Case Details

Akfel Commodities Pte. Ltd. and I-Systems Global B.V. v. Republic of Türkiye (ICSID Case No. ARB/20/36)

Subject of Dispute:

Natural gas and electric power services
Economic Sector:

Oil, Gas & Mining
Instrument(s) Invoked:

BIT Türkiye - Singapore 2008, BIT Netherlands - Türkiye 1986
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Akfel Commodities Pte. Ltd. (Singaporean), I-Systems Global B.V. (Dutch)
Respondent(s):

Republic of Türkiye (Turkish)
Date Registered:

September 18, 2020
Date of Constitution of Tribunal:

April 22, 2021

Composition of Tribunal

President:

August REINISCH (Austrian) - Appointed by the Parties
Arbitrators:

Oscar M. GARIBALDI (Argentine, U.S.) - Appointed by the Claimant(s)
Brigitte STERN (French) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Karkin & Yuksel Law Firm, London, U.K.
Freshfields, London, U.K. and Paris, France
Respondent(s):

Kollektif Law Firm, Istanbul, Türkiye
Arnold & Porter Kaye Scholer, Washington, D.C., U.S.A.
Language(s) of Proceeding:

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

July 23, 2025 - The Tribunal renders its award; attached to the award is a dissenting opinion by arbitrator Brigitte Stern and a separate statement by arbitrator Oscar M. Garibaldi.

(b) Annulment Proceeding

Applicant(s)/Requesting Party(ies):

Respondent(s)
Date Registered:

August 27, 2025
Date of Constitution of ad hoc Committee:

December 22, 2025

Composition of ad hoc Committee (Appointed by the Chairman of the Administrative Council)

President:

Hi-Taek SHIN (Korean)
Members:

Olufunke ADEKOYA (British, Nigerian)
Michele POTESTÀ (Italian, Swiss)

Party Representatives

Claimant(s):

Karkin & Yuksel Law Firm, London, U.K.
Freshfields Bruckhaus Deringer London, U.K. and Paris, France
Respondent(s):

Nixon Peabody, Washington, DC, U.S.A.
Status of Proceeding:

Pending
Latest Development:

December 22, 2025 - The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention.  Its members are: Hi-Taek Shin (Korean), President, Olufunke Adekoya (British/Nigerian) and Michele Potestà (Italian/Swiss); all members appointed by the Chairman of the Administrative Council.

No References Available.

(a) Original Proceeding

Date	Development
September 18, 2020	The Secretary-General registers a request for the institution of arbitration proceedings.
November 4, 2020	Following appointment by the Claimants, Oscar Garibaldi (Argentine/U.S.) accepts his appointment as arbitrator.
January 19, 2021	Following appointment by the Respondent, Brigitte Stern (French) accepts her appointment as arbitrator.
April 22, 2021	Following appointment by agreement of the parties, August Reinisch (Austrian) accepts his appointment as presiding arbitrator.
April 22, 2021	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: August Reinisch (Austrian), President, appointed by agreement of the parties; Oscar Garibaldi (Argentine/U.S.), appointed by the Claimants; and Brigitte Stern (French), appointed by the Respondent.
June 17, 2021	The Tribunal holds a first session by video conference.
June 23, 2021	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
July 15, 2021	Following exchanges between the parties, the Claimants file a request for the Tribunal to decide on production of documents.
July 29, 2021	The Respondent files observations on the Claimants’ request for the Tribunal to decide on production of documents.
August 9, 2021	The Claimants file a response to the Respondent’s observations of July 29, 2021.
August 16, 2021	The Respondent files further observations on the Claimants’ request for the Tribunal to decide on production of documents.
August 23, 2021	The Tribunal issues Procedural Order No. 2 concerning production of documents.
November 6, 2021	The Claimants file a memorial on the merits.
December 17, 2021	The Respondent files a request to address the objections to jurisdiction as a preliminary question.
January 21, 2022	The Claimants file observations on the request to address the objections to jurisdiction as a preliminary question.
February 3, 2022	The Tribunal issues Procedural Order No. 3 concerning the confidentiality of documents.
February 16, 2022	The Tribunal issues Procedural Order No. 4 concerning the Respondent’s request to address the objections to jurisdiction as a preliminary question; as a result, the objections to jurisdiction are joined to the merits of the dispute.
February 23, 2022	The Tribunal issues Procedural Order No. 5 concerning procedural matters.
March 3, 2022	The Tribunal issues Procedural Order No. 6 concerning procedural matters.
June 24, 2022	The Respondent files a counter-memorial on the merits and a memorial on jurisdiction.
October 18, 2022	The Tribunal issues Procedural Order No. 7 concerning production of documents.
January 9, 2023	The Tribunal issues Procedural Order No. 8 concerning production of documents.
January 28, 2023	The Claimants file a reply on the merits and a counter-memorial on jurisdiction.
May 25, 2023	The Respondent files a rejoinder on the merits and a reply on jurisdiction.
June 16, 2023	The Respondent files a request for the Tribunal to decide on participation of co-counsel.
June 23, 2023	The Claimants file observations on the Respondent’s request of June 16, 2023.
June 27, 2023	The Tribunal issues Procedural Order No. 9 concerning participation of co-counsel.
July 9, 2023	The Claimants file a rejoinder on jurisdiction.
July 10, 2023	The Tribunal issues Procedural Order No. 10 concerning procedural matters.
July 19, 2023	The Respondent files a request for reconsideration of the Tribunal’s Procedural Order No. 10.
July 21, 2023	The Claimants file observations on the Respondent’s request of July 19, 2023.
July 24, 2023	The Tribunal issues Procedural Order No. 11 concerning the Respondent’s request of July 19, 2023.
August 1, 2023	The President holds a pre-hearing organizational meeting with the parties by video conference.
August 8, 2023	The Tribunal issues Procedural Order No. 12 concerning the organization of the hearing.
September 4, 2023 - September 14, 2023	The Tribunal holds a hearing on jurisdiction and the merits in Washington, D.C.
October 6, 2023	The Tribunal issues Procedural Order No. 13 concerning the confidentiality of documents.
October 18, 2023	The Tribunal issues Procedural Order No. 14 concerning procedural matters.
December 8, 2023	Each party files a post-hearing brief.
January 26, 2024	Each party files a submission on costs.
July 2, 2025	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
July 23, 2025	The Tribunal renders its award; attached to the award is a dissenting opinion by arbitrator Brigitte Stern and a separate statement by arbitrator Oscar M. Garibaldi.

(b) Annulment Proceeding

Date	Development
August 27, 2025	The Acting Secretary-General registers an application for annulment of the award filed by the Republic of Türkiye and notifies the parties of the provisional stay of enforcement of the award.
December 22, 2025	The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention.  Its members are: Hi-Taek Shin (Korean), President, Olufunke Adekoya (British/Nigerian) and Michele Potestà (Italian/Swiss); all members appointed by the Chairman of the Administrative Council.