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Venezuela


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.
District court confirms arbitral award against Venezuela in dispute over gold deposits contract
A federal district court in Washington, D.C. recently confirmed a $1.2 billion arbitral award in favor of Crystallex International Corp
Venezuela wins expropriation cases in US Supreme Court, Paris court of appeals & ICSID
Although the original UNCITRAL panel that heard the case allowed jurisdiction, the French Court of Appeals that heard Venezuela’s appeal annulled parts of that jurisdiction decision.
U.S. court upholds award to miner Crystallex in Venezuela dispute
A U.S. court has upheld an award by a World Bank Tribunal that orders Venezuela to pay more than $1 billion to Canadian mining company Crystallex, paving the way for the firm to seize assets for the 2008 expropriation of the Las Cristinas gold project.
Exxon Mobil lawyers ask court to enforce $188M Venezuela award
Lawyers for Exxon Mobil have asked a federal judge to order Venezuela to pay the company more than $188.3 million—the amount Exxon Mobil says it is still owed as repayment for the 2007 expropriation of its oil assets.