Argentina

Argentina

NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2019 Nationale-Nederlanden Holdinvest and others v. Argentina Nationale-Nederlanden Holdinvest B.V., Nationale-Nederlanden Intertrust B.V., NN Insurance International B.V., Orígenes AFJP S.A. (en liquidación) v. Argentine Republic (ICSID Case No. ARB/19/11) Argentina - Netherlands BIT (1992) ICSID ICSID Investment: Shareholding in Orígenes AFJP S.A., an Argentinian private pension fund.

Summary: Claims arising out of the Government’s nationalization of the country’s private pension system in 2008, and the seizure of assets held by Orígenes, which subsequently entered into liquidation.
Shareholding in Orígenes AFJP S.A., an Argentinian private pension fund. Pending Argentina Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Name not available - President

Radicati di Brozolo, L. - Claimant

Boisson de Chazournes, L. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
2 2019 Orazul v. Argentina Orazul International España Holdings S.L. v. Argentine Republic (ICSID Case No. ARB/19/25) Argentina - Spain BIT (1991) ICSID ICSID Investment: Investments in a hydroelectric power plant and a thermal power plant.

Summary:
Investments in a hydroelectric power plant and a thermal power plant. Pending Argentina Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Name not available - President

Haigh, D. - Claimant

Name not available - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
3 2017 MetLife v. Argentina MetLife, Inc., MetLife Seguros de Retiro S.A. and MetLife Servicios S.A. v. Argentine Republic (ICSID Case No. ARB/17/17) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Investments in a private pension fund company.

Summary: Claims arising out of the Government’s nationalization of the country’s private pension system in 2008 and the seizure of the claimants’ underlying investments.
Investments in a private pension fund company. Pending Argentina United States of America Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Binnie, I. - President

Reichert, K. - Claimant

McLachlan, C. A. - Unknown
Data not available Data not available Data not available Pending None None None None None None None
4 2015 Abertis v. Argentina Abertis Infraestructuras, S.A. v. Argentine Republic (ICSID Case No. ARB/15/48) Argentina - Spain BIT (1991) ICSID ICSID Investment: Shareholdings in two companies, Grupo Concesionario del Oeste (“GCO”, 48.6 per cent) and Autopista del Sol S.A. (“Ausol”, 31.6 per cent), that hold toll highway concessions.

Summary: Claims arising out of the Government’s decision to freeze tools for highways in 2003, which allegedly adversely affected the economic balance of the concession contracts held by GCO and Ausol.
Shareholdings in two companies, Grupo Concesionario del Oeste (“GCO”, 48.6 per cent) and Autopista del Sol S.A. (“Ausol”, 31.6 per cent), that hold toll highway concessions. Settled Argentina Spain Tertiary: F - Construction 42 - Civil engineering Oreamuno Blanco, R. - President

Debevoise, E. W. - Claimant

Valencia-Ospina, E. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 18 September 2018 None None None None None None
5 2015 ICS v. Argentina (II) ICS Inspection and Control Services Limited v. The Argentine Republic (II) Argentina - United Kingdom BIT (1990) UNCITRAL Data not available Investment: Rights under an auditing services contract concluded between ICS and Argentina's Ministry of Economy.

Summary: Claims arising out of Argentina's alleged non-payment of invoices to the investor under a contract in which ICS was to provide auditing services in relation to a government-sponsored scheme to inspect imports bound for the country before they were shipped.
Rights under an auditing services contract concluded between ICS and Argentina's Ministry of Economy. Pending Argentina United Kingdom Tertiary: M - Professional, scientific and technical activities 74 - Other professional, scientific and technical activities Sekolec, J. - President

Tschanz, P.-Y. - Claimant

Bello Janeiro, D. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
6 2015 Salini Impregilo v. Argentina Salini Impregilo S.p.A. v. Argentine Republic (ICSID Case No. ARB/15/39) Argentina - Italy BIT (1990) ICSID ICSID Investment: 26% interest in a local company, Puentes del Litoral S.A., that held a 25-year concession contract for the construction, operation and maintenance of a bridge and toll road in Argentina.

Summary: Claims arising out of the Government’s alleged failure to pay state subsidies provided for under a highway construction concession, the enactment of emergency legislation that affected the project’s toll revenue and economic viability as well as delays in completing the renegotiation of the concession contract as mandated by the legislation. According to the claimant, the alleged measures ultimately resulted in the bankruptcy of the local concessionaire, the termination of the concession contract by the Government and its reassignment to a third party.
26% interest in a local company, Puentes del Litoral S.A., that held a 25-year concession contract for the construction, operation and maintenance of a bridge and toll road in Argentina. Pending Argentina Italy Tertiary: F - Construction 42 - Civil engineering Hobér, K. - Claimant

Crawford, J. R. - President

Kurtz, J. - Respondent
Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Most-favoured nation treatment
Pending Decision on Jurisdiction and Admissibility dated 23 February 2018 None None None None None None
7 2014 Casinos Austria v. Argentina Casinos Austria International GmbH and Casinos Austria Aktiengesellschaft v. Argentine Republic (ICSID Case No. ARB/14/32) Argentina - Austria BIT (1992) ICSID ICSID Investment: Rights under a gambling license granted by the Government of Salta province in Argentina to claimants' local subsidiary, Entretenimientos y Juegos de Azar S.A. (ENJASA).

Summary: Claims arising out of the revocation by an Argentinean province of a license to operate games of chance and lottery held by claimants' local subsidiary under alleged concerns of money laundering.
Rights under a gambling license granted by the Government of Salta province in Argentina to claimants' local subsidiary, Entretenimientos y Juegos de Azar S.A. (ENJASA). Pending Argentina Austria Tertiary: R - Arts, entertainment and recreation 92 - Gambling and betting activities van Houtte, H. - President

Schill, S. - Claimant

Torres Bernárdez, S. - Respondent
62.00 mln USD Data not available Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

National treatment
Pending Decision on Jurisdiction dated 29 June 2018 Dissenting Opinion of Santiago Torres Bernárdez None None None None None
8 2012 Repsol v. Argentina Repsol, S.A. and Repsol Butano, S.A. v. Argentine Republic (ICSID Case No. ARB/12/38) Argentina - Spain BIT (1991) ICSID ICSID Investment: Majority shareholding in the Argentinean oil company YPF.

Summary: Claims arising out of the issuance of Law no. 660/2012 and decree 660/2010 that expropriated Repsol's 51 per cent shareholding in an Argentinean oil company.
Majority shareholding in the Argentinean oil company YPF. Settled Argentina Spain Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas von Wobeser, C. - President

Orrego Vicuña, F. - Claimant

Stern, B. - Respondent
10500.00 mln USD 5000.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability Settlement Agreement dated 20 March 2014

Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 19 May 2014, pursuant to ICSID Arbitration Rule 44
None None None None None None
9 2009 ICS v. Argentina (I) ICS Inspection and Control Services Limited v. The Argentine Republic (I) (PCA Case No. 2010-9) Argentina - United Kingdom BIT (1990) UNCITRAL PCA Investment: Rights under an auditing services contract concluded between ICS and Argentina's Ministry of Economy.

Summary: Claims arising out of Argentina's alleged non-payment of invoices to the investor under a contract in which ICS was to provide auditing services in relation to a government-sponsored scheme to inspect imports bound for the country before they were shipped.
Rights under an auditing services contract concluded between ICS and Argentina's Ministry of Economy. Decided in favour of State Argentina United Kingdom Tertiary: M - Professional, scientific and technical activities 74 - Other professional, scientific and technical activities Dupuy, P.-M. - President

Lalonde, M. - Claimant

Torres Bernárdez, S. - Respondent
25.00 mln USD Data not available Umbrella clause None - jurisdiction declined Award on Jurisdiction dated 10 February 2012 None None None None None None
10 2009 Teinver and others v. Argentina Autobuses Urbanos del Sur S.A., Teinver S.A. and Transportes de Cercanías S.A. v. Argentine Republic (ICSID Case No. ARB/09/1) Argentina - Spain BIT (1991) ICSID ICSID Investment: Indirect shareholding in two Argentinean airlines.

