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William Lowery

William Lowery is an international arbitration and cross-border disputes lawyer who represents clients in high-stakes commercial and investment disputes across the nuclear, energy, mining, commodities, life sciences, pharmaceutical, and construction sectors. His practice focuses on complex international arbitration, arbitration-related litigation, award enforcement, and strategic dispute resolution involving technically sophisticated industries, long-term supply arrangements, infrastructure projects, and politically sensitive cross-border claims.

He has represented clients in arbitrations governed by the ICC, AAA/ICDR, JAMS, LCIA, LMAA, SCC, SIAC, and UNCITRAL rules, as well as in ad hoc proceedings, expert determinations, court litigation related to the recognition and enforcement of arbitral awards and foreign judgments, and 28 U.S.C. § 1782 actions. His experience spans both commercial arbitration and arbitration-related litigation, allowing him to advise clients from pre-dispute strategy through final award and enforcement.

William is recognized by Who’s Who Legal as a “Future Leader” in commercial litigation and international arbitration. Clients have told Global Arbitration Review that he is an “excellent practitioner[]” who is “practical and measured” in providing advice and “extremely responsive.”

William is particularly known for his work in the nuclear industry, including disputes involving nuclear fuel supply, U3O8, enriched uranium, conversion services, sanctions-related delivery issues, and long-term fuel-cycle contracts. He has represented and advised uranium mining companies, nuclear fuel suppliers, commodities companies, brokers, and utilities in disputes concerning pricing, delivery conditions, sanctions, export licenses, non-performance, and project abandonment under long-term supply and conversion agreements. His experience includes disputes involving U3O8 supply agreements, enriched uranium delivery obligations, and related issues arising under New York law and other governing laws.

William also has substantial experience in energy disputes more broadly, including upstream oil and gas disputes, investment treaty claims arising from expropriation of energy assets, gas and LNG price review disputes, midstream disputes, insurance arbitrations, and disputes involving crude oil, LPG, and other energy commodities. His matters have included representing Ukraine’s state-owned oil and gas company, Naftogaz, in its investment treaty arbitration against the Russian Federation arising from the expropriation of oil and gas assets in Crimea, resulting in an award exceeding $5 billion; representing clients in gas and LNG price review disputes valued in the hundreds of millions of dollars; and advising on disputes involving long-term crude oil and gas supply contracts.

William also regularly represents clients in life sciences and pharmaceutical disputes, including royalty disputes, milestone payment disputes, manufacturing and supply disputes, and other complex commercial disagreements involving innovative and highly regulated products. His recent matters include representing a multinational biopharmaceutical company in an ICC arbitration concerning royalty deductions with more than $300 million at stake, representing a life sciences company in a SIAC arbitration to recover an unpaid milestone payment, representing a global biotechnology company in a JAMS international proceeding involving a CDMO’s obligation to mitigate damages in good faith, and advising an international pharmaceutical company an expedited ICC arbitration.

In addition, William has significant experience in mining disputes, commodity trading disputes, and disputes arising from long-term supply relationships in the natural resources sector. He has handled matters involving uranium supply, mining project construction, cross-border commodity sales, sanctions-related non-delivery claims, and complex pricing disputes involving state-owned counterparties, utilities, traders, and producers.

William has further developed a strong practice in construction arbitration and infrastructure-related disputes. He has represented clients in disputes arising from EPC contracts, turnkey design and construction contracts, highway rehabilitation and construction projects, mining project construction, drilling and shipbuilding contracts, and other major industrial and infrastructure developments in Latin America and elsewhere.

The International Energy Agency (IEA)’s latest monthly market report, published on November 13, 2015, revealed that the already “massive cushion” of oil stockpiles has inflated further to reach a record level of almost 3 billion barrels.  Following the announcement, oil prices reportedly dropped to a two-month low.

The IEA described this stockpile as “an unprecedented buffer against geopolitical shocks or unexpected supply disruptions.”  The glut in oil supplies is expected to maintain pressure on global oil prices, which many analysts predict will remain at the lower end of a $54-$64.0/bbl range during 2016.

In this post, we highlight two observable trends in the M&A activities of industry participants during 2015 as they navigate the current challenges facing the sector.


Continue Reading What’s the Deal with Low Oil Prices?

