Energy ship held in Pakistan released by arbitration decision

A Turkish power ship held by the Pakistani government for 25 months was released this month as a decision by ICSID’s arbitration panel, the mentioned ship is just one of the four power-generating ships held since July 2012 by the Pakistani government.

Background of the case

  • ICSID case: - Karkey Karadeniz Elektrik Uretim A.S. v. Islamic Republic of Pakistan

  • In March 2013, Karkey Karadeniz Elektrik Uretim A.S., established a power plant in a ship berthed at Karachi port to provide electricity to the national grid.

  • The claim is based breaching the Bilateral Investment Treaty (BIT) executed between Turkey and Pakistan on May 19, 2012, which is in violation of the international law.

  • The Claimant’s request compensation of financial losses, also served $2billion damage suit to the ministry over alleged violation of the Rental Service Contract (RSC).

#arbitration

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