Tag Archives: Venezuela

US establishes new Venezuela sanctions regime and imposes sanctions on Venezuelan officials

On Monday, 9 March 2015, President Obama signed an executive order declaring a national emergency to deal with the threat to US national security and foreign policy posed by “the Government of Venezuela’s erosion of human rights guarantees, persecution of … Continue reading

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Filed under Americas, Sanctions, US

Flughafen Zürich A.G. and Gestión e Ingenería IDC S.A. v. Bolivarian Republic of Venezuela: when can multiple claimants bring claims under separate BITs in one set of proceedings?

This is the second of two posts discussing the recent award in Flughafen Zürich A.G. and Gestión e Ingenería IDC S.A. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/10/19. The previous post was published on Thursday last week and … Continue reading

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Filed under Investment Arbitration

Flughafen Zürich A.G. and Gestión e Ingenería IDC S.A. v. Bolivarian Republic of Venezuela: when may an entity be considered a “governmental instrumentality”?

On 18 November 2014, an ICSID Tribunal in Flughafen Zürich A.G. and Gestión e Ingenería IDC S.A. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/10/19, held Venezuela liable for breaching its BITs with Chile and Switzerland on the ground … Continue reading

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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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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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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, Americas, Investment Arbitration, News

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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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 Americas, Investment Arbitration