Summary: Claims arising out of the Government's alleged re-nationalization and taking of other measures regarding claimants' investments in two Argentine airlines, Aerolíneas Argentinas S.A. and Austral-Cielos del Sur S.A., and subsequent disagreements between the parties as to the remedy due to claimants for the expropriation of their shares in those airlines.
Indirect shareholding in two Argentinean airlines. Decided in favour of investor Argentina Spain Tertiary: H - Transportation and storage 51 - Air transport Buergenthal, T. - President

Álvarez, H. C. - Claimant

Hossain, K. - Respondent
1590.00 mln USD 320.80 mln USD Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Decision on Jurisdiction dated 21 December 2012

Award dated 21 July 2017
Separate Opinion of Dr. Kamal Hossain (Decision on Jurisdiction)

Dissenting Opinion of Kamal Hossain
ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 29 May 2019 (ICSID annulment proceedings) None Mourre, A. - President

Cantuarias Salaverry, F. - Member

Ramírez Hernández, R. - Member
11 2008 Ambiente Ufficio and others v. Argentina Ambiente Ufficio S.p.A. and others (formerly Giordano Alpi and others) v. Argentine Republic (ICSID Case No. ARB/08/9) Argentina - Italy BIT (1990) ICSID ICSID Investment: Ownership of sovereign bonds issued by Argentina held by over 90 claimants.

Summary: Claims arising out of Argentina's enactment of legislation concerning the restructuring of its public debt, leading to the Government's default in sovereign bonds in late 2001, and circumstances surrounding its 2005 settlement with foreign holders of its defaulted bonds.
Ownership of sovereign bonds issued by Argentina held by over 90 claimants. Discontinued Argentina Italy Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Simma, B. - President

Böckstiegel, K.-H. - Claimant

Torres Bernárdez, S. - Respondent
6.80 mln EUR (10.70 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction and Admissibility dated 8 February 2013

Order of discontinuance of the proceeding dated 28 May 2015
Dissenting Opinion of Santiago Torres Bernárdez (Decision on Jurisdiction and Admissibility)

Individual Statement
None None None None None
12 2008 Impregilo v. Argentina (II) Impregilo S.p.a v. Argentine Republic (II) (ICSID Case No. ARB/08/14) Argentina - Italy BIT (1990) ICSID ICSID Investment: Rights under a highway construction concession agreement held by Impregilo's local subsidiary Camino de las Sierras.

Summary: Claims arising out of Argentina's enactment of a 'pesification' law, the freeze on toll rates, among other measures adopted during its 2001-2002 economic crisis, allegedly affecting claimant's investment in a highway construction project to build and manage roads to the city of Córdoba.
Rights under a highway construction concession agreement held by Impregilo's local subsidiary Camino de las Sierras. Settled Argentina Italy Tertiary: F - Construction 42 - Civil engineering Danelius, H. - President

Brower, C. N. - Claimant

Hossain, K. - Respondent
250.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order for the discontinuance of the proceeding issued by the Tribunal dated 27 October 2010, pursuant to ICSID Arbitration Rule 43(1) None None None None None None
13 2007 Abaclat and others v. Argentina Abaclat and others (formerly Giovanna A. Beccara and others) v. Argentine Republic (ICSID Case No. ARB/07/5) Argentina - Italy BIT (1990) ICSID ICSID Investment: Ownership of sovereign bonds issued by Argentina held by over 60,000 claimants.

Summary: Claims arising out of Argentina's enactment of legislation concerning the restructuring of its public debt, leading to the Government's default in sovereign bonds in late 2001, and circumstances surrounding its 2005 settlement with foreign holders of its defaulted bonds.
Ownership of sovereign bonds issued by Argentina held by over 60,000 claimants. Settled Argentina Italy Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Tercier, P. - President

Briner, R. - President (replaced)

van den Berg, A. J. - Claimant

Torres Bernárdez, S. - Respondent

Abi-Saab, G. - Respondent (replaced)
3000.00 mln USD 1350.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

National treatment

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction and Admissibility dated 4 August 2011

Consent Award under ICSID Arbitration Rule 43(2) dated 29 December 2016

Settlement agreement dated 21 April 2016
Dissenting Opinion of Professor Georges Abi-Saab (Decision on Jurisdiction and Admissibility)

Declaration appended to the Award by Santiago Torres Bernárdez

Additional Declaration by Pierre Tercier and Albert Jan van den Berg

Additional Declaration by Santiago Torres Bernárdez
None None None None None
14 2007 Alemanni and others v. Argentina Giovanni Alemanni and others v. Argentine Republic (ICSID Case No. ARB/07/8) Argentina - Italy BIT (1990) ICSID ICSID Investment: Ownership of sovereign bonds issued by Argentina held by over 180 initial claimants.

Summary: Claims arising out of Argentina's enactment of legislation concerning the restructuring of its public debt, leading to the Government's default in sovereign bonds in late 2001, and circumstances surrounding its 2005 settlement with foreign holders of its defaulted bonds.
Ownership of sovereign bonds issued by Argentina held by over 180 initial claimants. Discontinued Argentina Italy Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Berman, F. - President

Böckstiegel, K.-H. - Claimant

Thomas, J. C. - Respondent
14.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction and Admissibility dated 17 November 2014

Order of the Tribunal Discontinuing the Proceeding dated 14 December 2015
Concurring Opinion of Mr. J. Christopher Thomas, QC (Decision on Jurisdiction and Admissibility) None None None None None
15 2007 HOCHTIEF v. Argentina HOCHTIEF Aktiengesellschaft v. Argentine Republic (ICSID Case No. ARB/07/31) Argentina - Germany BIT (1991) ICSID ICSID Investment: Minority shareholding in an Argentinean vehicle company, incorporated by the claimant and other members to a consortium that had a 25-year highway system construction concession.

Summary: Claims arising out of Argentina's enactment of a 'pesification' law, among other measures during its 2001-2002 economic crisis, allegedly affecting the investor's interests in a consortium responsible for the construction, maintenance and operation of a toll road and several bridges between the cities of Rosario and Victoria over the Paraná river in northern Argentina.
Minority shareholding in an Argentinean vehicle company, incorporated by the claimant and other members to a consortium that had a 25-year highway system construction concession. Decided in favour of investor Argentina Germany Tertiary: F - Construction 42 - Civil engineering Lowe, V. - President

Brower, C. N. - Claimant

Thomas, J. C. - Respondent
157.20 mln USD 13.40 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction dated 24 October 2011

Decision on Liability dated 29 December 2014

Award dated 21 December 2016
Separate and Dissenting Opinion of J. Christopher Thomas, Q.C. (Decision on Jurisdiction) ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Kettani, A. - President

Mourre, A. - Member

Bastid Burdeau, G. - Member
16 2007 Impregilo v. Argentina (I) Impregilo S.p.A. v. Argentine Republic (I) (ICSID Case No. ARB/07/17) Argentina - Italy BIT (1990) ICSID ICSID Investment: Controlling interest in an Argentinean company that had a concession agreement for water distribution and sewerage treatment services.

Summary: Claims arising out of Argentina's alleged interference with the tariff regime applicable to claimant's investment and other alleged breaches of obligations under the relevant concession agreement through the enactment of emergency measures during its 2001-2002 economic crisis.
Controlling interest in an Argentinean company that had a concession agreement for water distribution and sewerage treatment services. Decided in favour of investor Argentina Italy Tertiary: E - Water supply; sewerage, waste management and remediation activities

Tertiary: E - Water supply; sewerage, waste management and remediation activities
36 - Water collection, treatment and supply

37 - Sewerage
Danelius, H. - President

Brower, C. N. - Claimant

Stern, B. - Respondent
119.00 mln USD 21.29 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 21 June 2011 Concurring and Dissenting Opinion of Professor Brigitte Stern (Award)

Concurring and Dissenting Opinion of Judge Charles N. Brower (Award)
ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision of the ad hoc Committee on the Application for Annulment dated 24 January 2014 (ICSID annulment proceedings) None Oreamuno Blanco, R. - President

Zuleta, E. - Member

Cheng, T. - Member
17 2007 Urbaser and CABB v. Argentina Urbaser S.A. and Consorcio de Aguas Bilbao Biskaia, Bilbao Biskaia Ur Partzuergoa v. Argentine Republic (ICSID Case No. ARB/07/26) Argentina - Spain BIT (1991) ICSID ICSID Investment: Direct and indirect minority shareholding in an Argentinean vehicle company that held a concession for the provision of a drinking water supply and sewerage services in Buenos Aires.

Summary: Claims arising out of Argentina's alleged interference with the tariff regime applicable to claimant's investment and other alleged breaches of obligations under the relevant concession agreement through the enactment of emergency measures during its 2001-2002 economic crisis.
Direct and indirect minority shareholding in an Argentinean vehicle company that held a concession for the provision of a drinking water supply and sewerage services in Buenos Aires. Decided in favour of neither party (liability found but no damages awarded) Argentina Spain Tertiary: E - Water supply; sewerage, waste management and remediation activities

Tertiary: E - Water supply; sewerage, waste management and remediation activities
36 - Water collection, treatment and supply

37 - Sewerage
Bucher, A. - President

Martínez-Fraga, P. J. - Claimant

McLachlan, C. A. - Respondent

Brownlie, I. - Respondent (replaced)
211.20 mln USD 0.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction dated 19 December 2012

Award dated 8 December 2016
None None None None None None
18 2005 Asset Recovery v. Argentina Asset Recovery Trust S.A. v. Argentine Republic (ICSID Case No. ARB/05/11) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Rights under a contract concluded between the claimant and the Province of Mendoza for the collection of debts.

