Arbitral Digest

Matter

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

Case no.
ARB/15/43
Applicable rules
ICSID Arbitration Rules in force as of April 2006
  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.

    Supporting details

    7 authorities · 6 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

Matter record

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