1. This Decision determines Respondent’s challenge to the Tribunal’s jurisdiction on the basis of Article VII(2) of the Agreement between the Republic of Turkey and Turkmenistan concerning the Reciprocal Promotion and Protection of Investments dated 2 May 1992 (the “BIT” or “Turkey-Turkmenistan BIT” or “Treaty”) in this arbitration.
I. INTRODUCTION AND THE PARTIES
2. This case concerns a dispute submitted to the International Centre for Settlement of Investment Disputes (“ICSID” or the “Centre”) on the basis of the Turkey-Turkmenistan BIT and the Convention on the Settlement of Investment Disputes between States and Nationals of Other States dated 18 March 1965, which entered into force on 14 October 1966 (the “ICSID Convention”).
3. The claimants are Sehil Inşaat Endustri ve Ticaret Ltd. Sti., a company incorporated under the laws of Turkey (“Sehil”), and Mr Muhammet Çap, a natural person of Turkish nationality. Sehil and Mr Çap will be hereinafter jointly referred to as “Claimants”. Claimants’ address is: