Region: Venezuela

Venezuela agrees new terms with ICSID creditor

Canadian mining company Gold Reserve has received US$40 million from Venezuela in partial satisfaction of an ICSID award, after agreeing new settlement terms that will see the investor receive more than US$1 billion in the next two years.

19 June 2017

Venezuela appeals confirmation of ICSID award

The Venezuelan government has appealed a ruling by a US district court last month that confirmed a US$1.39 billion award in favour of distressed Canadian mining company Crystallex.

25 April 2017

Crystallex award confirmed in US

A court in Washington, DC, has confirmed Canadian gold mining company Crystallex’s US$1.39 billion ICSID award against Venezuela, one of the largest awards ever faced by the state.

27 March 2017

Exxon sees US$1.4 billion chopped from Venezuela award

An ICSID annulment committee has dramatically chopped US$1.41 billion from an award won by ExxonMobil against Venezuela, holding that the damages were granted based on contradictory reasoning, “straw man” arguments and the assertion of powers under international law that were not mandated by the relevant bilateral investment treaty.

10 March 2017

Tribunal lays out damages principles in Venezuela expropriation case

LINK TO AWARD ADDED. An ICSID tribunal has found that Venezuela failed to provide compensation for the seizure of an investment related to fracking but only went so far as to lay out principles based on which quantum will be calculated, not the amount.

28 February 2017

Venezuela fails to annul US$740 million award in Paris

The Paris Court of Appeal has rejected Venezuela’s attempt to overturn a US$740 million ICSID award in favour of Canadian gold mining company Gold Reserve.

08 February 2017

Trump's incoming secretary of state opens up on Venezuela

UPDATED. Trump's yet-to-be confirmed appointee as US secretary of state Rex Tillerson, whose company ExxonMobil had long running arbitrations with Venezuela, has told a senate committee that the country is a "calamity" – creating concern for some that he would bring his experience to bear on foreign policy.

24 January 2017

Crystallex ropes Rosneft into PDVSA lawsuit

One of Venezuela’s largest ICSID creditors has added Rosneft to the list of defendants in a lawsuit to prevent the Latin American state’s national oil company PDVSA from repatriating the value of its US assets.

06 January 2017

Venezuela faces new ICSID oil claim

A Caribbean oil services company has filed an ICSID claim against Venezuela – in another case related to the state’s 2009 decision to nationalise the oil services industry.

21 December 2016

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

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03 November 2016

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