001{18 62.with regard to the time reference, the court notes that upon the signing of the Memorandum of Understanding (MoU) between PHILIA GRoup LTD and coMoN SA on 2B September 2016, the Applicant's expectation to benefit from the "sol6 experience of PHILIA GROUP LTD in the oiltrading and logistics sector" was realand marks the beginning of its chances of success in the sector. The period to be considered therefore runs from that date. 63. However, the Court considers that compensation for damages resulting from loss of opportunity is a lump sum that cannot be equal to the benefit that would have been earned had the intervening event not occurred and, hence, could not to be equal to the entire expected gain. 64. ln assessing the amount of the compensation, the Court also takes into account the circumstances of this case. ln this respect, the Court considers the Applicant's financial capacity to acquire and sell the estimated volumes as perthe business plan, his knowledge of the business world, and his business experience which led him to develop business strategies in companies that built its reputation. 65. The Court further takes into account the fact that the expected benefits in the business plan are forecasts which may, during implementation of the project, undergo significant changes on account of the hazards inherent in any commercial activity, as well as the unpredictability and changes in the cost of petroleum products on the world market. 66.The Court lastly takes into account fairness and reasonable proportionalitylo, and awards the Applicant a lump sum compensation of rhirty billion (30,000,000,000) cFA Francs, tax free, for the loss of business opportunity in the oil sector. 16Application No. 003/2014 Judgmentof 7i1212018 (Reparation), tngabire Victoire lJmuhoza v. Repubtic of Rwanda (hereinafter referred to as "lngabire Victoire tJmuhoza v. Rwanda (Reparation),,, $ 72. See also ECHR: Application No. 40167106. Sargsyan v. Azerbaijan and Appllcatioh f,fo. f'Si1-6lOS. Chiragov and Others v. Armenia. Judgment on just satisfaction, Grand Cham'ber, 12lj2DO17.ln lhis jurisprudene,e, the European Court states that "it is guided by the principle of equity, which above all implies a degree of flexibility and an objective examination of what is fair, equitable and'reasonable in light of all 19 (_ S t'"^t