Arbitration — Claimants submitting Request for Arbitration — Argentina — United States Bilateral Investment Treaty, 1991 (“BIT”) — Whether Respondent breaching obligations under BIT — Additional Request for Arbitration — Relevance of Argentine domestic law — Difference between legal rights of Argentine companies and legal rights of indirect investors in those companies — Whether indirect investors having separate cause of action — Direct access to dispute settlement by investor in investor–State arbitration — Whether Tribunal having jurisdiction over Claimants’ claims

Jurisdiction — Jus standi — Status of Claimants — Whether nationals of another Contracting State — Article 25(2)(b) of ICSID Convention — Scope ratione personae — Whether Claimants having requisite standing — Claimants not directly operating investments in Argentina — Claimants acting through local Argentine companies — Whether Claimants foreign investors for purposes of ICSID Convention and Argentina–United States Bilateral Investment Treaty, 1991

Jurisdiction — Investment dispute — Article 25(1) of ICSID Convention — Whether dispute arising directly out of a foreign investment — Interpretation — Shares in Licensee constituting investment within meaning of Article I(1)(a)(ii) of Argentina–United States Bilateral Investment Treaty, 1991 — Claimants’ claims based on alleged breaches of BIT

Jurisdiction — Written consent of parties — Article 25(1) of ICSID Convention — Whether parties submitting to Centre’s jurisdiction — Argentina — United States Bilateral Investment Treaty, 1991 — Articles VII(3) and (4) — Exhaustion of local remedies

Admissibility — Additional Request for Arbitration — Article VII(3) of BIT — Article 46 of ICSID Convention — Whether separate proceeding necessary for Additional Request — Relevance of negotiations between Licensees and Respondent

Costs — Tribunal’s fees and expenses — Legal representation — Reserved for subsequent determination