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Azurix Corp. v. The Argentine Republic (ICSID)

Why it matters

This award is significant for its detailed analysis of fair and equitable treatment in the context of a water concession, including the role of legitimate expectations. It also addressed the interaction between contractual breaches and treaty violations, and the calculation of compensation based on fair market value of the concession.

Summary

Azurix Corp., a US company, invested in a water and sewerage concession in Buenos Aires province, Argentina, through its subsidiary ABA. The concession was governed by a contract with the province. Disputes arose over tariff adjustments, construction works, and the province's failure to honor commitments. The province terminated the concession in 2002. Azurix initiated ICSID arbitration under the US-Argentina BIT, claiming expropriation, unfair treatment, and other violations. The Tribunal found that Argentina breached the fair and equitable treatment standard, full protection and security, and the prohibition of arbitrary measures, but not expropriation. It awarded Azurix US$165 million, representing the fair market value of the concession, plus compound interest. The Tribunal emphasized that the province's actions, including the rejection of financing and the imposition of a canon, frustrated Azurix's legitimate expectations and were arbitrary. The award is a key precedent on the fair and equitable treatment standard and the distinction between contractual and treaty claims.

The detail

Parties: Azurix Corp. v. The Argentine Republic

Case number: ICSID Case No. ARB/01/12

Outcome: Argentina breached fair and equitable treatment, full protection and security, and arbitrary measures provisions of the US-Argentina BIT; awarded US$165,240,753 plus compound interest to Azurix.

Quantum: US$165,240,753

Applicable law: 1991 US-Argentina BIT; ICSID Convention; international law; Argentine law

Issues in play: The BIT's fair and equitable treatment standard, full protection and security, and prohibition of arbitrary measures were applied to Argentina's conduct regarding a water concession in Buenos Aires province.

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