Claimants had standing, as relevant BIT covered indirect investments

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Drafter’s view on Venezuela’s Investment Law was deemed insufficient to evidence the state’s consent to arbitration; tribunal declined jurisdiction under the law

General statements in domestic investment law and state’s shift towards a more favourable stance on international arbitration are insufficient to evidence consent to arbitration in Investment Law

Principle of effet utile not helpful to interpret Investment Law

Literal interpretation of Investment Law leaves its meaning unclear

Investment Law must be interpreted not only in light of its literal meaning, but also considering the intended purpose of the state making the offer

Unilateral offers to arbitrate made by states in domestic investment laws must be interpreted in accordance with ICSID Convention and principles of international law that govern unilateral declarations by states

Provisional measures could be ordered to protect the exclusive jurisdiction of ICSID tribunals

“Non-aggravation” provisional measures were ancillary and could not be granted without accompanying protective or preservative measures

Requested provisional measures to prevent the seizure of vessels and potentially avoid aggravating the dispute did not meet the “urgency” and “necessity” requirements

Seizure of vessels did not qualify as “irreparable harm” justifying provisional measures

Provisional measures can be granted only if they are “necessary” to avoid “irreparable harm” to an investment

Arbitrators dismissed respondent’s proposal to disqualify claimants’ appointee due to five-month delay in filing the proposal after becoming aware of the facts behind the challenge

Co-arbitrators ruled that arbitrator challenges must be timely made in ICSID proceedings

Venezuela filed disqualification proposal due to arbitrator’s ties with law firm representing another multinational cement company in a separate arbitration against Venezuela

Background: ICSID arbitration was initiated after nationalization of Venezuelan company in which claimants indirectly held shares

Jordan abandons annulment application following Decision on Interpretation

Stay is not limited to pecuniary obligations under the award

Argentina had provided reasonable assurances, through a written undertaking, that it would enforce the award and not subject it to review by national courts

Applicant should be entitled to stay subject to reasonable assurances that the award, if not annulled, will be complied with; the committee may impose conditions in case of doubt

Likelihood of success was deemed irrelevant absent any indication of dilatory conduct

Committee has discretion in deciding request for continued stay, including the power to impose conditions

Background: Argentina applied for annulment of 133 million USD award and requested continued stay of enforcement

Damages based on lost sales attributable to state’s treaty breach

Claims under umbrella clause and unreasonable measures clause given short shrift

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