Summary: Claims arising out of the adoption of measures by a local government that allegedly wiped out debt and extended payment deadlines under a contract to which the claimant was a party concerning the recovery of debts owned by public banks in the Mendoza province.
Rights under a contract concluded between the claimant and the Province of Mendoza for the collection of debts. Discontinued Argentina United States of America Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Irarrázabal, J. - President

Canales Santos, E. - Claimant

Cançado Trindade, A. A. - Respondent
20.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order for the discontinuance of the proceeding for lack of payment of the required advances issued by the tribunal dated 27 November 2012, pursuant to ICSID Administrative and Financial Regulation 14(3)(d) None None None None None None
19 2005 CGE v. Argentina Compañía General de Electricidad S.A. and CGE Argentina S.A. v. Argentine Republic (ICSID Case No. ARB/05/2) Argentina - Chile BIT (1991) ICSID ICSID Investment: Rights under concession agreements for electricity distribution services.

Summary: Claims arising out of laws enacted and measures taken by Argentina and the provincial governments of San Juan, Tucuman and Jujuy -determining the pesification of rates that were denominated in dollars until 2001- that allegedly affected claimants' investments in several companies engaged in providing electricity distribution services to these Argentine provinces.
Rights under concession agreements for electricity distribution services. Settled Argentina Chile Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Tercier, P. - President

Álvarez, H. C. - Claimant

Abi-Saab, G. - Respondent
125.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 28 July 2009, pursuant to ICSID Arbitration Rule 44 None None None None None None
20 2005 Daimler v. Argentina Daimler Financial Services AG v. Argentine Republic (ICSID Case No. ARB/05/1) Argentina - Germany BIT (1991) ICSID ICSID Investment: Majority and controlling interest in local company engaged in extending loans and leases to Argentinean dealers and purchasers of automotive goods; additional capital contributions to the subsidiary company.

Summary: Claims arising out of Argentina's enactment of an Emergency Law and other measures undertaken by the respondent to stem the country's economic crisis of 2001-2002 which allegedly affected the claimant's investment.
Majority and controlling interest in local company engaged in extending loans and leases to Argentinean dealers and purchasers of automotive goods; additional capital contributions to the subsidiary company. Decided in favour of State Argentina Germany Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Dupuy, P.-M. - President

Brower, C. N. - Claimant

Bello Janeiro, D. - Respondent
272.70 mln EUR (243.00 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Most-favoured nation treatment

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated 22 August 2012 Dissenting Opinion of Judge Charles N. Brower (Award)

Opinion of Professor Domingo Bello Janeiro (Award)
ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on annulment dated 7 January 2015 (ICSID annulment proceedings) None Zuleta, E. - President

Feliciano, F. P. - Member

Khan, M. A. - Member
21 2005 Scotiabank v. Argentina Bank of Nova Scotia v. Argentine Republic Argentina - Canada BIT (1991) UNCITRAL None Investment: Ownership of local bank, Scotiabank Quilmes SA.

Summary: Claims arising out of the alleged negative effects of the forced pesification of the bank's local subsidiary US-dollar assets and liabilities, during the Argentinean economic crisis of 2002.
Ownership of local bank, Scotiabank Quilmes SA. Settled Argentina Canada Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Brower, C. N. - Claimant

Pellet, A. - Respondent

Name not available - President
600.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
22 2005 TSA Spectrum v. Argentina TSA Spectrum de Argentina S.A. v. Argentine Republic (ICSID Case No. ARB/05/5) Argentina - Netherlands BIT (1992) ICSID ICSID Investment: Ownership of local subsidiary that had concluded a contract with Argentina's telecommunications authority for the administration, management and control of the radio spectrum.

Summary: Claims arising out of the termination of the concession contract entered into with the claimant through a resolution deciding that the national's telecommunications authority would operate the installations and assets that were the object of the contract due to the investor's alleged illicit enrichment.
Ownership of local subsidiary that had concluded a contract with Argentina's telecommunications authority for the administration, management and control of the radio spectrum. Decided in favour of State Argentina Netherlands Tertiary: J - Information and communication 61 - Telecommunications Danelius, H. - President

Aldonas, G. D. - Claimant

Abi-Saab, G. - Respondent
Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated19 December 2008 Dissenting Opinion of Arbitrator Grant D. Aldonas (Award)

Concurring Opinion of Arbitrator Georges Abi-Saab (Award)
None None None None None
23 2004 BP v. Argentina BP America Production Company and others v. Argentine Republic (ICSID Case No. ARB/04/8) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Indirect and direct ownership of equity interests in three local companies engaged in oil and gas production in Argentina, holders of a number of hydrocarbon (oil and gas) production concessions, exploration permits and production contracts.

Summary: Claims arising out of a series of measures taken in the hydrocarbons and electricity sector by the Government to stem the country's economic crisis of 2001-2002 which allegedly affected the claimants' investments, including the exemption of hydrocarbon exports from export dues, the limitation of royalty rates and the right to freely export hydrocarbons and to transfer funds abroad.
Indirect and direct ownership of equity interests in three local companies engaged in oil and gas production in Argentina, holders of a number of hydrocarbon (oil and gas) production concessions, exploration permits and production contracts. Settled Argentina United States of America Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Caflisch, L. - President

van den Berg, A. J. - Claimant

Stern, B. - Respondent
Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision on Preliminary Objections dated 27 July 2006

Order taking note of the discontinuance issued by the Tribunal dated 20 August 2008, pursuant to Arbitration Rule 43(1)
None None None None None None
24 2004 CIT Group v. Argentina CIT Group Inc. v. Argentine Republic (ICSID Case No. ARB/04/9) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Portfolio investment held by local subsidiary that had entered into numerous commercial leasing agreements.

Summary: Claims arising out of the alleged negative impacts that the government's mandatory pesification, undertaken by Argentina in its 2001-2002 economic crisis, had upon hundreds of commercial leasing agreements concluded by claimant's subsidiary and third parties, dismantling the foreign exchange financing component of CIT's investment strategy.
Portfolio investment held by local subsidiary that had entered into numerous commercial leasing agreements. Settled Argentina United States of America Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Dupuy, P.-M. - President

von Wobeser, C. - Claimant

Tomuschat, C. - Respondent
124.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 2 April 2007

Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 12 May 2009, pursuant to ICSID Arbitration Rule 44
None None None None None None
25 2004 France Telecom v. Argentina France Telecom S.A. v. Argentine Republic (ICSID Case No. ARB/04/18) Argentina - France BIT (1991) ICSID ICSID Investment: Shareholding in local company that had a concession agreement for telecommunication services.

Summary: Claims arising out of the Government's modification of the tariff structure applicable to the claimant's investment, as part of a series of other measures undertaken by Argentina during its financial crisis.
Shareholding in local company that had a concession agreement for telecommunication services. Settled Argentina France Tertiary: J - Information and communication 61 - Telecommunications Tribunal not constituted 300.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Acting Secretary-General dated 29 March 2006, pursuant to ICSID Arbitration Rule 44 None None None None None None
26 2004 Mobil v. Argentina Mobil Exploration and Development Inc. Suc. Argentina and Mobil Argentina S.A. v. Argentine Republic (ICSID Case No. ARB/04/16) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Rights under gas production concessions in Argentina.

Summary: Claims arising out of measures taken by Argentina in response to its 2001-2002 economic crisis that allegedly affected the claimants' investment.
Rights under gas production concessions in Argentina. Decided in favour of investor Argentina United States of America Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Moller, G. - President

Bernardini, P. - Claimant

Remiro Brotóns, A. - Respondent
513.50 mln USD 196.20 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Decision on Jurisdiction and Liability dated 10 April 2013

Award dated 25 February 2016
Separate Opinion of Antonio Remiro Brotóns (Decision on Jurisdiction and Liability)

Dissenting Opinion of Antonio Remiro Brotóns
ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 8 May 2019 (ICSID annulment proceedings) None Hascher, D. - President

Mourre, A. - Member

van Houtte, H. - Member
27 2004 RGA v. Argentina RGA Reinsurance Company v. Argentine Republic (ICSID Case No. ARB/04/20) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Data not available

Summary: Claims arising out of a series of measures taken by the Government to stem the country's economic crisis of 2001-2002 which allegedly affected the claimants' investments in the retirement and pension administration market in Argentina.
Data not available Settled Argentina United States of America Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Nariman, F. S. - President

Bernardini, P. - Claimant

Abi-Saab, G. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 14 September 2006, pursuant to Arbitration Rule 43(1) None None None None None None
28 2004 SAUR v. Argentina SAUR International v. Argentine Republic (ICSID Case No. ARB/04/4) Argentina - France BIT (1991) ICSID ICSID Investment: Indirect and minority shareholding in a formerly State-owned water and sewerage Argentinean company holding a concession agreement for related services.

