The Arbitral Tribunal upheld EuroChem Group AG’s position that the claims against it fall outside the Tribunal’s jurisdiction. EuroChem Group AG will seek recovery of four years of costs
Zug, Switzerland — 1 September 2026. EuroChem Group AG notes the press release published by MAIRE S.p.A. concerning the partial award issued in the first phase of the arbitration relating to the Kingisepp-2 (K2) project by the London-seated Arbitral Tribunal constituted pursuant to the Rules of Arbitration of the International Court of Arbitration of the International Chamber of Commerce (the “Arbitral Tribunal”). That arbitration is confidential. MAIRE’s publication was made without EuroChem Group AG’s consent and, in EuroChem Group AG’s view, in breach of the confidentiality of the proceedings. EuroChem Group AG makes this statement solely in order to correct material misrepresentations in MAIRE’s release, and only to the extent necessary to do so.
MAIRE’s release presents a selective and misleading account of the Arbitral Tribunal’s award. By referring to the respondents indiscriminately as “EuroChem”, it conceals a central outcome of the first phase: the Arbitral Tribunal upheld EuroChem Group AG’s position that it committed no offence and is not liable for any payments to Tecnimont, nor does it fall under the Arbitral Tribunal’s jurisdiction. Contrary to the impression MAIRE’s release creates, not a single claim against EuroChem Group AG has succeeded, no relief of any kind has been ordered against it, and it bears no liability for any of the amounts referred to in MAIRE’s release.
The Press Release also repeats the false assertion that EuroChem “remains owned and controlled by Russian oligarch Andrei Melnichenko”. As EuroChem Group AG has stated publicly on numerous occasions, this is untrue: since March 2022, Mr. Melnichenko has held no position in, has had no ownership interest in, and has exercised no control over EuroChem Group AG, having resigned from its board of directors and ceased to be a beneficiary. EuroChem Group AG is neither owned nor controlled by Mr. Melnichenko. This gratuitous characterisation finds no support whatsoever in the Arbitral Tribunal’s award and serves no purpose other than to prejudice EuroChem Group AG in the eyes of the public and the markets.
Having been wrongfully pursued in these proceedings for four years, EuroChem Group AG intends, in accordance with the procedure directed by the Arbitral Tribunal, which has reserved all questions of costs to the next phase of the arbitration, to seek full recovery from the claimants of the costs it has been forced to incur since the proceedings were commenced in 2022.
MAIRE’s release contains further material inaccuracies and omissions. Out of respect for the confidentiality of the arbitration, EuroChem Group AG will not comment on them publicly and will address them in the appropriate forum. EuroChem Group AG reserves all of its rights, including in respect of the publication of MAIRE’s release and any loss or damage caused by it.
