In the summer of 2022, Ascent Resources, through its subsidiary Ascent Slovenia, initiated a lawsuit against the International Centre for Settlement of Investment Disputes (ICSID). The dispute centered on allegations that Slovenia had breached the bilateral investment treaty between Great Britain and Slovenia, as well as the Energy Charter Treaty. The company contended that the government of Slovenia had effectively blocked its planned investment in the gas extraction technique known as hydraulic fracturing, or fracking, at the Petšavci site.
As part of the claim, Ascent Resources demanded damages totaling almost 600 million euros from Slovenia. The legal action specifically related to the permitting process required for gas extraction activities in the Petšavci region. Recently, the State Attorney’s Office of the Republic of Slovenia announced the receipt of an arbitration decision.
This ruling indicated that the ICSID arbitration tribunal had dismissed all claims brought by the plaintiffs. The tribunal concluded that the actions taken by Slovenia, concerning the measures at the heart of the dispute, did not constitute a violation of the ICSID arbitration agreement. This decision marks a significant development in the long-running legal battle.
The rejection of the plaintiffs’ claims effectively concludes the dispute before the international arbitration body regarding the alleged breach of treaty obligations related to the energy sector. The ruling confirms that, according to the tribunal, the actions taken by Slovenia in this matter were consistent with its obligations under the relevant treaties.
Topics: #slovenia #investment #almost