Summary: Claims arising out of the alleged failure of the government of the Argentine province of Mendoza to implement service tariff increases under an agreement between Saur's subsidiary and the federal government, in the wake of the State's 2001-2002 economic crisis.
Indirect and minority shareholding in a formerly State-owned water and sewerage Argentinean company holding a concession agreement for related services. Decided in favour of investor Argentina France Tertiary: E - Water supply; sewerage, waste management and remediation activities

Tertiary: E - Water supply; sewerage, waste management and remediation activities
36 - Water collection, treatment and supply

37 - Sewerage
Fernández-Armesto, J. - President

Hanotiau, B. - Claimant

Tomuschat, C. - Respondent
143.90 mln USD 39.90 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on Objections to Jurisdiction dated 27 February 2006

Decision on Jurisdiction and Liability dated 6 June 2012

Award dated 22 May 2014
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 19 December 2016 (ICSID annulment proceedings) None Zuleta, E. - President

Castellanos Howell, A. R. - Member

Yusuf, A. A. - Member
29 2004 Total v. Argentina Total S.A. v. Argentine Republic (ICSID Case No. ARB/04/1) Argentina - France BIT (1991) ICSID ICSID Investment: Majority and minority shareholding interests in companies operating in the gas transportation, exploration and production and power generation sectors, as well as various related licences, rights, concessions and loans.

Summary: Claims arising out of a series of decrees and resolutions taken by Argentina in the course of an economic crisis (including restrictions on transfers, rescheduling of cash deposits and pesification of US dollar deposits) that allegedly affected the claimant's investment.
Majority and minority shareholding interests in companies operating in the gas transportation, exploration and production and power generation sectors, as well as various related licences, rights, concessions and loans. Decided in favour of investor Argentina France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Sacerdoti, G. - President

Álvarez, H. C. - Claimant

Herrera Marcano, L. - Respondent
940.00 mln USD 269.90 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Liability dated 27 December 2010

Decision on Objections to Jurisdiction dated 25 August 2006

Award dated 27 November 2013
Dissenting Opinion of Henri Álvarez (Decision on Liability)

Concurring Opinion of Luis Herrera Marcano (Decision on Liability)

Dissenting Opinion of Henri Álvarez

Dissenting Opinion of Luis Herrera Marcano
ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 1 February 2016 (ICSID annulment proceedings) None Zuleta, E. - President

Castellanos Howell, A. R. - Member

Cheng, T. - Member
30 2004 Wintershall v. Argentina Wintershall Aktiengesellschaft v. Argentine Republic (ICSID Case No. ARB/04/14) Argentina - Germany BIT (1991) ICSID ICSID Investment: Indirect controlling shareholding in a wholly-owned local subsidiary engaged in gas and oil production.

Summary: Claims arising out of the government's modification of its hydrocarbons regulatory framework that allegedly negatively affected the investor's subsidiary hydrocarbon-production concessions and exploration permits, through the enactment of a series of decrees and resolutions during the Argentinean economic crisis of 2001-2002.
Indirect controlling shareholding in a wholly-owned local subsidiary engaged in gas and oil production. Decided in favour of State Argentina Germany Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Nariman, F. S. - President

Bernardini, P. - Claimant

Torres Bernárdez, S. - Respondent
300.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated 8 December 2008 None None None None None None
31 2003 Aguas Cordobesas v. Argentina Aguas Cordobesas, S.A., Suez, and Sociedad General de Aguas de Barcelona, S.A. v. Argentine Republic (ICSID Case No. ARB/03/18) Argentina - Spain BIT (1991)

Argentina - France BIT (1991)
ICSID ICSID Investment: Shareholding in company that had been awarded a water services concession for the city of Córdoba.

Summary: Claims arising out of Argentina's enactment of an Emergency Law and other measures undertaken by the respondent to stem the country's economic crisis of 2001-2002 which allegedly affected the claimants' investments.
Shareholding in company that had been awarded a water services concession for the city of Córdoba. Settled Argentina Spain Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Salacuse, J. W. - President

Kaufmann-Kohler, G. - Claimant

Nikken, P. - Respondent
112.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
32 2003 AWG v. Argentina AWG Group Ltd. v. The Argentine Republic Argentina - United Kingdom BIT (1990) UNCITRAL ICSID Investment: Shareholding in local company that had a concession for water distribution and waste water treatment services in the city of Buenos Aires and some surrounding municipalities.

Summary: Claims arising out of a series of alleged acts and omissions by Argentina, including its alleged failure or refusal to apply previously agreed adjustments to the tariff calculation and adjustment mechanisms affecting claimants' investment.
Shareholding in local company that had a concession for water distribution and waste water treatment services in the city of Buenos Aires and some surrounding municipalities. Decided in favour of investor Argentina United Kingdom Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Salacuse, J. W. - President

Kaufmann-Kohler, G. - Claimant

Nikken, P. - Respondent
34.10 mln USD 21.00 mln USD Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Liability dated 30 July 2010

Decision on Jurisdiction dated 3 August 2006

Award dated 9 April 2015
Separate Opinion of Arbitrator Pedro Nikken (Decision on Liability) Judicial review by national courts Award/decision upheld (Judicial review by national courts) Memorandum Opinion (on Argentina's application to vacate award), U.S. District Court for the District of Columbia dated 30 September 2016 (Judicial review by national courts)

Judgment of the United States Court of Appeals for the District of Columbia dated 3 July 2018 (Judicial review by national courts)
None None
33 2003 Azurix v. Argentina (II) Azurix Corp. v. Argentine Republic (II) (ICSID Case No. ARB/03/30) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Indirect controlling interest in local subsidiary company holder of a concession agreement for water distribution and sewerage treatment services.

Summary: Claims arising out of Argentina's alleged interference with the tariff regime applicable to claimant's investment, as well as other alleged breaches of obligations under the relevant concession agreement.
Indirect controlling interest in local subsidiary company holder of a concession agreement for water distribution and sewerage treatment services. Discontinued Argentina United States of America Tertiary: E - Water supply; sewerage, waste management and remediation activities

Tertiary: E - Water supply; sewerage, waste management and remediation activities
36 - Water collection, treatment and supply

37 - Sewerage
Moller, G. - President

Hanotiau, B. - Claimant

McRae, D. M. - Respondent

Cançado Trindade, A. A. - Respondent (replaced)
Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Not applicable - settled or discontinued before decision on liability Order for the discontinuance of the proceeding issued by the Tribunal dated 18 June 2012, pursuant to ICSID Administrative and Financial Regulation 14(3)(d) None None None None None None
34 2003 BG v. Argentina BG Group Plc v. The Republic of Argentina Argentina - United Kingdom BIT (1990) UNCITRAL None Investment: Direct and indirect ownership interests in a natural gas distribution company incorporated in Argentina.

Summary: Claims arising out of a series of decrees and resolutions taken by Argentina in the course of an economic crisis (including restrictions on transfers, rescheduling of cash deposits and pesification of US dollar deposits) that allegedly affected the claimant's investment and frustrated the investor's ability to hedge against the risk of the devaluation of the pesos.
Direct and indirect ownership interests in a natural gas distribution company incorporated in Argentina. Decided in favour of investor Argentina United Kingdom Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Aguilar Álvarez, G. - President

van den Berg, A. J. - Claimant

Garro, A. M. - Respondent
238.10 mln USD 185.20 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Final Award dated 24 December 2007 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Memorandum Opinion (on review of Petition to Vacate or Modify Arbitration Award), U.S. District Court for the District of Columbia, dated 7 June 2010 (Judicial review by national courts)

Memorandum Opinion (on Cross-motion for recognition and enforcement of arbitral award), U.S. District Court for the District of Columbia, dated 21 January 2011 (Judicial review by national courts)

Opinion, United States Court of Appeals, dated 17 January 2012 (Judicial review by national courts)

Judgment of the Supreme Court of the United States dated 5 March 2014 (Judicial review by national courts)
None None
35 2003 Camuzzi v. Argentina (I) Camuzzi International S.A. v. Argentine Republic (I) (ICSID Case No. ARB/03/2) Argentina - BLEU (Belgium-Luxembourg Economic Union) BIT (1990) ICSID ICSID Investment: Indirect shareholding in two natural gas distribution companies, each holding a license granted by Argentina to supply and distribute natural gas in seven provinces of that country.

