A U.S. Federal Court has upheld U.S. enforcement of an International Chamber of Commerce (ICC) arbitration agreeing that U.S. oil giant ConocoPhillips has the right to take Venezuela state oil company PDVSA’s 50% stake.
ConocoPhillips announced Friday that it has filed for arbitration under the rules of the International Chamber of Commerce or ICC against Petroleos de Venezuela or PDVSA, the Venezuela state oil company, for contractual compensation related to the Petrozuata and Hamaca heavy crude oil projects.
A World Bank arbitration tribunal on Thursday ordered Venezuela to pay Exxon Mobil Corp around $1.6 billion to compensate for the 2007 nationalization of its oil projects in the country.
The International Centre for Settlement of Investment Disputes (ICSID) determined Venezuela must pay US-based miner Gold Reserve $740.3 million for terminating its Las Brisas gold concession, the company said on Monday.
Alvaro Garcia Linera, the vice president of Bolivia, was entrusted with inaugurating in Cochabamba, the Fair of Industrial Complementarity of the Bolivarian Alliance for the People of Our America – a Trade Treaty for the People (Alba – TCP)
In a 2-1 decision, the World Bank’s arbitration panel has rejected Venezuela’s request for "reconsideration" of its September 2013 finding that it had jurisdiction and that Venezuela was liable for the expropriation of ConocoPhillips’ investments in the Latin American nation.
In the bewildering array of Latin American and Caribbean trade alliances, the left-of-centre Alba group is probably the one that attracts the least attention outside the region.
Concerns about objectivity and accountability of investment dispute arbitrators have prompted calls for tougher ethical guidelines as caseloads have exploded.
Venezuela reported a triumph at the World Bank’s International Center for the Settlement of Investment Disputes in a case brought by Panama’s OPIC Karimun Corporation on compensation for losses it sustained when Venezuela nationalized oil fields in 2007.
A few days ago, ICSID published an award rendered last December 12, 2012 ruling on a claim filed by a Canadian mining company, Vanessa Ventures against Venezuela in 2004.
Venezuela’s entry into Mercosur has had interpretations centered on the economic and commercial aspects, but the most important it is a geopolitical and geoenergy matter.
Venezuela turned out to be the country with the highest number of complaints filed against it at the International Centre for Settlement of Investment Disputes (Icsid) of the World Bank, after four new complaints lodged in the days prior to its effective pullout of the body.
Joining the South American trade bloc Mercosur will be a boon for Venezuela and should help the country’s businesses boost international sales, President Hugo Chavez said Monday as he traveled to Brazil for a meeting where Venezuela will formally become a member.
Peru’s Ministry of Foreign Trade and Tourism (Mincetur) announced Monday that the Free Trade Agreements (FTA) signed by Peru with Panama and Venezuela will come into force in April.
Venezuela’s decision to leave the International Centre for Settlement of Investment Disputes (Icsid) may lead to further claims against the country in that court, said Diana Droulers, the executive director of the Arbitration Center, Caracas Chamber of Commerce.
Venezuelan President Hugo Chavez needs to wait a bit longer for his country’s entry into Mercosur, the Common Market of the South founded in 1991 by Argentina, Brazil, Paraguay, and Uruguay. Though the group feels they found a procedural move to get around the opposition of Paraguay’s legislature, the move will take additional time.
Venezuelans and Latin Americans have to acknowledge that Fidel and Chavez devised, created and forged the Bolivarian Alliance for the People of Our America/The Trade Treaty for Our People.
There are concerns in Nicaragua about the health of Venezuelan President Hugo Chávez, with whom the Central American government has signed trade agreements without the participation of Nicaraguan businesspersons, DPA reported.
Negotiations on a Trade and Productive Complementation Agreement between Peru and Venezuela will conclude in July, Peruvian Minister of Foreign Trade and Tourism Eduardo Ferreyros estimated.
Venezuela formally exited the Andean Community of Nations, CAN, Friday when it stopped belonging to the free trade zone which for 38 years eliminated a full range of tariffs among its members (Peru, Ecuador, Bolivia and Colombia), announced the Venezuelan Foreign Affairs ministry.