Summary

The discussion on the existence and practical usefulness of a theory of transnational law [1] is closely linked to the natural resources industry. Parties concluding international investment contracts, particularly petroleum concession agreements, or arbitral tribunals dealing with disputes arising out of these contracts have always shown a tendency to 'denationalise' these agreements by subjecting them, either exclusively or in addition to the otherwise applicable domestic law of the host state, to 'general principles of law', 'principles of natural justice and fairness', 'the ...