Tag Archives: Venezuela

U.S. District Court allows Gold Reserve to enforce its award against Venezuela in Washington, D.C.: Gold Reserve Inc., v. Bolivarian Republic of Venezuela

In September 2014, Gold Reserve won a significant arbitral award ("Award") worth more than US$760 million (and counting, because of post-award interest) against Venezuela for breach of investor-protection standards under the Canada-Venezuela bilateral investment treaty ("Treaty"). In the arbitration, Gold … Continue reading

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Filed under Awards, Challenges to awards, Enforcement, Investment Arbitration, ISDS, New York Convention, Regions, The Americas

Paris Court of Appeal enforces award under ICSID Additional Facility Rules between Gold Reserve and Venezuela

Abstract: In République Bolivarienne du Venezuela c/ Société Gold Reserve INC, Cour d’appel de Paris, Pôle 1 – Chambre 1, RG N° 14/21103, a judge sitting in the Paris Court of Appeal considered opposing applications regarding an award issued under … Continue reading

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Filed under Arbitration laws, Awards, Enforcement, Enforcement - Europe, Europe, Investment Arbitration

Exxon Mobil is awarded US$1.6 billion in ICSID claim against Venezuela – to be set off against award in parallel contractual arbitration

On 9 October 2014, a tribunal of H.E. Judge Gilbert Guillaume (President), Professor Kaufmann-Kohler and Dr. Ahmed Sadek El-Kosheri rendered a final Award on the case Venezuela Holdings and others v. the Bolivarian Republic of Venezuela, ICSID Case NO. ARB/07/27. … Continue reading

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Filed under Investment Arbitration, The Americas

No consent to ICSID jurisdiction found under Venezuelan Investment Law: distinction drawn between the intention of the drafters and the intentions of the State

In OPIC Karimun Corporation v Venezuela, an ICSID tribunal has held that Venezuela’s Investment Law’s reference to ICSID did not, without more, provide consent to ICSID jurisdiction. Due to the ambiguous wording of the law, the tribunal looked at the … Continue reading

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Filed under Investment Arbitration, The Americas

President Hugo Chavez’s Legacy: What Future for Investors in Venezuela?

Overnight the Venezuelan government has confirmed the death of President Hugo Chavez after a long battle with cancer. President Chavez had been a constant force in Latin America since he came to power in 1999, and his impact on foreign … Continue reading

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Filed under Advice on State Contracts and Disputes, Investment Arbitration, News, Public International Law, The Americas

Venezuela follows Bolivia and Ecuador with plans to denounce ICSID Convention

On 14 January 2012, Venezuela’s Energy Minister, Rafael Ramírez, and president of state-owned oil utility PDVSA, announced the country’s intention to withdraw from ICSID and renegotiate 25 bilateral investment treaties (BITs). To be effective, Venezuela will have to formally communicate … Continue reading

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Filed under Investment Arbitration, Public International Law, The Americas

Venezuela – international tribunal confirms that Article 22 of the Venezuelan Investment Law does not constitute consent to ICSID arbitration

At the end of December 2010, in a decision that will be of interest to international companies doing business in Venezuela, an ICSID tribunal in the case of Cemex v. Venezuela (ICSID Case No. ARB/08/15) concluded that it did not … Continue reading

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Filed under Arbitration laws, Investment Arbitration, The Americas