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Stephanie Milagros Limaco Blas

Foreign Lawyer

Career Summary

I am a Peruvian qualified lawyer, with experience in international commercial arbitration, domestic (Peruvian) arbitration, regulatory law and public procurement. Prior to joining Zaiwalla, I have been a senior associate in a leading Peruvian law firm, Estudio Olaechea, in the regulatory, public contracts and environmental law practices. I was mentioned in the Legal 500 Latin America 2019, in the Energy and Natural Resources and the Environment sections. Before that, I completed an internship at Wilmer Cutler Pickering Hale and Dorr, a placement at King & Spalding and was a research assistant at the London School of Economics and Political Science.


  • A construction joint venture (including a multinational major construction company) v. a leading global supplier for hydraulic power generation: This is an ICC international commercial arbitration case, related to the construction of a hydroelectric power plant. There were many complex legal and factual issues involved in the case, such as the evaluation of critical path delays, mild and gross negligence and wilful misconduct, time extension claims and the application of penalty clauses. The value of the dispute was approximately USD 150’000,000.00.
  • Consorcio Tractebel v. Electroperu S.A.: I recently supported Tractebel, the contractor of a consulting service for the maintenance of the largest hydroelectric complex in Peru, in several disputes before the PUCP Arbitration Center. These disputes were related to the performance of the services, the application of penalties and time extension claims. Two arbitral cases were successfully settled with Electroperu (a state-owned entity).
  • An aquaculture company v. a group of shareholders (including a BVI company): I recently supported a group of shareholders of an aquaculture company, in a dispute before the Lima Chamber of Commerce, against the former minority shareholders. The dispute was related to the validity of a Share Purchase Agreement and involved allegations of deceit and misrepresentation.
  • Consorcio Gemalto Mexico S.A. de C.V. – Imprimerie Nationale S.A. v. Ministry of Foreign Affairs of Peru and the Immigration Authority: I recently supported Gemalto (currently Thales) Mexico S.A. de C.V., the provider of the passports in Peru, in their contract management and pre-arbitral disputes against the Ministry of Foreign Affairs and the Immigration Authority. There were several complex legal issues involved in the case, including the approval of the services performed, the application of penalties, the execution of guarantees, time extension claims, claiming additional payments, the reductions of the works, the interpretation of the contract and limitation periods. The value of the disputes, in total, is approximately between USD 7’000,000.00 to 10’000,000.00, and the total amount of the contracts is around USD 70’000,000.00.
  • Multinational cigarette and tobacco company: PMI required legal assistance in relation with an anti-tobacco bill that was being discussed by the Peruvian Congress. I supported the client with a constitutional law legal report to be used before the Congress, and with the assessment of the possible national and international actions that the client could file in order to protect its investments. This included the legal analysis of the possibility of initiating an investment arbitration in case the government approved the anti-tobacco bill. The assessment included the review and evaluation of the US – Peru Trade Promotion Agreement and the BIT between Peru and Switzerland. At the end, the Peruvian Congress did not approve the anti-tobacco bill, so no further action was required.

Specialist areas

  • International commercial arbitration
  • Regulatory law
  • Public procurement
  • Environmental law
  • Commercial contracts.


  • Spanish (native),
  • English (fluent)
  • Portuguese (fluent).


  • I got the second place in the admission exam of the university.
  • I was chosen as part of the team of the Pontifical Catholic University of Peru (as observer) in the Inter-American Human Rights Moot Court Competition, organised by American University. 

Professional Memberships

  • Member of the LCIA Young International Arbitration Group.
  • Member of the Lima Bar Association.


  • The London School of Economics and Political Science - LLM International Business Law. Grade: Merit.
  • Pontifical Catholic University of Peru – Licentiate and Bachelor in Law. Grade: Summa Cum Laude Honour.