Case Details

Buried Hill Serdar Limited v. Turkmenistan (ICSID Case No. ARB/25/40)

Subject of Dispute:

Oil and gas enterprise
Economic Sector:

Oil, Gas & Mining
Instrument(s) Invoked:

ECT (Energy Charter Treaty)
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Buried Hill Serdar Limited (British)
Respondent(s):

Turkmenistan (Turkmen)
Date Registered:

August 12, 2025
Date of Constitution of Tribunal:

December 19, 2025

Composition of Tribunal

President:

Eduardo SIQUEIROS T (Mexican) - Appointed by the Parties
Arbitrators:

Michael S. GOLDBERG (U.S.) - Appointed by the Claimant(s)
Pierre MAYER (French) - Appointed by the Respondent(s)

Initial Composition of Tribunal

President:

Eduardo SIQUEIROS T (Mexican) - Appointed by the Parties
Arbitrators:

Michael S. GOLDBERG (U.S.) - Appointed by the Claimant(s)
Philippe SANDS (British, French, Mauritian) - Appointed by the Respondent(s)
Reconstituted:

April 2, 2026: Pierre MAYER (French) appointed following the disqualification of arbitrator of Philippe SANDS (British ,French ,Mauritian)

Party Representatives

Claimant(s):

Quinn Emanuel Urquhart & Sullivan, London, U.K. and New York, NY, U.S.A.
Respondent(s):

Squire Patton Boggs (US), New York, NY, U.S.A.
Language(s) of Proceeding:

English
Status of Proceeding:

Pending
Latest Development:

May 29, 2026 - The Claimant files a memorial on the merits.

No References Available.

(a) Original Proceeding

Date	Development
August 12, 2025	The Acting Secretary-General registers a request for the institution of arbitration proceedings.
October 18, 2025	Following appointment by the Respondent, Philippe J. Sands (British/French/Mauritian) accepts his appointment as arbitrator.
November 12, 2025	Following appointment by the Claimant, Michael Goldberg (U.S.) accepts his appointment as arbitrator.
December 19, 2025	Following appointment by agreement of the parties, Eduardo Siqueiros (Mexican) accepts his appointment as presiding arbitrator.
December 19, 2025	The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Eduardo Siqueiros (Mexican), President, appointed by agreement of the parties; Michael Goldberg (U.S.), appointed by the Claimant; and Philippe Sands (British/French/Mauritian), appointed by the Respondent.
December 23, 2025	The Claimant files a proposal for disqualification of arbitrator Philippe J. Sands pursuant to ICSID Arbitration Rule 22(1). The proceeding is suspended in accordance with ICSID Arbitration Rule 22(2).
January 13, 2026	The Respondent files observations on the proposal for disqualification.
January 18, 2026	The arbitrator files a statement regarding the proposal for disqualification.
January 26, 2026	The Claimant files further observations on the proposal for disqualification.
February 11, 2026	The proposal for disqualification of arbitrator Philippe Sands is upheld by the co-arbitrators. The Secretary-General notifies the parties of a vacancy on the Tribunal and the proceeding remains suspended pursuant to ICSID Arbitration Rule 26(2).
April 2, 2026	Following the disqualification of arbitrator Philippe Sands, Pierre Mayer (French) accepts his appointment as arbitrator, appointed by the Respondent in accordance with ICSID Arbitration Rule 26(3).
April 2, 2026	The Tribunal is reconstituted. Its members are: Eduardo Siqueiros (Mexican), President, appointed by agreement of the parties; Michael Goldberg (U.S.), appointed by the Claimant; and Pierre Mayer (French), appointed by the Respondent in accordance with ICSID Arbitration Rule 26(3). The proceeding is resumed pursuant to ICSID Arbitration Rule 26(4).
May 8, 2026	The Tribunal holds a first session by video conference.
May 27, 2026	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
May 27, 2026	The Tribunal issues Procedural Order No. 2 concerning transparency and confidentiality.
May 29, 2026	The Claimant files a memorial on the merits.