Case Details
Naftiran Intertrade Co. (NICO) Limited v. Kingdom of Bahrain (ICSID Case No. ARB/22/34)
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Banking and financial services
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Finance
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BIT Bahrain - Malaysia 1999
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ICSID Convention - Arbitration Rules
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Naftiran Intertrade Co. (NICO) Limited (Malaysian)
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Kingdom of Bahrain (Bahraini)
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December 16, 2022
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January 30, 2024
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Claus VON WOBESER (German, Mexican) - Appointed by the Parties
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Eduardo SILVA ROMERO (Colombian, French) - Appointed by the Claimant(s)
Maxi SCHERER (German) - Appointed by the Respondent(s) -
Claus VON WOBESER (German, Mexican) - Appointed by the Parties
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Bernard HANOTIAU (Belgian) - Appointed by the Claimant(s)
Maxi SCHERER (German) - Appointed by the Respondent(s) -
June 13, 2025: Eduardo SILVA ROMERO (Colombian ,French) appointed following the resignation of Bernard HANOTIAU (Belgian)
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Derains & Gharavi, Paris, France
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Crown Prince and Prime Minister, Riffa, Bahrain
Minister of Foreign Affairs, Manama, Bahrain
Minister of Finance and National Economy, Manama, Bahrain
A&O Shearman, London, U.K. -
English
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Pending
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December 10, 2025 - Each party files a submission on costs.
(a) Original Proceeding
Composition of Tribunal
Initial Composition of Tribunal
Party Representatives
(a) Original Proceeding
Published Decisions
Procedural Order No. 1
Procedural Order No. 2
Procedural Order No. 3
Procedural Order No. 4
Procedural Order No. 5
Procedural Order No. 6
Available on the ICSID Website
Procedural Order No. 1 (May 7, 2024) English (Original)
Procedural Order No. 2 (May 7, 2024) English (Original)
Procedural Order No. 3 (June 3, 2024) English (Original)
Procedural Order No. 4 (August 12, 2024) English (Original)
Procedural Order No. 5 (February 21, 2025) English (Original)
Procedural Order No. 6 (July 2, 2025) English (Original)
(a) Original Proceeding
| Date | Development |
|---|---|
| December 16, 2022 | The Secretary-General registers a request for the institution of arbitration proceedings. |
| March 23, 2023 | Following appointment by the Claimant, Bernard Hanotiau (Belgian) accepts his appointment as arbitrator. |
| April 24, 2023 | Following appointment by the Respondent, Maxi Scherer (German) accepts her appointment as arbitrator. |
| January 30, 2024 | Following appointment by agreement of the parties, Claus von Wobeser (Mexican/German), accepts his appointment as presiding arbitrator. |
| January 30, 2024 | The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Claus von Wobeser (Mexican/German), President, appointed by agreement of the parties, Bernard Hanotiau (Belgian), appointed by the Claimant, and Maxi Scherer (German), appointed by Respondent. |
| March 20, 2024 | The Tribunal holds a first session by video conference. |
| May 7, 2024 | The Tribunal issues Procedural Order No. 1 concerning procedural matters. |
| May 7, 2024 | The Tribunal issues Procedural Order No. 2 concerning transparency and confidentiality. |
| May 9, 2024 | The Claimant files a memorial on the merits. |
| June 3, 2024 | The Tribunal issues Procedural Order No. 3 concerning the procedural calendar. |
| June 24, 2024 | The Respondent files a request to address the objections to jurisdiction as a preliminary question pursuant to ICSID Convention Article 41(2) and ICSID Arbitration Rule 44. |
| July 8, 2024 | The Claimant files observations on the request to address the objections to jurisdiction as a preliminary question. |
| July 15, 2024 | The Respondent files a response to the Claimant’s observations of July 8, 2024. |
| July 22, 2024 | The Claimant files observations on the Respondent’s response of July 15, 2024. |
| August 12, 2024 | 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 proceeding on the merits is suspended. |
| October 7, 2024 | The Respondent files a memorial on jurisdiction. |
| December 2, 2024 | The Claimant files a counter-memorial on jurisdiction. |
| January 27, 2025 | Following exchanges between the parties, each party files a request for the Tribunal to decide on production of documents. |
| February 10, 2025 | The Claimants file observations on the Respondent’s request for production of documents. |
| February 12, 2025 | The Respondent files a response to the Claimants’ observations of February 10, 2025. |
| February 21, 2025 | The Tribunal issues Procedural Order No. 5 concerning production of documents. |
| May 22, 2025 | Following the resignation of arbitrator Bernard Hanotiau, the Secretary-General notifies the parties of the vacancy on the Tribunal and the proceeding is suspended pursuant to ICSID Arbitration Rule 26(2). |
| May 22, 2025 | The Tribunal consents to the resignation of arbitrator Bernard Hanotiau pursuant to ICSID Arbitration Rule 25(2) and the Secretary-General notifies the parties thereof. |
| June 13, 2025 | Following the resignation of arbitrator Bernard Hanotiau, Eduardo Silva Romero (French/Colombian) accepts his appointment as arbitrator, appointed by the Claimant in accordance with ICSID Arbitration Rule 26(3). |
| June 13, 2025 | The Tribunal is reconstituted. Its members are: Claus von Wobeser (Mexican/German), President, appointed by agreement of the parties; Eduardo Silva Romero (French/Colombian), appointed by the Claimant in accordance with ICSID Arbitration Rule 26(3); and Maxi Scherer (German), appointed by Respondent. The proceeding is resumed pursuant to ICSID Arbitration Rule 26(4). |
| June 30, 2025 | The Tribunal holds a pre-hearing organizational meeting with the parties by video conference. |
| July 2, 2025 | The Tribunal issues Procedural Order No. 6 concerning the organization of the hearing. |
| July 16, 2025 - July 18, 2025 | The Tribunal holds a hearing on preliminary objections in Paris. |
| October 15, 2025 | Each party files a post-hearing brief. |
| November 10, 2025 | The Tribunal holds a hearing on closing submissions in Paris. |
| November 28, 2025 | Each party files answers to questions posed by the Tribunal during the hearing on closing submissions. |
| December 10, 2025 | Each party files a submission on costs. |

