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Pakistan as a respondent in investment arbitration

Last checked: 22 October 2026 · By country

The ICSID Convention entered into force for Pakistan on 15 October 1966 and the New York Convention on 12 October 2005 1,2. The ICSID case search lists ten cases with Pakistan as respondent. Nine are concluded and one is pending 3. The two largest awards went to Tethyan Copper in 2019 and Karkey in 2017. Pakistan challenged both, and ICSID records that those proceedings were discontinued in January 2020 for Karkey and January 2023 for Tethyan 4,6. The federal cabinet approved a Karkey deal in principle in December 2019, as reported by Business Recorder 9.
ICSID Convention
Signed 6 July 1965, ratified 15 September 1966, in force 15 October 1966 1
New York Convention
Signed 30 December 1958, ratified 14 July 2005, in force 12 October 2005 2
New York Convention declaration
Applies only to awards made in the territory of another contracting state 2
ICSID cases as respondent
10 (9 concluded, 1 pending) 3
Largest award
Tethyan Copper, US$5.84 billion, 12 July 2019, per Barrick 4,5
Status checked
22 October 2026 3

Treaty and convention status

Pakistan signed the ICSID Convention on 6 July 1965 and ratified it on 15 September 1966. It entered into force for Pakistan on 15 October 1966 1.

Pakistan signed the New York Convention on 30 December 1958 and ratified it on 14 July 2005, with effect from 12 October 2005 2. UNCITRAL records a reciprocity declaration 2.

ICSID cases with Pakistan as respondent

The table lists every case the ICSID case search returned with Pakistan as respondent on 22 October 2026 3.

CaseClaimantRegisteredICSID outcome
ARB/87/4 3Occidental of Pakistan, Inc. 37 October 1987 3Settled, discontinued 27 January 1989 3
ARB/01/13 3SGS Societe Generale de Surveillance S.A. 321 November 2001 3Settled, discontinued 23 May 2004 3
ARB/02/2 3Impregilo S.p.A. 312 February 2002 3Discontinued 11 June 2002 3
ARB/03/3 3Impregilo S.p.A. 33 March 2003 3Settled, discontinued 26 September 2005 3
ARB/03/29 3Bayindir Insaat Turizm Ticaret ve Sanayi A.S. 31 December 2003 3Award 27 August 2009 3
ARB/11/8 3Agility for Public Warehousing Company K.S.C. 328 March 2011 3Award 1 August 2016 3
ARB/12/1 4Tethyan Copper Company Pty Limited 412 January 2012 4Award 12 July 2019. Annulment and revision discontinued 6 January 2023 4
ARB/13/1 6Karkey Karadeniz Elektrik Uretim A.S. 68 February 2013 6Award 22 August 2017. Annulment and revision discontinued 9 January 2020 6
ARB/21/48 3Bayindir Insaat Turizm Ticaret ve Sanayi A.S. 312 October 2021 3Pending, highway construction project 3
ARB/22/16 3Ozkartallar Insaat and Campak Temizlik 321 June 2022 3Discontinued 13 December 2023 3

Tethyan Copper (Reko Diq)

Tethyan Copper brought ARB/12/1 under the Australia Pakistan BIT of 1998 4. In a statement of 15 July 2019, Barrick said the tribunal awarded US$5.84 billion: US$4.087 billion in compensation and US$1.753 billion in interest, with further compound interest at US Prime plus 1 percent until payment 5. Barrick said it remained willing to explore a negotiated settlement 5.

Pakistan applied for annulment and revision. ICSID records that both proceedings were discontinued on 6 January 2023 4. This site's case record covers the events that preceded the discontinuance.

Karkey rental power ships

Karkey brought ARB/13/1 under the Turkey Pakistan BIT of 1995 after Pakistan's Supreme Court ended rental power contracts, as reported by Khaleeq Kiani in Dawn on 22 September 2017 6,7. Karkey said the award, including interest, was about US$800 million and that the tribunal found expropriation 7. Pakistani officials said the exact amount was not settled and that the Ministry of Energy reserved the right to seek annulment 7.

As reported by Hasnaat Malik in the Express Tribune on 8 February 2019, the award exceeded US$860 million and Pakistan was pursuing revision, with Karkey's enforcement actions halted 8. As reported by Mushtaq Ghumman in Business Recorder on 5 December 2019, the federal cabinet approved a deal with Karkey in principle on 3 December 2019 9. That report dates the award 22 August 2018. ICSID dates it 22 August 2017 6,9.

ICSID records that the annulment and revision proceedings were discontinued on 9 January 2020 6. The settlement terms were not found in an official source.

Agility and other cases

A press release by Pakistan's Press Information Department, PR No. 157, said Agility had claimed US$650 million and withdrew the claim unconditionally before a final hearing planned for November 2015 10. ICSID records an award in the case dated 1 August 2016 3. The content of that award was not reviewed for this page.

ICSID records an award in the first Bayindir case on 27 August 2009 3. The outcome of that case was not confirmed from a source opened for this page.

Common questions

How many ICSID cases has Pakistan faced?

The ICSID case search lists ten cases with Pakistan as respondent as of 22 October 2026, one of them pending 3.

Did Pakistan pay the Reko Diq award?

No source opened says the award was paid. ICSID records that Pakistan's annulment and revision proceedings were discontinued on 6 January 2023 4.

How was the Karkey award resolved?

The federal cabinet approved a deal in principle on 3 December 2019, as reported by Business Recorder, and ICSID discontinued the annulment and revision proceedings on 9 January 2020 6,9.

Is Pakistan party to the New York Convention?

Yes, since 12 October 2005, with a reciprocity declaration 2.

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Sources

  1. ICSID: ICSID/3, List of Contracting States and Other Signatories of the Convention (16 August 2026)
  2. UNCITRAL: Status, Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958)
  3. ICSID: case database search, records checked 22 October 2026
  4. ICSID: case details, Tethyan Copper Company Pty Limited v. Islamic Republic of Pakistan, ARB/12/1
  5. Barrick, company statement: Barrick Announces Reko Diq Arbitration Award (15 July 2019)
  6. ICSID: case details, Karkey Karadeniz Elektrik Uretim A.S. v. Islamic Republic of Pakistan, ARB/13/1
  7. Dawn, Khaleeq Kiani: Pakistan to pay dearly for expropriating assets of Turkish firm Karkey (22 September 2017)
  8. Express Tribune, Hasnaat Malik, republished by bilaterals.org: Turkish RPP ship, Pakistan breathes US$900mn sigh of relief (8 February 2019)
  9. Business Recorder, Mushtaq Ghumman: Resolution of rental power dispute (5 December 2019)
  10. Press Information Department, Government of Pakistan: PR No. 157 on the Agility ICSID claim (undated)

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