Summary: Claims arising out of the suspension of the licensee companies' tariff increases based on the US producer price index and the subsequent pesification of these tariffs pursuant to measures taken by the Government to stem the Argentinean economic crisis in 2001-2002.
Indirect shareholding in two natural gas distribution companies, each holding a license granted by Argentina to supply and distribute natural gas in seven provinces of that country. Settled Argentina Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Orrego Vicuña, F. - President

Lalonde, M. - Claimant

Morelli Rico, S. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 11 May 2005

Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 44 dated 3 August 2018
None None None None None None
36 2003 Camuzzi v. Argentina (II) Camuzzi International S.A. v. Argentine Republic (II) (ICSID Case No. ARB/03/7) Argentina - BLEU (Belgium-Luxembourg Economic Union) BIT (1990) ICSID ICSID Investment: Indirect shareholding in three local enterprises engaged in the distribution and transport of electric energy in Argentina.

Summary: Claims arising out of the suspension of the licensee companies' tariff increases based on the US producer price index and the subsequent pesification of these tariffs pursuant to measures taken by the Government to stem the Argentinean economic crisis in 2001-2002.
Indirect shareholding in three local enterprises engaged in the distribution and transport of electric energy in Argentina. Settled Argentina Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Gómez-Pinzón, E. - President

Álvarez, H. C. - Claimant

Gros Espiell, H. - Respondent
215.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 10 June 2005

Order taking note of the discontinuance issued by the Tribunal dated 25 January 2007, pursuant to Arbitration Rule 43(1)
None None None None None None
37 2003 Chilectra and others v. Argentina Chilectra S.A., Elesur S.A., Empresa Nacional de Electrecidad S.A., and Enersis S.A. v. Argentine Republic (ICSID Case No. ARB/03/21) Argentina - Chile BIT (1991) ICSID ICSID Investment: Shareholding in two local companies holding a natural gas distribution concession.

Summary: Claims arising out of Argentina's enactment of an Emergency Law and other measures undertaken by the Government to stem the country's economic crisis of 2001-2002 which allegedly affected the claimants' investments.
Shareholding in two local companies holding a natural gas distribution concession. Discontinued Argentina Chile Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply MacLean, R. - President

Volterra, R. - Claimant

Herrera Marcano, L. - Respondent
1307.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order Taking Note of the Discontinuance of the Proceeding Pursuant to ICSID Arbitration Rule 44 dated 28 March 2017 None None None None None None
38 2003 Continental Casualty v. Argentina Continental Casualty Company v. Argentine Republic (ICSID Case No. ARB/03/9) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Ownership of insurance company incorporated in Argentina maintaining a portfolio of investment securities.

Summary: Claims arising out of a series of decrees and resolutions taken by Argentina in the course of an economic crisis (including restrictions on transfers, rescheduling of cash deposits and pesification of US dollar deposits) that allegedly affected the claimant's investment and frustrated the investor's ability to hedge against the risk of the devaluation of the pesos.
Ownership of insurance company incorporated in Argentina maintaining a portfolio of investment securities. Decided in favour of investor Argentina United States of America Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Sacerdoti, G. - President

Veeder, V. V. - Claimant

Lauterpacht, E. - Claimant (replaced)

Nader, M. - Respondent
114.00 mln USD 2.80 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Transfer of funds
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction dated 22 February 2006

Award dated 5 September 2008
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Argentina’s Application for a Stay of Enforcement of the Award dated 23 October 2009 (ICSID annulment proceedings)

Decision on the Claimant’s Preliminary Objection to Argentina’s Application for Annulment dated 23 October 2009 (ICSID annulment proceedings)

Decision on the Application for Partial Annulment, and the Application for Partial Annulment dated 16 September 2011 (ICSID annulment proceedings)
None Griffith, G. - President

Ajibola, B. - Member

Söderlund, C. - Member
39 2003 EDF and others v. Argentina EDF International S.A., SAUR International S.A. and León Participaciones Argentinas S.A. v. Argentine Republic (ICSID Case No. ARB/03/23) Argentina - France BIT (1991)

Argentina - BLEU (Belgium-Luxembourg Economic Union) BIT (1990)
ICSID ICSID Investment: Controlling interest in company that had a concession agreement relating to the transmission and distribution of electricity.

Summary: Claims arising out of a series of alleged acts and omissions by Argentina, including pre-emergency measures, emergency tariff measures, and certain renegotiation process that negatively affected the claimants' investment.
Controlling interest in company that had a concession agreement relating to the transmission and distribution of electricity. Decided in favour of investor Argentina France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Park, W. W. - President

Kaufmann-Kohler, G. - Claimant

De Trazegnies Granda, F. - Respondent (replaced)

Remón Peñalver, J. - Respondent
270.00 mln USD 136.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

National treatment

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Decision on Jurisdiction dated 5 August 2008

Award dated 11 June 2012
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 5 February 2016 (ICSID annulment proceedings) None Greenwood, C. - President

Cheng, T. - Member

Taniguchi, Y. - Member
40 2003 El Paso v. Argentina El Paso Energy International Company v. Argentine Republic (ICSID Case No. ARB/03/15) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Indirect and non-controlling shareholding in four Argentine companies involved in the electricity and hydrocarbons industries.

Summary: Claims arising out of a series of decrees and resolutions taken by Argentina in the course of an economic crisis (including restrictions on transfers, rescheduling of cash deposits and pesification of US dollar deposits) that allegedly affected the claimant's investment and frustrated the investor's ability to hedge against the risk of the devaluation of the pesos.
Indirect and non-controlling shareholding in four Argentine companies involved in the electricity and hydrocarbons industries. Decided in favour of investor Argentina United States of America Primary: B - Mining and quarrying

Tertiary: D - Electricity, gas, steam and air conditioning supply
6 - Extraction of crude petroleum and natural gas

35 - Electricity, gas, steam and air conditioning supply
Caflisch, L. - President

Bernardini, P. - Claimant

Stern, B. - Respondent
228.20 mln USD 43.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction dated 27 April 2006

Award dated 31 October 2011
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision of the Ad Hoc Committee on the Application for Annulment of the Argentine Republic dated 22 September 2014 (ICSID annulment proceedings) None Oreamuno Blanco, R. - President

Cheng, T. - Member

Knieper, R. - Member
41 2003 Electricidad Argentina and EDF International v. Argentina Electricidad Argentina S.A. and EDF International S.A. v. Argentine Republic (ICSID Case No. ARB/03/22) Argentina - France BIT (1991) ICSID ICSID Investment:

Summary: Claims arising out of claimants' investment in an electricity distribution enterprise.
Discontinued Argentina France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Park, W. W. - President

Kaufmann-Kohler, G. - Claimant

De Trazegnies Granda, F. - Respondent
1200.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order Taking Note of the Discontinuance of the Proceeding Pursuant to ICSID Arbitration Rule 44 dated 28 March 2017 None None None None None None
42 2003 Gas Natural v. Argentina Gas Natural SDG, S.A. v. Argentine Republic (ICSID Case No. ARB/03/10) Argentina - Spain BIT (1991) ICSID ICSID Investment: Indirect shareholding in local corporation engaged in the production and distribution of natural gas for the northern parts of the Province of Buenos Aires.

Summary: Claims arising out of Argentina's enactment of an Emergency Law and other measures undertaken by the respondent to stem the country's economic crisis of 2001-2002 which allegedly affected the claimant's investments.
Indirect shareholding in local corporation engaged in the production and distribution of natural gas for the northern parts of the Province of Buenos Aires. Settled Argentina Spain Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Lowenfeld, A. F. - President

Álvarez, H. C. - Claimant

Nikken, P. - Respondent
136.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision of the Tribunal on Preliminary Questions on Jurisdiction dated 17 June 2005

Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 44 dated 9 July 2018
None None None None None None
43 2003 Metalpar v. Argentina Metalpar S.A. and Buen Aire S.A. v. Argentine Republic (ICSID Case No. ARB/03/5) Argentina - Chile BIT (1991) ICSID ICSID Investment: Ownership of local subsidiary company holding rights and credits from loan agreements entered into with its customers.

Summary: Claims arising out of alleged adverse effects that a series of economic measures adopted by Argentine authorities in late 2001 and early 2002 had on the investments made by the claimants in a company manufacturing bus‑bodies for public transportation vehicles in Argentina.
Ownership of local subsidiary company holding rights and credits from loan agreements entered into with its customers. Decided in favour of State Argentina Chile Secondary: C - Manufacturing 29 - Manufacture of motor vehicles, trailers and semi-trailers Oreamuno Blanco, R. - President

Cameron, D. H. - Claimant

Chabaneix, J. P. - Respondent
18.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
None - all claims dismissed at the merits stage Decision on Jurisdiction dated 27 April 2006

Award on the Merits dated 6 June 2008
None None None None None None
44 2003 National Grid v. Argentina National Grid PLC v. The Argentine Republic Argentina - United Kingdom BIT (1990) UNCITRAL ICSID Investment: Ownership of shares, through a local investment vehicle company, of an enterprise that had a concession contract with the Argentine government for the operation of the high voltage electricity system, in addition to other associated contracts.

