1933 concession between Saudi Arabia and Aramco, which the exclusive right to transport the oil extracted from its concession.
1954 concession between Saudi Arabia and Saudi Arabian Maritime Tankes, Satco, owned by Aristotles Socrates Onassis, by which they have the ‘right of priority’ for transport ‘Saudi Arab oil’. The dispute was whether there was any conflict between the two concessions.
The tribunal was to decide:
In accordance with the Saudi Arabian law
In accordance with the law deemed by the arbitration tribunal to be applicable in matters beyond the jurisdiction of Saudi Arabia
Place of arbitration Geneva
(144p) It is important to note that neither of the parties claims damages for an alleged injury, the dispute relates to the meaning of 1933 concession, to its interpretation and not to its validity, whether Aramco can be compelled to use for the transportation of oil on the highs seas, tankers which they have not freely chosen.
(145p) Competence of the present tribunal to render a declaratory decision is indisputable, all the more so since such competence is in complete conformity with the test of the Arbitration agreement and with the concordant statements of the parties during the arbitral proceedings.