Arbitration — Agreement between State corporation and foreign corporation containing arbitration clause — Arbitration as the sole means of settling disputes — Effect of Iranian legislation seeking to override arbitration clause — Applicability of Iranian law excluded by the Agreement — Competence of the arbitrator to determine his own competence — Severability of the arbitration clause

Relationship of international law and municipal law — Agreement between State corporation and foreign corporation — Applicability of considerations of equity and generally recognized principles of law and, in particular, international law — Exclusion of law of contracting State

Remedies — Requirement of exhaustion of local remedies — Whether applicable to contract containing an arbitration clause