Agip Spa v. The Government of The People’s Republic of the Congo

Abstract

Expropriation — Nationalization — Nationalization by State of company in which it was a shareholder — Whether in the public interest — Whether nationalization incompatible with the contract between State and foreign company

Stabilization clauses — Nationalization — Whether in public interest — Whether compatible with stabilization clauses — Status of contract in international law — Duty to pay compensation — Repudiation by State of its contractual obligations — Proper law of agreement — Law of contracting State to be supplemented by international law — Whether local law subordinate to international law

Arbitrators — Appointment by ICSID in default of appointment by party Applicable law — Whether tribunal to act as friendly arbitrator — Existence of a dispute

Damages — Measure of damages — Loss of profits — Claim limited to nominal amount

Interest — Rate of interest — Date from which interest payable