Tag Archives: energy

Trump Administration Permanently Lifts Sudan Sanctions

  Sudan Sanctions In 1997, the US imposed a comprehensive trade and investment embargo against Sudan. In January 2017, i.e., in the closing days of the Obama Administration, President Obama announced a six-month suspension of US economic sanctions, citing ongoing dialogue with the Sudanese government and the government’s progress in achieving milestones agreed upon in those negotiations. Specifically, the Obama Administration … Continue Reading

European Commission Considers a CFIUS-like Framework for Screening Foreign Investments

On September 13, 2017, the European Commission published the draft of the EU regulation establishing a common European framework for the review of incoming foreign direct investment (FDI), akin to the process in the US administered by Committee on Foreign Investment in the US (CFIUS).… Continue Reading

EU Extends Economic Sanctions Against Russia by Six Months

On 28 June 2017, the European Council extended the economic sanctions targeting specific sectors of the Russian economy until 31 January 2018. These sanctions were originally introduced on 31 July 2014 in response to Russia’s actions destablising the situation in Ukraine and to target the financial, energy and defence sectors, as well as dual-use goods. The EU has expressed that … Continue Reading

CFIUS Filing Clearance: AES Corp., Alberta Investment Management Corp., and FTP Power

Status:  Clearance   Acquirer:  AES Corp. (US) and Alberta Investment Management Corp. (Canada) Acquired:  FTP Power LLC (US) Value:  US$853 Million Industry:  Energy   UPDATE: On July 25, 2017, AES and Alberta Investment Management announced that they had completed “the previously announced acquisition of FTP Power LLC d/b/a sPower (‘sPower’) for approximately $853 million in … Continue Reading

CFIUS Filing Clearance: Algonquin Power & Utilities Corp. and Empire District Electric Company

Status Update:  Clearance   Acquirer:  Algonquin Power & Utilities Corp. (Canada) Acquired:  Empire District Electric Company (Missouri, U.S.) Value:  Approx. US$2.4 billion Industry:  Energy; Regulated Utilities   UPDATE:  In a recent securities filing by Algonquin Power & Utilities Corp. (Canada), it was reported that, in relation to its acquisition of Missouri based Empire District Electric … Continue Reading

CFIUS Filing Clearance: Tyco International plc and Johnson Controls, Inc.

Status Update:  Clearance   Acquirer:  Tyco International plc (Ireland) Acquired:  Johnson Controls, Inc. (U.S.) Value:  US$11.3 billion Industry: Security Solutions   UPDATE:  According to SEC filings, Johnson Controls, Inc. and Tyco International plc, completed their combination on September 2, 2016.  (See Johnson Controls International plc Ex-99.1 to Form 8-K, Feb. 23, 2017, SEC Filing.)  Following … Continue Reading

EU Extends Russia Sanctions

On 19 December, the European Council extended the application of economic sanctions targeting specific sectors of the Russian economy for a further six months until 31 July 2017. These restrictions were introduced on 31 July 2014 by way of Council Regulation (EU) No 833/2014 “concerning restrictive measures in view of Russia’s actions destabilising the situation in … Continue Reading

Obama Administration Lifts Sanctions on Sudan

On Tuesday, January 17, 2017, the Treasury Department’s Office of Foreign Assets Control (OFAC) will publish in the Federal Register a far-reaching amendment to its Sudanese Sanctions Regulations (SSR), 31 CFR Part 538. While styled as a “general license,” the amendment will have the practical effect of terminating the embargo of Sudan that the US … Continue Reading

CFIUS Clearance: Enbridge Inc. and Spectra Energy Corp.

Status Update: Clearance   Acquirer: Enbridge Inc. (Canada) Acquired: Spectra Energy Corp. (U.S.) Value: Approx. US$28 billion Industry: Energy; Regulated Utilities   UPDATE: On December 21, 2016, Spectra Energy Corp announced the parties received notice from the Committee on Foreign Investment in the United States (CFIUS) “that it has concluded its review of the proposed combination of … Continue Reading

EU De-Lists Two Syrian Firms After Successful Annulment Applications

The EU Council has de-listed Tri-Ocean Energy and its subsidiary Tri-Ocean Trading from its sanctions against Syria. The de-listings arose from their successful annulment applications in the General Court of the EU in September 2016. In annulling their listings, the Court said that the Council had not properly identified the two entities, and had not … Continue Reading

What Does a Trump Trade Agenda Look Like? Here is Our Take

Likely Major Policy Developments   President-Elect Trump will enter the White House facing a dramatic decline in global trade growth. A recent World Trade Organization (WTO) report notes that 2016 marks the slowest pace of trade and output growth since the 2008 financial crisis. WTO Director-General Roberto Azevêdo called slowing trade growth “a wake-up call,” … Continue Reading

CFIUS Clearance: Fortis , Inc. and ITC Holdings Corp.

Status:  Clearance   Acquirer: Fortis, Inc. (Canada) Acquired:  ITC Holdings Corp. (U.S.) Value:  US$11.3 billion Industry:  Energy   Fortis announced that on July 8, 2016, the parties received CFIUS clearance with written confirmation from CFIUS that there are no unresolved national security concerns with respect to the transaction and that the action under Section 721 … Continue Reading

Trade Talk – Week in Review (9-13 May 2016)

Nordic Leaders Summit.  In a joint statement released after their meeting last Friday, the leaders of the United States, Denmark, Finland, Iceland, Norway, and Sweden pledged to deepen cooperation on international issues related to security and defense; migration and refugees; climate, energy and the Arctic; and economic growth and global development.  The Leaders stressed the … Continue Reading

Ukraine Imposes Economic Sanctions Against Aggressors in Crimea

On 16 September 2015, Ukrainian President Petro Poroshenko signed Decree No. 549/2015 issuing new economic sanctions targeting persons and entities supporting Russia’s annexation of Crimea and aggressions in the Donbass region of Eastern Ukraine. The decree, which is effective for one year, applies sanctions against 388 individuals and more than 105 entities, the preponderance being … Continue Reading
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