Judgment of the Court (Grand Chamber) of 12 September 2006 (references for a preliminary ruling from the Oberlandesgericht Oldenburg — Germany) — Industrias Nucleares do Brasil SA, Siemens AG v UBS AG (C-123/04), Texas Utilities Electric Corporation (C-124/04)

(Joined Cases C-123/04 and C-124/04) [1]

Referring court

Oberlandesgericht Oldenburg

Parties to the main proceedings

Applicants: Industrias Nucleares do Brasil SA, Siemens AG

Defendants: UBS AG (C-123/04), Texas Utilities Electric Corporation (C-124/04),

Re:

Reference for a preliminary ruling — Oberlandesgericht Oldenburg — Interpretation of Arts. 57, 73, 75, 86, 87, 196 and 197 EA — Contract of loan guaranteed by a security over uranium belonging to an undertaking from a third State, enriched and stored in the Community

Operative part

1. The first paragraph of Article 75 EA is to be interpreted as meaning that the terms "processing", "conversion" and "shaping" in that provision also encompass uranium enrichment.

2. Article 196(b) EA is to be interpreted as meaning that an undertaking having its seat outside the territories of the Member States does not pursue, within the meaning of that provision, all or any of its activities in those territories if it maintains with an undertaking having its seat in those territories a commercial relationship either for the supply of raw material for the production of enriched uranium and the procurement of enriched uranium or for the storage of that enriched uranium.

3. Article 75(c) EA is to be interpreted as meaning that the material supplied for treatment, conversion or shaping need not be identical to the material subsequently returned and that it is sufficient for the processed material to be commensurate in terms of quality and quantity with the material supplied, although it may be impossible, in some cases, to attribute the material returned to the material supplied. In addition, the provision is to be interpreted as meaning that the application of Article 75(c) EA is not precluded where the undertaking carrying out the process acquires title to the raw material on delivery and therefore has to transfer title to the enriched uranium back to the other contracting party on completion of the process.

4. Article 196(b) EA is to be interpreted as meaning that an undertaking does not pursue all or any of its activities in the territories of the Member States within the meaning of that provision if it acquires or disposes of enriched uranium stored there.

5. Article 73 EA is to be interpreted as meaning that it does not apply to agreements concerning enriched uranium stored within the territory of the European Atomic Energy Community where all the parties to the agreement are nationals of third States.

[1] OJ C 106, 30.4.2004

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