Summary: Claims arising out of the privatization program carried out by the Government of Argentina in the early 1990s, the guarantees offered to investors who brought assets in the electricity sector, and the measures taken by the Respondent to stem the Argentina economic crisis in 2001-2002.
Ownership of shares, through a local investment vehicle company, of an enterprise that had a concession contract with the Argentine government for the operation of the high voltage electricity system, in addition to other associated contracts. Decided in favour of investor Argentina United Kingdom Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Rigo Sureda, A. - President

Kessler, J. L. - Claimant

Debevoise, E. W. - Claimant (replaced)

Garro, A. M. - Respondent
59.00 mln USD 53.50 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Decision on Jurisdiction dated June 2006

Award dated 3 November 2008
None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Order (on Petition to Vacate or Modify the award), U.S. District Court for the District of Columbia, dated 7 June 2010 (Judicial review by national courts)

Appeal of Order, U.S. Court of Appeals, dated 7 June 2010 (Judicial review by national courts)

Appeal of Order II, U.S. Court of Appeals, dated 21 April 2011 (Judicial review by national courts)

Certiorari Summary Disposition dated 28 November 2011 (Judicial review by national courts)
None None
45 2003 Pan American v. Argentina Pan American Energy LLC and BP Argentina Exploration Company v. Argentine Republic (ICSID Case No. ARB/03/13) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Indirect and direct ownership of equity interests in three local companies engaged in oil and gas production in Argentina, holders of a number of hydrocarbon (oil and gas) production concessions, exploration permits and production contracts.

Summary: Claims arising out of a series of measures taken in the hydrocarbons and electricity sector by the Government to stem the country's economic crisis of 2001-2002 which allegedly affected the claimants' investments, including the exemption of hydrocarbon exports from export dues, the limitation of royalty rates and the right to freely export hydrocarbons and to transfer funds abroad.
Indirect and direct ownership of equity interests in three local companies engaged in oil and gas production in Argentina, holders of a number of hydrocarbon (oil and gas) production concessions, exploration permits and production contracts. Settled Argentina United States of America Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Caflisch, L. - President

van den Berg, A. J. - Claimant

Stern, B. - Respondent
Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision on Preliminary Objections dated 27 July 2006

Order taking note of the discontinuance issued by the Tribunal dated 20 August 2008, pursuant to Arbitration Rule 43(1)
None None None None None None
46 2003 Pioneer v. Argentina Pioneer Natural Resources Company, Pioneer Natural Resources (Argentina) S.A. and Pioneer Natural Resources (Tierra del Fuego) S.A. v. Argentine Republic (ICSID Case No. ARB/03/12) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Shareholding in local companies holding hydrocarbon and electricity concessions.

Summary: Claims arising out of a series of decrees and resolutions taken by Argentina in the course of an economic crisis (including restrictions on transfers, rescheduling of cash deposits and pesification of US dollar deposits) that allegedly affected the claimant's investment and frustrated the investor's ability to hedge against the risk of the devaluation of the pesos.
Shareholding in local companies holding hydrocarbon and electricity concessions. Settled Argentina United States of America Primary: B - Mining and quarrying

Tertiary: D - Electricity, gas, steam and air conditioning supply
6 - Extraction of crude petroleum and natural gas

35 - Electricity, gas, steam and air conditioning supply
Caflisch, L. - President

Bernardini, P. - Claimant

Stern, B. - Respondent
650.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 23 June 2005, pursuant to Arbitration Rule 43(1) None None None None None None
47 2003 Suez and Interagua v. Argentina Suez, Sociedad General de Aguas de Barcelona, S.A. and Interagua Servicios Integrales de Agua, S.A. v. Argentine Republic (ICSID Case No. ARB/03/17) Argentina - France BIT (1991)

Argentina - Spain BIT (1991)
ICSID ICSID Investment: Shareholding in local company that had a concession for water distribution and waste water treatment services in the Argentine Province of Santa Fe.

Summary: Claims arising out of a series of alleged acts and omissions by Argentina, including its alleged failure or refusal to apply previously agreed adjustments to the tariff calculation and adjustment mechanisms affecting claimants' investment.
Shareholding in local company that had a concession for water distribution and waste water treatment services in the Argentine Province of Santa Fe. Decided in favour of investor Argentina France Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Salacuse, J. W. - President

Kaufmann-Kohler, G. - Claimant

Nikken, P. - Respondent
257.70 mln USD 225.70 mln USD Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Liability dated 30 July 2010

Decision on Jurisdiction dated 16 May 2006

Award dated 4 December 2015

Rectification of the Award dated 20 May 2016
Separate Opinion of Arbitrator Pedro Nikken (Decision on Liability) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 14 December 2018 (ICSID annulment proceedings) None McRae, D. M. - President

Abraham, C. W. M. - Member

Jones, D. - Member
48 2003 Suez and Vivendi v. Argentina (II) Suez, Sociedad General de Aguas de Barcelona, S.A. and Vivendi Universal, S.A. (formerly Aguas Argentinas, S.A., Suez, Sociedad General de Aguas de Barcelona, S.A. and Vivendi Universal, S.A.) v. Argentine Republic (II) (ICSID Case No. ARB/03/19) Argentina - France BIT (1991)

Argentina - Spain BIT (1991)
ICSID ICSID Investment: Shareholding in local company that had a concession for water distribution and waste water treatment services in the city of Buenos Aires and some surrounding municipalities.

Summary: Claims arising out of a series of alleged acts and omissions by Argentina, including its alleged failure or refusal to apply previously agreed adjustments to the tariff calculation and adjustment mechanisms affecting claimants' investment.
Shareholding in local company that had a concession for water distribution and waste water treatment services in the city of Buenos Aires and some surrounding municipalities. Decided in favour of investor Argentina France

Spain
Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Salacuse, J. W. - President

Kaufmann-Kohler, G. - Claimant

Nikken, P. - Respondent
834.10 mln USD 383.60 mln USD Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Liability dated 30 July 2010

Decision on Jurisdiction dated 3 August 2006

Award dated 9 April 2015
Separate Opinion of Arbitrator Pedro Nikken (Decision on Liability) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Argentina’s Application for Annulment dated 5 May 2017 (ICSID annulment proceedings) None Sachs, K. - President

Carmichael, T. A. - Member

Oreamuno Blanco, R. - Member
49 2003 Telefónica v. Argentina Telefónica S.A. v. Argentine Republic (ICSID Case No. ARB/03/20) Argentina - Spain BIT (1991) ICSID ICSID Investment: Indirect majority shareholding in local company holding a telecom license.

Summary: Claims arising out of the modification of the investor's licensee tariff regime, as a result of the enactment of Argentina's Emergency Law, whereby the free conversion of the Argentine currency into U.S. dollars was eliminated and previous dollar adjustment clauses and indexation clauses based on foreign price indexes became invalid.
Indirect majority shareholding in local company holding a telecom license. Settled Argentina Spain Tertiary: J - Information and communication 61 - Telecommunications Sacerdoti, G. - President

Brower, C. N. - Claimant

Siqueiros, E. - Respondent
2800.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 25 May 2006

Order taking note of the discontinuance issued by the Tribunal dated 24 September 2009, pursuant to ICSID Arbitration Rule 43(1)
None None None None None None
50 2003 Unisys v. Argentina Unisys Corporation v. Argentine Republic (ICSID Case No. ARB/03/27) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Indirect controlling interest in local company engaged in providing IT services to the Argentine judiciary.

Summary: Claims arising out of alleged breaches of a contract for an information‑storage and management project entered into between claimant's local subsidiary and the Argentinean Consejo de la Magistratura, an administrative body that at the time of the measures was in charge of the administration of the Argentine judiciary's assets and contracts.
Indirect controlling interest in local company engaged in providing IT services to the Argentine judiciary. Pending Argentina United States of America Tertiary: M - Professional, scientific and technical activities 74 - Other professional, scientific and technical activities Fernández-Armesto, J. - President

Bernardini, P. - Claimant

Chabaneix, J. P. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
51 2002 AES v. Argentina AES Corporation v. Argentine Republic (ICSID Case No. ARB/02/17) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Controlling interest in several electricity generation and electricity distribution companies in Argentina.

