Region: Venezuela

PDVSA hit by claim over Curaçao refinery

Curaçao’s state-run refining company has brought a US$162 million ICDR claim against Venezuela's PDVSA over its management of a refinery on the island.

24 March 2020

Centro de Arbitraje de la Camara de Comercio de Industria y Servicios de Caracas (CACC)

28 January 2020

Venezuela knocks out claim by dual nationals

A tribunal has declined jurisdiction over a US$370 million investment treaty claim against Venezuela after finding that the state had not consented to UNCITRAL arbitration – also saying it would have rejected the case in any event because of the investors’ dual nationality.

14 November 2019

Dutch court sets aside PDVSA award because of corruption

The Court of Appeal in The Hague has set aside an ICC award against a subsidiary of Venezuela’s state-owned oil and gas company PDVSA on the ground that the underlying contract was procured through corruption.

06 November 2019

Centro de Arbitraje de la Camara de Comercio de Industria y Servicios de Caracas (CACC)

04 January 2019

ConocoPhillips settles with PDVSA for US$2 billion

US energy company ConocoPhillips has reached a settlement with Venezuela’s state-owned oil group PDVSA to recover the full US$2 billion it was awarded by an ICC tribunal earlier this year.

20 August 2018

Venezuela settles with Crystallex

Distressed Canadian mining company Crystallex has reached a potentially record-breaking settlement with Venezuela over a US$1.39 billion ICSID award – a deal that will likely mean significant returns for the private equity firm that funded the arbitration.

27 November 2017

Koch awarded damages in Venezuela fertiliser case

An ICSID tribunal has ordered Venezuela to pay damages to Swiss subsidiaries of Kansas-based Koch Industries for the expropriation of a fertiliser plant seven years ago.

01 November 2017

Tribunal wraps tortilla makers' treaty claim

Two Spanish subsidiaries of Mexican food group Gruma have won nearly half a billion dollars from Venezuela in an ICSID dispute over the expropriation of their tortilla and corn flour production businesses.

28 July 2017

ICSID creditor takes award from New York to DC

US oil services group Tidewater has asked a court in Washington, DC, to enforce an ICSID award against Venezuela, after a Second Circuit ruling cast a shadow over the recognition of the same award in New York.

26 July 2017

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