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Venezuela


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.
Venezuela bondholders inch toward $50 billion debt default showdown
Investors holding billions of dollars in defaulted Venezuelan bonds have formed at least one bondholder committee, which could signal an eventual legal dispute similar to the dispute with Argentina after it defaulted on its sovereign debt in early 2002.
Rusoro Mining wins key US court ruling confirming arbitration award
DC court ruled in Rusoro’s favour, rejecting all of Venezuela’s defenses and holding that the award was valid and enforceable in the United States.
US federal court registers $1.2 billion judgment for Rusoro against Venezuela
US Federal District Court Judge Richard J. Leon has ordered Rusoro’s $1.2 billion ICSID Expropriation award against Venezuela registered in the US.
Rusoro Mining completes funding agreement and ramps up enforcement and collection efforts
Venezuela has steadfastly refused to pay the arbitration award.
Rusoro obtains $1.3 billion judgment against Venezuela in Canada
Rusoro Mining Ltd. has announced that it has obtained a judgment against the Republic of Venezuela in the Superior Court of Justice in Ontario, Canada, of over US$1.3 billion.
Tea Party Koch brothers sue Venezuela over $400 million expropriation
The Koch Brothers have filed suit in Federal District Court in Washington, D.C., to collect a $409 million ICSID award against Venezuela.
Contrasting awards around Venezuela’s ICSID denunciation
In a series of recent awards, ICSID tribunals have adopted contrasting (and apparently irreconcilable) approaches to Venezuela’s denunciation of the ICSID Convention.
Crystallex International, Venezuela settle US$1.2B mine dispute
Crystallex International Corp. and Venezuela agreed to settle a US$1.2 billion dispute over the 2011 nationalization of a gold deposit in the South American nation.
Crystallex moves to seize Petroleos de Venezuela Holding & Citgo
Crystallex — owed $1.4 billion for the expropriation of its Venezuela mining subsidiary — has moved U.S. Federal Court in Delaware to seize Petroleos de Venezuela Holding, the parent company of PDVSA’s American unit Citgo Holding.
Crystallex wins court order against Haitong over Venezuela assets
Canadian miner Crystallex has won U.S. court approval to bar China’s Haitong International Securities Group Ltd from transferring securities owned by Venezuela, in a move to recoup damages from an expropriation by the OPEC nation.
U.S. appeals court blocks Exxon from enforcing Venezuela arbitration award
A U.S. appeals court said a lower court judge erred in entering a judgment to enforce the $1.6-billion award, since reduced to about $188-million.
Venezuela mines for a reversal in federal appeals court
Venezuela is taking its fight over a $1.4 billion arbitral award to the District of Columbia’s federal court of appeals.
Venezuela pays Gold Reserve $40 million on $800 million ICSID expropriation judgment
Gold Reserve Inc. reports that it has received a $40 million payment on its $800 million judgment that it won at the World Bank’s International Center for the Settlement of Investment Disputes (ICSID) in 2014.
ICSID committee annuls nearly 90% of award against Venezuela
An International Centre for Settlement of Investment Disputes (ICSID) Committee has annulled nearly 90% of the US$1.6 billion Award which had been won by ExxonMobil affiliates in their ICSID arbitration against Venezuela.