ISDS Case Map
Venezuela
Venezuela doesn’t want investment treaties anymore if they give investors the right to drag the country before a commercial court. “The system has been set up to break down the nation-state.”
A U.S. Federal Court has upheld U.S. enforcement of an International Chamber of Commerce (ICC) arbitration agreeing that U.S. oil giant ConocoPhillips has the right to take Venezuela state oil company PDVSA's 50% stake.
ConocoPhillips announced Friday that it has filed for arbitration under the rules of the International Chamber of Commerce or ICC against Petroleos de Venezuela or PDVSA, the Venezuela state oil company, for contractual compensation related to the Petrozuata and Hamaca heavy crude oil projects.
A World Bank arbitration tribunal on Thursday ordered Venezuela to pay Exxon Mobil Corp around $1.6 billion to compensate for the 2007 nationalization of its oil projects in the country.
The International Centre for Settlement of Investment Disputes (ICSID) determined Venezuela must pay US-based miner Gold Reserve $740.3 million for terminating its Las Brisas gold concession, the company said on Monday.
Alvaro Garcia Linera, the vice president of Bolivia, was entrusted with inaugurating in Cochabamba, the Fair of Industrial Complementarity of the Bolivarian Alliance for the People of Our America – a Trade Treaty for the People (Alba – TCP)
In a 2-1 decision, the World Bank's arbitration panel has rejected Venezuela's request for "reconsideration" of its September 2013 finding that it had jurisdiction and that Venezuela was liable for the expropriation of ConocoPhillips' investments in the Latin American nation.
In the bewildering array of Latin American and Caribbean trade alliances, the left-of-centre Alba group is probably the one that attracts the least attention outside the region.
Concerns about objectivity and accountability of investment dispute arbitrators have prompted calls for tougher ethical guidelines as caseloads have exploded.
Venezuela reported a triumph at the World Bank's International Center for the Settlement of Investment Disputes in a case brought by Panama's OPIC Karimun Corporation on compensation for losses it sustained when Venezuela nationalized oil fields in 2007.
