State General Reserve Fund of the Sultanate of Oman v. Republic of Bulgaria (ICSID Case No. ARB/15/43)

Procedural record

1. 13 August 2019Arbitration

   13 August 2019Arbitration

   Award dated 13 August 2019

   International Centre for Settlement of Investment Disputes

   Decision summary

   The Tribunal dismissed with prejudice all claims made by the State General Reserve Fund of the Sultanate of Oman. By a majority, it ordered the Fund to pay the Republic of Bulgaria the amounts awarded for Bulgaria's expended advances to ICSID and its legal fees and expenses, plus interest at 2.95% compounded annually from the date of the Award until full payment.

   Participants

   State General Reserve Fund of the Sultanate of Oman

   Republic of Bulgaria

   International Centre for Settlement of Investment Disputes

   Arbitrator

   Vaughan Lowe

   Arbitrator

   David R. Haigh

   Arbitrator

   Brigitte Stern

   Tribunal secretary

   Sara Marzal Yetano

   Authorities cited

   7

   • Treaty between the Sultanate of Oman and the Republic of Bulgaria on the Promotion and Reciprocal Protection of Investments, entered into force 22 October 2014
     treaty
   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States, 14 October 1966
     treaty
   • Accession Mezzanine Capital L.P. and Danubius Kereskedohaz Vagyonkezelo Zrt. v. Hungary (ICSID Case No. ARB/12/3, Award, 17 April 2015)
     case law
   • Quadrant Pacific Growth Fund L.P. and Canasco Holdings Inc. v. Republic of Costa Rica (ICSID Case No. ARB(AF)/08/1, Order of the Tribunal Taking Note of the Discontinuance of the Proceedings and Allocation of Costs, 27 October 2010)
     case law
   • Piero Foresti, Laura de Carli and others v. Republic of South Africa (ICSID Case No. ARB(AF)/07/1, Award, 4 August 2010)
     case law
   • PNG Sustainable Development Program Ltd. v. Independent State of Papua New Guinea (ICSID Case No. ARB/13/33, Award, 5 May 2015)
     case law
   • Burlington Resources Inc. v. Republic of Ecuador (ICSID Case No. ARB/08/5, Decision on Reconsideration and Award, 7 February 2017)
     case law