2003
El Paso v. Argentina El Paso Energy International Company v. Argentine Republic (ICSID Case No. ARB/03/15)
Argentina
United States of America
Indirect and non-controlling shareholding in four Argentine companies involved in the electricity and hydrocarbons industries.
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.
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
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Caflisch, L.
Bernardini, P.
Stern, B.
Decided in favour of investor
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
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision upheld
Oreamuno Blanco, R. (President)

Cheng, T. (Member)

Knieper, R. (Member)