s topic tags.