Summary: Claims arising out of Argentina's alleged refusal to apply previously agreed tariff calculation and adjustment mechanisms with regard to claimant's investments.
Controlling interest in several electricity generation and electricity distribution companies in Argentina. Pending Argentina United States of America Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Dupuy, P.-M. - President (replaced)

Böckstiegel, K.-H. - Claimant (replaced)

Bello Janeiro, D. - Respondent

Ramírez Hernández, R. - President

Drymer, S. L. - Claimant
Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Pending Decision on Jurisdiction dated 26 April 2005 None None None None None None
52 2002 LG&E v. Argentina LG&E Energy Corp., LG&E Capital Corp. and LG&E International Inc. v. Argentine Republic (ICSID Case No. ARB/02/1) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Rights under license agreements for gas distribution entered into with the Government through three local subsidiaries.

Summary: Claims arising out of certain measures adopted by Argentina, in particular the adoption of the Emergency Law of 2002, which modified the regulatory environment under which the claimants invested in three natural gas distribution enterprises in Argentina.
Rights under license agreements for gas distribution entered into with the Government through three local subsidiaries. Decided in favour of investor Argentina United States of America Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Bogdanowsky de Maekelt, T. - President

van den Berg, A. J. - Claimant

Rezek, F. - Respondent
268.00 mln USD 57.40 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Decision of the Arbitral Tribunal on Objections to Jurisdiction dated 30 April 2004

Decision on Liability dated 3 October 2006

Award dated 25 July 2007
None ICSID annulment proceedings Discontinued (ICSID annulment proceedings) Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 44 issued by The Secretary-General dated 20 February 2015 (ICSID annulment proceedings) None None
53 2002 Sempra v. Argentina Sempra Energy International v. Argentine Republic (ICSID Case No. ARB/02/16) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Equity interest in two Argentinean gas distribution companies.

Summary: Claims arising out of Argentina's suspension of the licensee companies' tariff increases based on the US producer price index and the subsequent pesification of these tariffs.
Equity interest in two Argentinean gas distribution companies. Decided in favour of investor Argentina United States of America Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Orrego Vicuña, F. - President

Lalonde, M. - Claimant

Morelli Rico, S. - Respondent
209.00 mln USD 128.00 mln USD Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Award dated 28 September 2007

Decision on Objections to Jurisdiction dated 11 May 2005
Partial Dissenting Opinion of Mr. Marc Lalonde (Award) ICSID annulment proceedings

ICSID resubmission proceedings
Award/decision annulled in its entirety (ICSID annulment proceedings)

Discontinued for unknown reasons (ICSID resubmission proceedings)
Decision on the Argentine Republic’s Application for Annulment of the Award dated 29 June 2010 (ICSID annulment proceedings)

Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 44 dated 3 April 2015 (ICSID resubmission proceedings)
None Söderlund, C. - President

Edward, D. A. O. - Member

Jacovides, A. J. - Member
54 2002 Siemens v. Argentina Siemens A.G. v. The Argentine Republic (ICSID Case No. ARB/02/8) Argentina - Germany BIT (1991) ICSID ICSID Investment: Sole shareholder of local investment vehicle company; claims to money under certain contract; business concessions conferred by public law.

Summary: Claims arising out of the government's suspension and subsequent termination of a contract to establish a system of migration control and personal identification.
Sole shareholder of local investment vehicle company; claims to money under certain contract; business concessions conferred by public law. Decided in favour of investor Argentina Germany Tertiary: O - Public administration and defence; compulsory social security 84 - Public administration and defence; compulsory social security Rigo Sureda, A. - President

Brower, C. N. - Claimant

Bello Janeiro, D. - Respondent
462.50 mln USD 237.80 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Award dated 6 February 2007

Decision on Jurisdiction dated 3 August 2004
Separate Opinion by Professor Domingo Bello Janeiro (Award) ICSID annulment proceedings Discontinued (ICSID annulment proceedings) Order taking note of the discontinuance of the proceeding issued by the ad hoc Committee dated 28 September 2009, pursuant to ICSID Arbitration Rule 43(1) (ICSID annulment proceedings) None Guillaume, G. - President

Feliciano, F. P. - Member

Shahabuddeen, M. - Member
55 2001 Azurix v. Argentina (I) Azurix Corp. v. The Argentine Republic (I) (ICSID Case No. ARB/01/12) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Indirect controlling interest in local subsidiary that had a concession agreement for water distribution and sewerage treatment services.

Summary: Claims arising out of Argentina's alleged interference with the tariff regime applicable to claimant's investment, as well as other alleged breaches of obligations under a water concession agreement.
Indirect controlling interest in local subsidiary that had a concession agreement for water distribution and sewerage treatment services. Decided in favour of investor Argentina United States of America Tertiary: E - Water supply; sewerage, waste management and remediation activities

Tertiary: E - Water supply; sewerage, waste management and remediation activities
36 - Water collection, treatment and supply

37 - Sewerage
Rigo Sureda, A. - President

Lalonde, M. - Claimant

Martins, D. H. - Respondent
685.00 mln USD 165.20 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Decision on Jurisdiction dated 8 December 2003

Award issued on 14 July 2006 dated 14 July 2006
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on the Application for Annulment of the Argentine Republic dated 1 September 2009 (ICSID annulment proceedings) None Griffith, G. - President

Ajibola, B. - Member

Hwang, M. - Member
56 2001 CMS v. Argentina CMS Gas Transmission Company v. The Argentine Republic (ICSID Case No. ARB/01/8) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Shareholding in local subsidiary involved in gas transportation activities.

Summary: Claims arising out of Argentina's suspension/termination of the claimant right to calculate tariffs in US dollars and to make inflation adjustments.
Shareholding in local subsidiary involved in gas transportation activities. Decided in favour of investor Argentina United States of America Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Orrego Vicuña, F. - President

Lalonde, M. - Claimant

Rezek, F. - Respondent
261.10 mln USD 133.20 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Decision on Jurisdiction dated 17 July 2003

Award dated 12 May 2005
None ICSID annulment proceedings

Judicial review by national courts
Award/decision partially annulled (ICSID annulment proceedings)

Award/decision upheld (Judicial review by national courts)
Decision of the Ad hoc Committee on Argentina's application for annulment dated 25 September 2007 (ICSID annulment proceedings)

Memorandum Opinion & Order, United States District Court Southern District New York dated 30 September 2012 (Judicial review by national courts)

Enforcement Decision by the US Court of Appeals dated 19 August 2013 (Judicial review by national courts)
None Guillaume, G. - President

Elaraby, N. - Member

Crawford, J. R. - Member
57 2001 Enron v. Argentina Enron Creditors Recovery Corporation (formerly Enron Corporation) and Ponderosa Assets, L.P. v. Argentine Republic (ICSID Case No. ARB/01/3) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Equity and capital contributions in a gas transportation company; contractual rights under technical assistance agreement and operation license.

Summary: Claims arising out of certain tax assessments allegedly imposed by Argentinean provinces in respect to a gas transportation company in which the claimants participated through investments in various corporate arrangements, as well as the Government's alleged refusal to allow tariff adjustments in accordance with the US Producer Price Index.
Equity and capital contributions in a gas transportation company; contractual rights under technical assistance agreement and operation license. Decided in favour of investor Argentina United States of America Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Orrego Vicuña, F. - President

Tschanz, P.-Y. - Claimant

van den Berg, A. J. - Respondent

Gros Espiell, H. - Respondent (replaced)
582.00 mln USD 106.20 mln USD Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Decision on Jurisdiction dated 14 January 2004

Decision on Jurisdiction on ancillary claim dated 2 August 2004

Award dated 22 May 2007
None ICSID annulment proceedings

ICSID resubmission proceedings
Award/decision partially annulled (ICSID annulment proceedings)

Settled (ICSID resubmission proceedings)
Decision on the Application for Annulment of the Argentine Republic dated 30 July 2010 (ICSID annulment proceedings)

Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 19 July 2018 (ICSID resubmission proceedings)
None Griffith, G. - President

Robinson, P. L. - Member

Tresselt, P. - Member
58 1999 Empresa Nacional de Electricidad v. Argentina Empresa Nacional de Electricidad S.A. v. Argentine Republic (ICSID Case No. ARB/99/4) Argentina - Chile BIT (1991) ICSID ICSID Investment: Concession agreement to operate a hydroelectric power plant.

Summary: Data not available
Concession agreement to operate a hydroelectric power plant. Discontinued Argentina Chile Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Oreamuno Blanco, R. - President

Elias, E. - Claimant

Gros Espiell, H. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 7 February 2001, pursuant to Arbitration Rule 44 None None None None None None
59 1999 Mobil Argentina v. Argentina Mobil Argentina S.A. v. Argentine Republic (ICSID Case No. ARB/99/1) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Data not available

Summary: Claims arising out of a petroleum exploration and production venture.
Data not available Discontinued Argentina United States of America Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Tribunal not constituted Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Secretary-General dated 21 July 1999, pursuant to Arbitration Rule 44 None None None None None None
60 1998 Houston Industries v. Argentina Houston Industries Energy, Inc. and others v. Argentine Republic (ICSID Case No. ARB/98/1) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Rights under a concession agreement for the provision of electricity distribution services in Argentina.

