Setback for Mexico: Canadian court reopens US $270 million NAFTA case against Pemex

Setback for Mexico: Canadian court reopens US $270 million NAFTA case against Pemex

Mexico could be on the hook for US $270 million after a Canadian court overturned a 2024 arbitration award that had seemed to terminate the case in Mexico’s favor. The court ordered that proceedings be reopened in a lawsuit filed by Mexican oilfield services provider Oro Negro against Mexico’s state-run oil company Pemex, claiming violation of the rules of NAFTA, the trilateral trade agreement that preceded the current USMCA. Although it does no…