Arbitration — Agreement to arbitrate — Parties to agreement — Contract between State-owned entity and foreign company providing for arbitration Contract countersigned by minister — Local law providing for international arbitration — Whether State becomes party to agreement countersigned by minister — Negotiating history of agreement — Whether local law and agreement provides State’s consent to arbitrate

State immunity — Waiver — Agreement to arbitrate — Whether State’s agreement to international arbitration amounts to waiver of immunity — State contract providing for icc arbitration

Parties — To icc arbitration proceedings — Contract between State-owned entity and foreign company providing for icc arbitration countersigned by minister — Whether State party to contract Contract

Applicable law — Proper law of contract — Contract between State-owned entity and foreign company — Contract subject to local law — Whether local law deemed to include principles of international law — Pacta sunt servanda — Principle of just compensation for expropriation — icsid Convention — Whether ratification of Convention by State indicates intention to abide by certain international law principles — Force majeure — Whether State-owned company under control of State may invoke force majeure clause

Jurisdiction — Of arbitration tribunal — Competence of tribunal to determine own jurisdiction

Expropriation — State-owned entity — Conclusion of concession with foreign private company — Cancellation of concession by State — Contractual limitations upon State’s powers of expropriation — Compensation Valuation of investment

State responsibility — For breaches of contract — Contract concluded by State-owned entity — Contract countersigned by minister — Whether State responsible as a party to contract

Damages — Measure of damages — Breach of State contract — Damnum emergens and lucrum cessans — Loss which could be foreseen at date of contract — Method of assessment — Discounted cash flow — Value of investment and incremental increases

Costs — icc arbitration — Costs of arbitration and legal costs — Claimant succeeding only in part — Percentage of costs recoverable — Effect of dismissal of counterclaim

Procedure — icc arbitration — Arbitrator refusing to sign award