2 It provided very generous fiscal incentives and other favourable conditions, such as, inter alia, most-favoured nation treatment for the first 3 years, tax breaks, stabilisation clause for the whole period of operation. See generally Newmont Mining Corporation (2006) "Zarafshan-Newmont Joint Venture," Available at http://www.newmont. com/en/operations/zarafshan/index.asp (March 20, 2008). 3 Such as, for instance, aforementioned Decree 151. ° See also Abner, B. (2007) "Newmont Mining - 0, Uzbekistan - 1", Available at http://www.cacianalyst. org/?q=node/4427, (March 22, 2008). 5 Newmont Mining Corporation (2006) "Current Events/Updates", Available at http://www.newtnont. com/en/pdf/Updates/08-16-06%20Uzbekistan.pdf (March 22, 2008).

6 Sornarajah, M., The Intemational Law on Foreign Investment, 2nd edn., (Cambridge: Cambridge University Press, 2004), p. 430. Aminov, H. (2006) "rIOX09 3a CJIHTKOM" ("Trip for a gold bullion"). Available at http://www.infogeo. ru/metalls/press/?act=show&rev=2475 (March 20, 2008).

8 Uzbekistan does not recognise reciprocity reservation nor commercial reservation under this convention. 9 Article 10, Law "On guarantees and measures of protection of foreign investors' rights", adopted on April 30, 1998, N611-I (official translation).

10 Other two being ratione materiae and ratione personae. 11 stem, B., 'Some New Trends in the Protection of Foreign Investments: the Example of the International Centre for the Settlement of Investment Disputes (ICSID)', 4/1 Iccw Review (2001) 27. tz Schreuer, C., The IcsiD Convention: A Commentary, (Cambridge: Cambridge University Press, 2001), p. 192. 1s Paulsson, J., 'Arbitration Without Privity', 10 Icsm Review- Foreign Investment Law journal (1995) 232. '° Somarajah, M., The Settlement of Foreign Investment Disputes, (Hague: Kluwer Law International, 2000), p. 208; Shihata, I. and Parra, A., 'The Experience of the International Centre for Settlement of Investment Disputes', 14 ICSID Review- Foreign Investment Law journal (1999) 299. 15 See Schreuer, supra n. 12, p. 199. 16 Tradex v. Albania, Decision on Jurisdiction, 24 December 1996, 14 ICSID Review - Foreign Investment Law journal (1999) 161, 187. 17 Sppv. v. Egypt, Decision on Jurisdiction I, 27 November 1985, 3 ICSID Reports 112, 114/5.

18SnPv.Egypt, Decision on Junsdiction I, 27 November 1985, 3 Icsiu Reports 112, 114/5. 16 ILM (1977) 1476, 1479. w Pate, T., "The Past, Present and Future of the Arbitral Clause in Foreign Investment Legislation: in pursuit of the Balance", available at http://www.desolapate.com/ingles/publicaciones.php (March 21, 2008). z° See Somarajah, supra n. 14, p. 210. 21 Ibid. zz Schreuer, supra n. 12, p. 248. z3 Amco v. Indonesia, Decision on Jurisdiction, 25 September 1983, 1 ICSID Reports 398, 399, 400. z° CSOB v. Slovakia, Decision on Jurisdiction, 24 May 1999, 14 ICSID. Review - Foreign Investment Law journal (1999) 251, 263, 264.

25 S�r v. Egypt, Decision on Jurisdiction I, 3 ICSID Reports 142/3. =6 Ibid at 158. 27 Ibid at 150/1. 28 Ibid at 142/3. =� Reisman, M. and Arsanjani, M. 'The Question of Unilateral Governmental Statements as Applicable law in Investment Disputes', 19 IcsiD Review-Foreign Investment Law Journal (2004) 328. See Legal Status of Eastern Greenland (Denmark v. Nort�)�, judgment of April 5, Pctj (1993), Series A/B, No. 53, at 22; see also Case Concerning the Arbitral Award made by the King of Spain on 23 December 1906 (Honduras v. Nicaragua), Judgment of November 18, Icj Reports (1960), at 192. 31' See also Somarajah, supra n. 14, p. 210. 31 U.S. Department of State Background Note (2007), available at http://www.infoplease.com/country/ pro61es/uzbekistan.htmi (April 10, 2008).

11 Article 18 of Vienna Convention on the Law of Treaties, Vienna Convention on the Law of Treaties, 1155 U.N.T.S. 331, 8 t.L.M. 679, entered into force Jan. 27, 1980. 33 Amco v. Indonesia, Decision on Jurisdiction, 25 September 1983, 1 ICSID Reports (1993) 400. 'a UNCTAD.org, "Key Data from World Investment Report Annex Tables", available at http://www.unctad. org/Templates/Page.asp?intltemlD=3277 (April 04, 2008).

35 Commercial arbitration and investment disputes (2004), available at http://www.sccinstitute.com/ upload/shared_files/artikelarkiv/yelyubayev eng.pdf (20 March, 2008). 36 Law of Russian Federation 'On Foreign Investments', available at http://www.ies-holding.com/data/ content/content files/present/federal-law-no.-160-fz-of-july-9-1999.pdf (20 March, 2008). 3� Law of Georgia 'On the Investment Activity Promotion and Guarantees', available at http://www.lexadin.nl/wlg/legis/nofr/oeur/arch/geo/LAWONINVESTMENTPROMOTION.pdf (20 March, 2008). s" Law of Ukraine 'On the Regime of Foreign Investment', available at http://www.ukrchicago.com/ laws/lawfirm.html (20 March, 2008). 39 See, for example, Hober, K. and Nappert, S., "Provisional application and the Energy Charter Treaty: the Russian doll provision". International Arbitration Law Review, vol. 10 (2007), pp. 53-57. See also Hutcheon, A. et al., 'Provisional Application of the Energy Charter Treaty', The European & Middle Eastern Arbidation Review 2008, in Global Arbitration Review (2008), available at http://www.globalarbitrationreview.com/handbooks/3/sections/ 5/chaptcrs/65/provisional-application-energy-charter-treaty (May 04, 2008). ao Cameron, P. (2006) "Stabilisation in Investment Contracts and Changes of Rules in Host Countries: Tools for Oil and Gas investors", http://Iba.legis.state.ac.uk/sga/doc_log/2006-07-05 aipn stalibization-cameron final.pdf (March 21, 2008). 41 See, for instance, case of MidAmerican Energy Holdings, which sued in the arbitration proceedings its Indonesian investment partner because of lost investments. Even though the incomplete tribunal adjudicated the dispute to the benefit of MidAmerican, Indonesia persistently continued to ignore this award, too. Consequently, MidAmerican had to refer to its insurance policy coverage by claiming $290 million for its losses. See Cheng, T. 'Power, Authority and International Investment Law', 20 American University International Law Review (2005) 465, 514.

^= See Gazprom: subsidiary companies (2008), available at http://www.gazprom.com/eng/articles/ article8526 (April 02, 2008). 43 Voss, J., 'Basic Elements for Foreign Investment Legislation in the Nis: an Introductory Note', 16 IcsiD Review - Foreign Investment LawJournal (2001) 63. 44 James, S. (2007) "Gold miner Newmont resolves dispute with Uzbekistan", available at http://www.reuters.com/article/businessNews/idUSN2336630420070723 (March 20, 2008).