Reproduced from www.worldbank.org/icsid with permission of ICSID.
Introduction and Parties
1. This case concerns a dispute submitted to the International Centre for Settlement of Investment Disputes ("ICSID" or the "Centre") on the basis of the Treaty between the Sultanate of Oman and the Republic of Bulgaria on the Promotion and Reciprocal Protection of Investments, which entered into force on 22 October 2014 (the "BIT" or "Treaty") and the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, dated 14 October 1966 (the "ICSID Convention").
2. The claimant is the State General Reserve Fund of the Sultanate of Oman ("SGRF" or the "Claimant"), a State-owned entity of the Sultanate of Oman.
3. The respondent is the Republic of Bulgaria ("Bulgaria" or the "Respondent").
4. The Claimant and the Respondent are collectively referred to as the "Parties." The Parties' representatives and their addresses are listed above on page (i).
5. This dispute arises out of an alleged investment made by SGRF in [...] through SGRF's wholly-owned [...] subsidiaries, [...].
83. For the reasons set forth above, the Tribunal decides as follows:
(1) To dismiss with prejudice all of the claims made in this arbitration by SGRF; and
(2) By a majority, that SGRF shall pay the Republic of Bulgaria [...], plus interest on those amounts at the fixed rate of 2.95% compounded annually from the date of the Award to the date of full payment.
Mr. David R. Haigh Q.C.
Prof. Brigitte Stern
Prof. Vaughan Lowe Q.C.