Jurisdiction — Jurisdiction when party to dispute not party to ICSID Convention — Law applicable in determining tribunal's jurisdiction — Whether domestic law applicable in interpretation of treaties — Vienna Convention on the Law of Treaties — BIT as principal source of law — Whether arbitration tribunal permitted to consider international investment case law

Jurisdiction — Whether pre-arbitration procedures complied with — Whether notice of arbitration must be submitted through diplomatic channels — Limitations on jurisdiction

Foreign investment — Definition of investment — Assets protected under the BIT — Contract as an investment — Whether shareholding in company constitutes investment — Whether investment through company incorporated in claimants’ home State qualifies as an investment — Whether legality of investment should be considered in the jurisdictional stage

Jurisdiction — Definition of investor — Whether shareholder in company is an investor for purposes of BIT — Protection of indirect investments — Scope of indirect investments covered by BIT — Legal distinction between company entitled to claim under BIT and its shareholders

Jurisdiction — Most-favoured-nation (MFN) clause — Incorporation by reference — Whether MFN applies to dispute settlement arrangements in other bilateral investment treaties — Intention of parties to extend MFN clause to other dispute settlement arrangements

Costs — Discretion of tribunal to apportion costs — Principle that losing party pays — Considerations in determining apportionment of costs