I. INTRODUCTION

1. Pursuant to Article 52 of the ICSID Convention, on October 19, 2011, Argentina filed an application requesting the annulment and stay of enforcement of the Award. The Award was issued on June 21, 2011 by an Arbitral Tribunal consisting of Judge Hans Danelius (President), Judge Charles N. Brower, and Professor Brigitte Stern, in the arbitration between Impregilo and Argentina.

2. In order to arrive at this decision the Committee reviewed and evaluated all the arguments of the parties and the documents submitted by them in this proceeding. The fact that the Committee does not specifically mention a given argument or reasoning does not mean that it has not considered the same. In their submissions the parties produced and cited numerous awards and decisions dealing with matters that they consider relevant to this decision on annulment. The Committee has considered these documents carefully and may take into account the reasoning and findings of other committees on annulment. However, in coming to a decision on the matter of annulment raised by Argentina the Committee must perform, and in fact has performed, an independent analysis of the ICSID Convention, the Arbitration Rules, and the particular facts of this case.

3. In order to summarize some of the factual circumstances mentioned in the Memorial on Annulment, the Committee quotes the following background history that was included in the Award: