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Venezuela

Smurfit Westrock awarded $469m against Venezuela by arbitration tribunal
30-Aug-2024 RTE
Global paper producer Smurfit Westrock has been awarded a $469m arbitration ruling against Venezuela by the World Bank’s International Centre for Settlement of Investment Disputes, the company and the tribunal said.
Iran to ink free trade deals with certain nations
24-Jan-2024 Trend
Iran is planning to sign free trade agreements with Syria, Venezuela, Pakistan, and one Eastern European country. He also said that Iran is seeking preferential trade agreements with Indonesia and some East Asian countries.
Kellogg’s takes legal action against Venezuela over brand misuse
16-Nov-2023 BNN
The action is rooted in the alleged violation of the 1995 Venezuela-UK Bilateral Investment Treaty, marking a significant turn in the multinational’s relationship with the South American nation.
Venezuela and Colombia sign agreement on investments protection
28-Mar-2023 teleSUR
The President of Venezuela signed with the Minister of Commerce, Industry and Tourism of Colombia an agreement for the promotion and protection of investments between both nations.
Colombia, Venezuela revive trade deal after 4-year suspension
17-Feb-2023 France 24
The leaders of Colombia and Venezuela on Thursday renewed a trade deal that had been suspended for four years, in the latest rapprochement between the neighbors.
US glass maker seeks to seize Venezuela-owned oil tanker to collect award, court papers show
6-Aug-2020 Reuters
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
8-Jul-2020 MercoPress
A new trade deal between Turkey and Venezuela, officially titled “Trade Development Agreement,” will enter into force on August 21.
International arbitration for Banco del Orinoco
7-Oct-2019 The Daily Herald
Bank of Orinoco has initiated an international arbitration against the Netherlands over alleged discriminatory and irrational measures by the government of Curaçao.
Venezuela’s Guaido to seek to annul $8.7 bln Conoco award
17-Apr-2019 Reuters
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
15-Mar-2019 Bloomberg
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
9-Mar-2019 Reuters
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.
Want to sue Venezuela for millions? These firms can help, for a price
21-Dec-2018 Reuters
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.
Venezuela pays miner $425 million in move to safeguard Citgo
27-Nov-2018 Bloomberg
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.
Turkey, Venezuela ink trade agreement over phone
18-May-2018 Anadolu Agency
“By expanding its scope, we aim for this agreement to be turned into a free trade agreement as soon as possible,” Erdogan told.
Kimberly-Clark to sue Venezuela over 2016 expropriated factory
24-Apr-2018 Venezuelanalysis
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.
Crystallex International, Venezuela settle US$1.2B mine dispute
28-Nov-2017 BNN
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.
Venezuela pays Gold Reserve $40 million on $800 million ICSID expropriation judgment
19-Jun-2017 Latin America Herald Tribune
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
9-May-2017 Lexology
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.
Venezuela lawyer says $1.4 billion Exxon damages award overturned
10-Mar-2017 Reuters
A World Bank tribunal’s order for Venezuela to pay $1.4 billion in damages to Exxon Mobil Corp over nationalizations has been annulled
Air Canada appeals to World Bank over Venezuela funds
28-Jan-2017 Ch-aviation
Air Canada registered a case with the International Centre for Settlement of Investment Disputes to recover USD35 million in blocked funds.