Region: Venezuela, Bolivarian Republic of

An ICSID annulment committee has upheld an award that ordered Venezuela to pay around US$9 billion to ConocoPhillips over the expropriation of three oil projects. 

23 January 2025

The Delaware court overseeing the auction of Venezuela’s US refinery business Citgo Petroleum is set to overhaul the process after the country’s arbitral creditors refused to support a proposed US$7 billion sale.  

02 December 2024

A split tribunal has declined to hear a Spanish businessman’s US$65 million treaty claim over the alleged illegal expropriation of his interest in a food distribution business – the last of three arbitrations brought by members of the same family.

31 October 2024

ConocoPhillips has applied to a US court to block enforcement efforts brought by other award creditors of Venezuela, accusing them of trying to circumvent the US$7 billion sale of a state-owned refinery business.

30 October 2024

A split ICSID tribunal has ordered Venezuela to pay damages to a Peruvian entrepreneur over the seizure of his telecoms company by judicial officers and armed police. 

18 October 2024

ConocoPhillips has persuaded a court in Trinidad and Tobago to appoint a receiver over payments the Caribbean country owes to Venezuela’s PDVSA, as part of the US oil company’s efforts to recover US$1.3 billion under an ICC award. 

02 October 2024

A Swiss court has upheld an investment treaty award requiring Venezuela to pay US$104 million to US-based cleaning products group Clorox in compensation for price control measures. 

28 May 2024

A US appeals court has upheld the enforcement of two tortilla flour producers’ US$626 million award against Venezuela, finding that it could not second guess an ICSID annulment committee’s refusal to recognise counsel designated by the country’s government-in-exile.

14 December 2023

ExxonMobil has applied to a court in Washington, DC, to enforce an ICSID award worth over US$985 million plus interest and costs against Venezuela in a 16-year saga over the expropriation of two oil projects.

23 November 2023

The Paris Court of Appeal has wiped more than US$126 million off an investment treaty award against Venezuela after finding that it compensated the claimants for payments that had contributed to a tax evasion scheme in Chile.

03 November 2023