The transactions in the energy sector (mostly the traditional fossil energy related, excluding the solar, nuclear, or other alternative energy) are characterized as big scale, international, and complex ones and the parties thereto are also mostly global corporations. The contents of the transactions are also in big scale, global, and complex in such areas as the development and mining of the energy resources, production, and distribution of the energy-based goods.
Viewing the disputes in the energy sector upon the categories thereof, it can be classified as the dispute between a state and another state, the dispute between a company and a state, the dispute between a company and another company, and the dispute between a company and an individual. The method of resolving the dispute is different according to the above stated type of disputes. This article analyzed the special features and key contents of the arbitration in energy sector regarding the jurisdiction, procedure, governing law and the enforcement of the decision taking the Yukos case as a key example for the purpose of making more empirical analysis.
Since the Korean corporations are also making big overseas investments for the energy resources and lots of transactions with global energy corporations, the analysis and descriptions made in this article can be a good reference and help to prevent disputes in advance and to resolve the existing disputes arising out of the energy sector, being a useful information and guides to the researchers and practicing lawyers in this field as well.