Associated British Ports (“ABP”) owns and operates a number of ports in the UK, including the harbour at Port Talbot used by Tata Steel (“Tata”). In March 1995 the parties entered into a 25-year licence arrangement (the “Licence”). Clause 22 of the Licence provided that after the midway point of the Licence:
“… in the event of any major physical or financial change in circumstances … either party may serve notice on the other requiring the terms of this Licence to be renegotiated …. The parties shall immediately seek to agree amended terms reflecting such change in circumstances and if agreement is not reached within a period of six months from the date of the notice the matter shall be referred to an Arbitrator…” (emphasis added).