Recent developments on investment disputes in the field of international arbitration are analyzed in this dissertation. The violation of Bilateral Investment Treaties (BITs) in recent years has led to a remarkable rise in the number of investment arbitration. Substantive and procedural rules that are comprised in these treaties aim to purvey investment security and investment neutrality to any foreign investor. In most BITs are embodied dispute settlement provisions which provide with the right to sue Host States directly.
The purpose of this thesis is to provide an overview of the world of international investment arbitration regarding investment protection, oil & gas ans general commercial matters.
Significant reverberations of globalisation can be seen in all sectors with no exception in the field of law. Rapid resolution of many disputes is produced independently of national adjudication, specifically in the energy sector, as a result of international investors' and investments' mechanisms.
International investment law and arbitration which have risen sharply in the last decade, given the fact that, foreign direct investment has grown in the world, and investors whose reliance on investment treaties to appeal in arbitration versus Host States, is increased.
Today, the majority of investment arbitrations are placed under the basis of bilateral or multilateral treaties (BITs, NAFTA, the Energy Charter Treaty, etc.) and are directed under the ICSID Convention, UNCITRAL Arbitration Rules, or not so regularly also under the Arbitration Institute of the Stockholm Chamber of Commerce, ICC and LCIA arbitration rules.
It is unable, since the purpose of this thesis is to provide a concise perspective on the ICSID arbitration, nor desirable to discuss all issues raised in these thoroughly. A review though, will be provided and selected prominent topics will be examined.
Which are the jurisprudential tendencies that formed below the right of investment arbitration? What can we learn from these cases? Is ICSID arbitration a world of its own?
The fact that, ICSID arbitration has an efficient system and various features from other types of international commercial arbitration, has led to integration of this type of arbitration into BITs' dispute settlement conditions. Basic characteristics of ICSID are examined by this dissertation, where having analyzed the concluded and pending ICSID cases concerning energy sector, it is deduced that ICSID has a significant role for the international arbitration's evolvement on investment disputes.
This paper's conclusion is that, since future disputes between investors and Host States are unavoidable, there are rising tendencies, according to which Host States are considering choices to recover part of their regulatory independency.
Notwithstanding, it is upon author's belief that facts and data, and remarks to be held, will give the reader some flavor of this kind of Settlement of Investment Disputes and, hopefully, provide some fresh perspectives.
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