Applicable Law — Absence of agreement of the parties — ICSID Convention, Article 42(1) — Whether applicable in determining jurisdiction — Scope of Article 25 of Convention — Whether only Article 25 applicable in determining jurisdiction

Jurisdiction — Whether dispute of a legal nature — Whether dispute arises directly from investment — Significant connection between the challenged measures and the investment — Effect of renegotiation proceedings on arbitral proceedings

Jurisdiction — Consent of State to ICSID proceedings — Effect of conclusion of bilateral investment treaty

Jurisdiction — Forum selection — Submission to local jurisdiction — Whether contract-related disputes can be submitted to ICSID tribunal — Effect of “umbrella clause”

Nationality — ICSID Convention, Article 25(2)(b) — Whether investor exercises control over company — Minority or indirect shareholders — Whether investor not exercising control may bring claim under BIT

Foreign investment — Definition of investment — Minority or indirect shareholders — Whether interests of foreign investors may be combined — Exercise of joint control — Different nationalities of investors and protection by different treaties

Interpretation — Appropriate rules for interpretation of bilateral investment treaties — Vienna Convention on the Law of Treaties — Role of arbitral tribunals in interpretation

Diplomatic protection — Difference between diplomatic protection and international investment protection — Whether diplomatic protection available as a residual mechanism