ICC, 24 April 2018, Phillips Petroleum Company Venezuela Limited, Conocophillips Petrozuata B.V. v. Petroleos De Venezuela, S.A., Corpoguanipa, S.A., PDVSA Petroleo, S.A., no. 20549/ASM/JPA (C-20550/ASM), Final award

On 24 April 2018, the ICC arbitral tribunal seated in New-York issued a final award in the case between two Claimants, Phillips Petroleum Company Venezuela Limited, Conocophillips Petrozuata B.V. and the three Respondents, namely Petroleos De Venezuela, S.A., Corpoguanipa, S.A., PDVSA Petroleo. The dispute arose 11 years ago following a change of the Venezuela’s policy [...]

2018-06-27T21:18:41+00:00 April 24th, 2018|ICC, International awards|0 Comments

ICSID, 2 February 2018, Venoklim Holding B.V. v. Bolivarian Republic of Venezuela, no. ARB/12/22, Decision on annulment

Upon the request of the investor in the Venoklim Holding B.V. v. Venezuela case, on 2 February 2018 an ICSID ad hoc Committee issued a decision on annulment of an arbitral award dated 3 April 2015. In that award, the arbitral tribunal had declined its ratione personae jurisdiction over the dispute. In particular, it had [...]

2018-03-04T22:49:14+00:00 February 2nd, 2018|ICSID, International awards|0 Comments

ICSID, 22 November 2017, Transban Investments v. Bolivarian Republic of Venezuela, no. ARB/12/24

Transban is a company initially incorporated under the laws of Venezuela and later re-domiciled as Barbadian. It had a stake in Centro Bavarian Venezuela, which owned exclusive rights to import BMW and Mini Cooper cars to Venezuela. Venezuela announced its denunciation of the ICSID Convention on 24 January 2012, triggering a six-month notice period. Transban’s [...]

2018-01-14T22:52:57+00:00 November 22nd, 2017|ICSID, International awards|0 Comments

ICSID, 6 November 2017, Longreef Investments A.V.V. v. Bolivarian Republic of Venezuela, no. ARB/11/5

In 2010, Venezuela nationalized the Company Café Fame de América as part of Hugo Chavez’s policy to take back control of the country’s food supplies. On this occasion, the Venezuelan government had expropriated one of the investments of the firm, the Longreef Company based in the Netherlands Antilles. Longreef replied by initiating a request for [...]

2018-01-14T22:45:49+00:00 November 6th, 2017|ICSID, International awards|0 Comments

ICSID, 25 July 2017, Valores Mundiales, S.L. and Consorcio Andino, S.L. (Spain) v. Bolivarian Republic of Venezuela, no. ARB/13/11

According to a Claimants’ Press Release, on 25 July 2017 the Arbitral Tribunal ordered Venezuela to pay approximately 484 million $ for violating certain provisions of the Spain-Venezuela BIT (including, inter alia, by the means of the adoption of an expropriation decree in 2010). Specifically, the Tribunal found that Venezuela had failed to guarantee fair [...]

2018-01-14T19:22:23+00:00 July 25th, 2017|ICSID, International awards|0 Comments