The Najaf Chamber of Commerce, represented by its Board of Directors member Mr. Makki Shaker Mahmoud, participated in the specialized seminar entitled “Arbitration in Energy Disputes”, organized by the legal firm Herbert Smith Freehills in cooperation with the International Chamber of Commerce (ICC) in London.
The seminar addressed the latest challenges and developments in the field of energy arbitration, with a focus on the impact of the shift from fossil fuels to renewable energy sources, and the consequent increase in commercial disputes, especially in the Middle East region. It also discussed the fluctuations in energy markets and their impact on contracts and companies’ obligations, especially with regard to renegotiation clauses, force majeure, and hardship clauses.
The sessions also touched on the role of mediation as an effective tool in resolving disputes before resorting to arbitration, as it is increasingly relied upon to maintain stable commercial relations between the parties.
The participation of the Najaf Chamber of Commerce in this seminar comes within its efforts to enhance its international presence in the field of commercial arbitration and benefit from the latest international practices in dispute resolution, in order to serve the Iraqi business environment and support investment partnerships with international companies.