Ascent Resources Plc and Ascent Slovenia Ltd: ICSID Arbitration Initiation and Revised Damages Estimate against Republic of Slovenia - 15 August 2022

Country
Year

2022

Summary

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Ascent Resources Plc and Ascent Slovenia Ltd (together, the "Investors") have submitted their dispute with the Republic of Slovenia (the "Respondent" or "Slovenia") to arbitration administered by the International Centre for Settlement of Investment Disputes ("ICSID"). The request for arbitration follows the Notices of Dispute filed by Ascent Resources Plc ("Ascent UK") and Ascent Slovenia Ltd ("Ascent Malta") on 23 July 2020 and 5 May 2022 respectively in which Slovenia was formally notified of the existence of a dispute under the Energy Charter Treaty ("ECT") and the UK-Slovenia bilateral investment treaty ("BIT"). The Request for Arbitration ("Request") is submitted pursuant to Article 26 of the ECT and Article 8 of the 1996 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Republic of Slovenia for the Promotion and Protection of Investments.

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