In our three-part series published last week, we outlined the possibility of the UK Government closing the Renewables Obligation (“RO”) scheme to new onshore wind generating stations in 2016, a year earlier than expected.

On 18 June 2015, the UK Department for Energy & Climate Change (“DECC”) formally announced the…
Continue Reading DECC Announces Early Closure of UK Renewables Obligation

In early June 2015, the UK Department for Energy & Climate Change (“DECC”) was expected to announce plans to close the existing subsidy scheme for onshore wind, the Renewables Obligation (“RO”), to new generating capacity a year earlier than expected. This announcement has been delayed amid concerns that it could…
Continue Reading The Uncertain Future of the UK Renewables Obligation: A Three-Part Series

In early June 2015, the UK Department for Energy & Climate Change (“DECC”) was expected to announce plans to close the existing subsidy scheme for onshore wind, the Renewables Obligation (“RO”), to new generating capacity a year earlier than expected. This announcement has been delayed amid concerns that it could…
Continue Reading The Uncertain Future of the UK Renewables Obligation: A Three-Part Series

In early June 2015, the UK Department for Energy & Climate Change (“DECC”) was expected to announce plans to close the existing subsidy scheme for onshore wind, the Renewables Obligation (“RO”), to new generating capacity a year earlier than expected. This announcement has been delayed amid concerns that it could…
Continue Reading The Uncertain Future of the UK Renewables Obligation: A Three-Part Series

Given the fall in oil prices, many participants in the oil sector have been forced to re-evaluate their investments.[1]  A drop in oil prices not only impacts the oil industry; it can also have a significant effect on gas and LNG prices around the world.  Many long-term gas and…
Continue Reading ‘Trigger Happy’: Considering the Requirements of Your Price Review Clause

On Monday, June 16, 2014, Gazprom and Naftogaz each announced that they were commencing arbitration proceedings under the SCC Rules (seated in Stockholm, Sweden).

The arbitration arises under Contract No. KP dated January 19, 2009 (the “Contract”), a 10 year, long-term gas sales agreement between Gazprom and Naftogaz for volumes ranging from 40 to 52 billion cubic meters of gas per year. On the basis of the statements released by the parties, it appears that Gazprom will be alleging a debt claim. Naftogaz appears likely to invoke the price review provisions and seek a decrease in price. The value in dispute is in excess of US$4.5 billion.

To resolve the dispute, the tribunal will likely need to consider the price review provisions in the Contract. Pricing terms and price review provisions are confidential and rarely disclosed. However, Ukrainskaya Pravda — a Ukrainian news outlet — purported to publish the terms of the Contract when it was agreed. Assuming that the Contract published by Ukrainskaya Pravda contains the price review provisions that are relevant to the current arbitration between Naftogaz and Gazprom, the tribunal will be required to interpret some unusual terms.Continue Reading A Quick Look at the Gazprom/Naftogaz Contract Dispute

On Monday, June 16, 2014, Gazprom announced that it commenced arbitration proceedings against Naftogaz under the SCC Rules (seated in Stockholm, Sweden) alleging that Naftogaz has failed to pay US$4.5 billion for gas that Gazprom has already delivered to Naftogaz. Naftogaz also announced that it had commenced a claim under the SCC Rules, seeking the establishment of a fair price for gas and alleging that it has overpaid for the gas already supplied. Some reports suggest that another claim – valued at over US$18 billion – is just around the corner.

When disputes of this value arise, it is important to understand the issues underlying the dispute and how these disputes can be avoided or mitigated. We set out below some thoughts on the structure of pricing provisions in modern long-term gas supply agreements generally.

Complex pricing provisions are a common feature of long-term commodity contracts. In long-term gas sales agreements, a fixed price for the term of the agreement is usually unrealistic due to shifts in the competitiveness of the price over time. There is no single pricing term or indices that parties can universally reference. For this reason, parties typically agree on a bespoke price formula that includes a number of variables. The variables in the formula are agreed between the parties during the negotiation of the contract. Variables can represent substitute energy sources, hub prices, coefficients to counteract the impact of inflation or mitigate currency exchange risks or any other factor that the parties consider might impact the value of gas sold under the agreement.Continue Reading Pricing Complexity and Predictable Disputes – A primer on modern long-term gas supply contracts