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Venezuela


US glass maker seeks to seize Venezuela-owned oil tanker to collect award, court papers show
US glass manufacturer O-I Glass Inc is seeking to seize an oil tanker owned by Venezuela to collect part of a $500 million arbitration award it won.
Trade development agreement between Venezuela and Turkey becomes effective August 21
A new trade deal between Turkey and Venezuela, officially titled “Trade Development Agreement,” will enter into force on August 21.
First annulment of investment arbitration award by Supreme Court
In a recently published decision, the Supreme Court – for the first time – partially annulled an arbitral award issued in an investment arbitration brought by Clorox España SL against Venezuela.
Decisions of the Paris Court of Appeal and French Supreme Court in 2019
A number of noteworthy decisions by the Paris Court of Appeal and French Supreme Court have come to refine on the now well-established French case law on international arbitration.
Venezuela brands US-backed Citgo sale ‘an act of modern piracy’
The dispute with Crystallex follows a ruling by the International Centre for Settlement of Investment Disputes (Icsid), an international arbitration institution set up by the World Bank.
Argentina and other states adopt currency restrictions, raising potential investment treaty claims
Argentina introduced a number of new restrictions on foreign currency transactions, reversing its four-year-old policy that had eliminated such controls, which may give rise to investment treaty claims by foreign investors.
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.