I. INTRODUCTION AND PARTIES

This annulment proceeding concerns an arbitration submitted to the International 1.Centre for Settlement of Investment Disputes (“ICSID” or the “Centre”) on the basis of the BIT and the ICSID Convention. 

The Parties are El Paso Energy International Company, a company incorporated 2.under the laws of the State of Delaware (United States of America), and the Argentine Republic. 

El Paso and Argentina are hereinafter collectively referred to as the “Parties.” The 3.Parties’ respective representatives and their addresses are listed on page (2). 

On October 31, 2011, the Tribunal1 in the original arbitration proceeding rendered 4.an Award, partially upholding El Paso’s claims and awarding it US$43.03 million, plus compound interest as compensation. The Tribunal concluded that Argentina had breached its obligation to accord fair and equitable treatment to El Paso’s investment, under the BIT. 

For the preparation of this decision the Committee reviewed and evaluated all the 5.arguments of the Parties and the documents submitted by them in this proceeding. In making their arguments, the Parties submitted and cited numerous awards and decisions dealing with issues relevant to this decision on annulment. The Committee considered these documents carefully, but obviously the Committee is responsible for deciding on the issue of annulment raised by Argentina through an independent analysis of the ICSID Convention, the Arbitration Rules, and the particular facts of this case, which does not prevent the Committee from taking into consideration the findings of other annulment committees.