Summary: Claims arising out of disagreements over a concession agreement for the provision of electricity distribution services in the Santiago del Estero province in Argentina.
Rights under a concession agreement for the provision of electricity distribution services in Argentina. Settled Argentina United States of America Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Bernardini, P. - President

van den Berg, A. J. - Claimant

Torres Bernárdez, S. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Award dated 24 August 2001 Declaration of Santiaqo Torres Bernárdez None None None None None
61 1997 Lanco v. Argentina Lanco International Inc. v. Argentine Republic (ICSID Case No. ARB/97/6) Argentina - United States of America BIT (1991) ICSID ICSID Investment: Shareholding in company having a concession agreement for the development and operation of a port terminal in the city of Buenos Aires.

Summary: Claims arising out of the alleged breach of a concession agreement entered into between the Argentinean Ministry of Public Works and Services on the one hand, and Lanco International on the other, for the development and operation of a port terminal in Buenos Aires.
Shareholding in company having a concession agreement for the development and operation of a port terminal in the city of Buenos Aires. Discontinued Argentina United States of America Tertiary: F - Construction 43 - Specialized construction activities Cremades, B. M. - President

Aguilar Álvarez, G. - Claimant

Baptista, L. O. - Respondent
Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause
Not applicable - settled or discontinued before decision on liability Jurisdiction of the Arbitral Tribunal dated 8 December 1998

Order taking note of the discontinuance issued by the Tribunal dated 17 October 2000, pursuant to Arbitration Rule 44
None None None None None None
62 1997 Vivendi v. Argentina (I) Compañía de Aguas del Aconquija S.A. and Vivendi Universal S.A. (formerly Compañía de Aguas del Aconquija, S.A. and Compagnie Générale des Eaux) v. Argentine Republic (I) (ICSID Case No. ARB/97/3) Argentina - France BIT (1991) ICSID ICSID Investment: Rights under a concession contract concluded between claimant's Argentine affiliate company and the Province of Tucumán for operating the water and sewage system of Tucumán.

Summary: Claims arising out of a series of decrees, resolutions, laws, and legal opinions of the Argentine Republic and its constituent Province of Tucumán which were allegedly designed to undermine the operation of a thirty-year water and sewerage concession contract.
Rights under a concession contract concluded between claimant's Argentine affiliate company and the Province of Tucumán for operating the water and sewage system of Tucumán. Decided in favour of investor Argentina France Tertiary: E - Water supply; sewerage, waste management and remediation activities

Tertiary: E - Water supply; sewerage, waste management and remediation activities
36 - Water collection, treatment and supply

37 - Sewerage
Rezek, F. - President

Trooboff, P. D. - Claimant

Buergenthal, T. - Respondent
317.00 mln USD 105.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Award dated 21 November 2000 None ICSID annulment proceedings

ICSID resubmission proceedings

ICSID annulment proceedings
Award/decision partially annulled (ICSID annulment proceedings)

Decided in favour of the investor (ICSID resubmission proceedings)

Award/decision upheld (ICSID annulment proceedings)
Decision on Annulment dated 3 July 2002 (ICSID annulment proceedings)

Award II dated 20 August 2007 (ICSID resubmission proceedings)

Decision on the Argentine Republic’s Request for Annulment of the Award rendered on 20 August 2007 dated 10 August 2010 (ICSID annulment proceedings)
None Fortier, L. Y. - President

Crawford, J. R. - Member

Fernández Rozas, J. C. - Member

El-Kosheri, A. S. - President

Jacovides, A. J. - Member

Dalhuisen, J. H. - Member
NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2018 Corporación América and Kuntur Wasi v. Peru Corporación América S.A. and Sociedad Aeroportuaria Kuntur Wasi S.A. v. Republic of Peru (ICSID Case No. ARB/18/27) Argentina - Peru BIT (1994) ICSID ICSID Investment: 40-year concession contract for the construction and operation of an airport at Chinchero, a town in South-East Peru.

Summary: Claims arising out of Peru’s cancellation of a contract to design, build and operate a new airport.
40-year concession contract for the construction and operation of an airport at Chinchero, a town in South-East Peru. Pending Peru Argentina Tertiary: F - Construction

Tertiary: H - Transportation and storage
41 - Construction of buildings

52 - Warehousing and support activities for transportation
Low, L. A. - President

Verhoosel, G. - Claimant (replaced)

Nunes Pinto, J. E. - Respondent

Barros Bourie, E. - Claimant
Data not available Data not available Data not available Pending None None None None None None None
2 2017 Sastre v. Mexico Carlos Esteban Sastre v. United Mexican States Argentina - Mexico BIT (1996)

Mexico - Spain BIT (2006)

Mexico - Switzerland BIT (1995)
UNCITRAL Data not available Investment: Indirect ownership of the hotel “Cabañas Tierras del Sol” via a majority shareholding in Constructora Ecoturística, S.A. of C.V., and rights to the hotel “Cabañas Hamaca Loca” owned by shareholders in Hamaca Loca, S.A. de C.V.

Summary: Claims arising out of the alleged illegal seizure by municipal and federal officials of two hotel properties owned by Constructora Ecoturística and Hamaca Loca in the Mexican state of Quintana Roo. According to the claimant, the federal courts failed to remedy the alleged illegal dispossessions in subsequent local court proceedings.
Indirect ownership of the hotel “Cabañas Tierras del Sol” via a majority shareholding in Constructora Ecoturística, S.A. of C.V., and rights to the hotel “Cabañas Hamaca Loca” owned by shareholders in Hamaca Loca, S.A. de C.V. Pending Mexico Argentina

Spain

Switzerland
Tertiary: I - Accommodation and food service activities 55 - Accommodation Data not available 25.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Direct expropriation

Indirect expropriation

Arbitrary, unreasonable and/or discriminatory measures

Most-favoured nation treatment
Pending None None None None None None None
3 2010 Convial Callao v. Peru Convial Callao S.A. and CCI - Compañía de Concesiones de Infraestructura S.A. v. Republic of Peru (ICSID Case No. ARB/10/2) Argentina - Peru BIT (1994) ICSID ICSID Investment: Rights under a concession agreement to build and operate a toll highway in Peru; financing for the construction of the project.

Summary: Claims arising out of the earlier termination by the Callao municipal government of a concession to construct a toll highway near Lima previously granted to the claimants.
Rights under a concession agreement to build and operate a toll highway in Peru; financing for the construction of the project. Decided in favour of State Peru Argentina Tertiary: F - Construction 42 - Civil engineering Derains, Y. - President

Zuleta, E. - Claimant

Stern, B. - Respondent
105.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
None - all claims dismissed at the merits stage Final Award dated 21 May 2013 None None None None None None
4 2004 Talsud v. Mexico Talsud, S.A. v. United Mexican States (ICSID Case No. ARB(AF)/04/4) Argentina - Mexico BIT (1996) ICSID AF ICSID Investment: Minority shareholding in local company that had a concession agreement with the Mexican Ministry of Economy.

Summary: Claims arising out of the revocation of a concession granted by the federal government to operate a national vehicle registry.
Minority shareholding in local company that had a concession agreement with the Mexican Ministry of Economy. Decided in favour of investor Mexico Argentina Tertiary: M - Professional, scientific and technical activities 74 - Other professional, scientific and technical activities Veeder, V. V. - President

Fortier, L. Y. - Claimant

Magallón Gómez, E. - Respondent
37.00 mln USD 6.40 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Award dated 16 June 2010 None None None None None None
5 1997 Maffezini v. Spain Emilio Agustín Maffezini v. The Kingdom of Spain (ICSID Case No. ARB/97/7) Argentina - Spain BIT (1991) ICSID ICSID Investment: Shareholding in company engaged in the production and distribution of chemical products in the Spanish region of Galicia.

Summary: Claims arising out of the discontinuance of the company's activities due to an internal financial crisis allegedly attributed to Spain, including allegations of misinforming the claimant on the costs of the project and involving alleged unauthorized bank transfers.
Shareholding in company engaged in the production and distribution of chemical products in the Spanish region of Galicia. Decided in favour of investor Spain Argentina Secondary: C - Manufacturing 20 - Manufacture of chemicals and chemical products Orrego Vicuña, F. - President

Buergenthal, T. - Claimant

Wolf, M. - Respondent
Data not available 30.00 mln ESP (0.15 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Transfer of funds

Other
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Other
Decision of the Tribunal on Objections to Jurisdiction dated 25 January 2000

Award dated 13 November 2000
None None None None None None