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Lower costs on Algeria’s side mean they are reasonable
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Facts as alleged by the investor, and questions of attribution, are assumed pro tem for jurisdictional purposes
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Algeria’s decision to allow a concurrent project did not breach the treaty, absent a commitment of exclusivity
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Only contractual conduct involving acts de iure imperii would breach BIT and fall within the tribunal’s jurisdiction
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Suspension of the project by Ministry was only temporary
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Legitimate expectations must exist at time of investment
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MFN can import umbrella clause, but the clause is unavailing in this case
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“Respect of commitments” clause in BIT is not an umbrella clause
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