Jurisdiction — Dispute arising directly out of an investment — ICSID Convention, Article 25(1) — Whether measures affect investment directly even if not specifically aimed at investment

Foreign investment — Definition of investment — Investment through acquisition of shares — Whether licences and guarantees held by consortium an investment of shareholder — Whether consortium in which shareholder has shares an investment — Full control of shareholding — Separate legal personalities and rights and obligations of investor and consortium — Whether BIT protection limited to shareholding — Whether claims invoked on behalf of consortium

Foreign investment — Definition of investment — Licences and guarantees held by an entity other than investor — Additional circumstances in considering licences and guarantees as investment

Jurisdiction — Contract claims as opposed to treaty claims — Recourse to dispute settlement a matter of investor’s right — Whether existence of contractual remedies limit such right — Effect of exclusive choice of forum clause in contract — Whether claims constitute breach of contract

Jurisdiction — Most-favoured-nation (MFN) clause — Requirement that claims be first submitted to domestic courts — Whether MFN clause applies to dispute settlement — Position of a party on the scope of MFN clause expressed in litigation and “subsequent practice” within the meaning of the Vienna Convention on the Law of Treaties

Jurisdiction — Damages, demonstration of at jurisdictional phase

Interpretation — Vienna Convention on the Law of Treaties, Article 31.3(b) — Whether pleading a certain interpretation of a treaty provision constitutes “subsequent practice”