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under public international law, if the expropriation were
unlawful, it would be entitled to be recompensed for any increase
in the value of its assets between the expropriation date and the
date of any award.
4. Aminoil’s Claims With Respect to Expropriated
Assets
As recompense for its assets other than the concession,
Aminoil sought to recover the amounts of money and other current
assets taken and, with respect to its fixed assets, their
depreciated replacement value. Aminoil claimed that Kuwait had
expropriated money and other current assets with a total value of
$30,356,000. Aminoil claimed $2,587,136,000 of lost profits,
calculated on a 1980 present value basis. Recognizing that the
concession agreement would have required it to transfer its fixed
assets to Kuwait free of charge upon the concession’s natural
termination on June 28, 2008, Aminoil sought no payment for its
fixed assets in the event the tribunal awarded it compensation
for the concession measured by profits lost for the entire period
through the natural termination date. Aminoil sought recovery
for its fixed assets only if the tribunal measured the lost
profits attributable to the concession through some date prior to
2008, in which case Aminoil demanded to be paid for the fixed
assets’ depreciated replacement value as of that sooner date.
Aminoil presented the tribunal with an expert valuation report
finding that the depreciated replacement value of the fixed
assets on the expropriation date was $185,305,000.
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