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Venezuela


International arbitration for Banco del Orinoco
Bank of Orinoco has initiated an international arbitration against the Netherlands over alleged discriminatory and irrational measures by the government of Curaçao.
World Bank tribunal lowers ConocoPhillips award for Venezuela expropriation -document
A World Bank arbitration panel lowered an initial $8.7 billion award to US oil company ConocoPhillips as compensation for Venezuela’s 2007 expropriation of its assets to $8.5 billion.
Venezuela on the verge of losing Citgo after recent legal ruling
Canadian mining company Crystallex recently won a $1.4 billion judgment against the Venezuelan government, which nationalized its assets.
Venezuela’s Guaido to seek to annul $8.7 bln Conoco award
Guaido’s special prosecutor said has challenged the amount of the ICSID award, claiming “the methodology to determine the compensation was errant.”
Venezuela’s Guaido to appeal $8.75 billion ConocoPhillips award
Venezuela’s opposition leader and self-proclaimed president Juan Guaido plans to appeal a $8.75 billion award issued to ConocoPhillips by the World Bank’s arbitration tribunal last week.
Venezuela must pay Conoco over $8 billion: World Bank
Venezuela must pay ConocoPhillips more than $8 billion to compensate for the 2007 expropriation of oil assets by the country’s late socialist leader Hugo Chavez, the World Bank ruled.
US glass firm sues Venezuela to collect $500 million expropriation award
US glass container maker Owens-Illinois Inc has sued Venezuela and state-owned companies as it seeks to collect a $500 million arbitration award over the 2010 nationalization of two plants.
Paris Court of Appeals decision on award
The Paris Court of Appeals partially annulled the arbitral award issued in favour of Rusoro in August 2016 against Venezuela.
Foley Hoag wins arbitration for Venezuela, obtaining dismissal of $400M claim
Anglo American loses $400 million claim against Venezuela over an expropriated ferronickel processing facility.
Want to sue Venezuela for millions? These firms can help, for a price
Investment funds backing a slew of big-dollar corporate lawsuits has boomed over the past decade, fueled by favorable court rulings and investors seeking juicy returns.
Citgo settlement falters, auction plan resurfaces
Former Canadian mining company Crystallex has resumed efforts to auction shares of Venezuelan-controlled US refiner Citgo and accused Caracas of breaching an earlier settlement to stave off the sale.
Venezuela pays miner $425 million in move to safeguard Citgo
Venezuela made an partial payment of a settlement designed to resolve a $1.2 billion arbitration award to a bankrupt Canadian gold miner that’s laying claim to the assets of the parent of refiner Citgo Holding Inc. if it’s not paid in full.
Gold Reserve provides Venezuela update
Gold Reserve Inc. received Venezuelan government bonds with an estimated current market value of approximately US$88.5 million.
Turkey, Venezuela ink trade agreement over phone
“By expanding its scope, we aim for this agreement to be turned into a free trade agreement as soon as possible,” Erdogan told.
Conoco aims to seize oil cargoes near Citgo’s Aruba terminal
US oil company ConocoPhillips has brought new court actions to seize two cargoes of crude and fuel near a terminal operated by PDVSA subsidiary Citgo Petroleum in Aruba.
Conoco authorized to seize $636 million in Venezuela PDVSA assets
The legal action was the latest in the Caribbean to enforce a $2 billion arbitration award by the International Chamber of Commerce (ICC) over the nationalization.
Rusoro files fresh lawsuits for $1.34bn compensation from Venezuela
Rusoro Mining has filed lawsuits in the US and Canada to seek compensation via the monetisation of Venezuela’s assets amounting to approximately $1.34bn in connection with the nationalisation of its gold mining assets in Venezuela.
Conoco moves to take over Venezuelan PDVSA’s Caribbean assets - sources
US oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country.
PDVSA ordered to pay Conoco $2 billion after Venezuela oil nationalization: arbitration
In a separate arbitration claim from the ICSID case, the International Chamber of Commerce has ordered Venezuela’s state-run oil company PDVSA to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil.
Kimberly-Clark to sue Venezuela over 2016 expropriated factory
US multinational Kimberly-Clark has filed a formal request to take Venezuela to court regarding the expropriation of its abandoned factory by the government of Nicolas Maduro in July 2016.