Region: Venezuela, Bolivarian Republic of

A US appeals court has refused to order Occidental Petroleum to pay a group of its former employees a share of a billion-dollar ICSID award it won against Ecuador over a terminated oil block contract.

09 May 2022

Venezuela has successfully appealed the US recognition of an ICSID award worth more than US$42 million in favour of a French plastics company on the basis that the enforcement proceedings were not properly served.

26 January 2022

A US appeals court has said it lacks jurisdiction to intervene in Canadian mining company Crystallex’s efforts to execute a US$1.4 billion ICSID award against Venezuela’s largest foreign asset as the lower court has yet to make a final decision.

19 January 2022

Canadian arbitrator Stephen Drymer has resigned from an ICSID tribunal hearing a US insurer’s claim against Venezuela after the state successfully challenged his appointment in a parallel UNCITRAL case.

23 September 2021

A US court has summarily enforced a US$444 million award in favour of subsidiaries of Koch Industries against Venezuela, as the state awaits a decision on its bid to annul the award at ICSID.

19 August 2021

A US court has enforced a US$253 million ICSID award against Venezuela, the second of two awards won by a Luxembourg steelmaker following the nationalisation of the country’s steel industry. 

07 April 2021

An UNCITRAL tribunal is in place to hear a dual national’s US$200 million investment treaty claim against Venezuela over the expropriation of a family pharmaceuticals business.

04 March 2021