I. BACKGROUND

A. The Dispute

1. The Claimant, Garanti Koza LLP (“Garanti Koza” or the “Claimant”), a limited liability company incorporated in the United Kingdom, submitted a Request for Arbitration (the “Request”) dated May 18, 2011 to the Secretary-General of the International Centre for the Settlement of Investment Disputes (“ICSID” or the “Centre”) on May 19, 2011. In that Request, Garanti Koza demanded institution of arbitration proceedings against Turkmenistan (“Turkmenistan” or the “Respondent”) under the terms of a bi-lateral investment treaty (a “BIT”) entitled Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Turkmenistan for the Promotion and Protection of Investments which entered into force on February 9, 1995 (the “U.K.-Turkmenistan BIT” or “U.K. BIT” or “the BIT”). Garanti Koza supplemented its Request by letters dated July 4, 11, 13 and 19, 2011. The Secretary-General of ICSID registered the Claimant’s Request on July 20, 2011.

2. According to the Claimant’s Request for Arbitration:

The present dispute arises out of the investments on the 28 highway bridges and overpasses in Turkmenistan. A contract regarding the investments in Turkmenistan numbered 01/2008 and dated 18.03.2008 for the lump sum price of USD 100.000.000 (“Contract”) was entered into by and between State Concern Turkmenautoyollari as the owner and Garanti Koza LLP as the contractor for the execution of the projection, construction, and installation works of 28 highway bridges and overpasses.