M.A. Thesis:

Review of International Arbitration Procedure (Oil Claims)

Today, referring to an arbitrator is one of the most important and fundamental pillars of resolving disputes arising from international trade agreements. The arbitrator, in civil law, holds civil liability, however, thanks to international institutions, this liability has been waived. At present, the tendency to use arbitrators in resolving disputes between oil companies and the host government is on the rise, and the fact that the international trade arbitration procedure has replaced international litigation in connection with the international trade matters, especially, it is obviously visible in oil and gas trade. Referrals of the claims of the oil companies against the host government in the respective courts of the other country, stemming from its international relations with the host government, are less common. With the discovery of oil and the growing need of the world for it as the most important source of energy supply, this Black Gold could completely change the economic, historical and social course of many countries and subsequently, Iran has not been immune from these changes. The reason is that Oil has fundamentally changed all political, economic and social relations and equations in Iran; because the nature and identity of all these institutions not only in Iran, but also in the world depends on this valuable material and has been regarded as the standard of the economic measurement in many countries. In this research, after formulating the theoretical foundations of the research, such as the definition of arbitration, types and characteristics, arbitration agreements and its conditions, we have also analyzed the international arbitration procedure for the compensation of oil claims. The results of the study indicate that in the case of compensation for expropriated property, it is generally accepted that governments are obliged to pay compensation in the event of expropriation of foreigners who have invested in their country.

Keywords: Compensation, Oil Claims, International Trade Contracts, International Arbitration, Arbitration Procedure