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Investment Dispute Settlement Navigator

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methodology

About

The UNCTAD Investment Dispute Settlement Navigator contains information about known international arbitration cases initiated by investors against States pursuant to international investment agreements (IIAs). Such arbitrations are also referred to as treaty-based investor-State dispute settlement (ISDS) cases.

General disclaimer

The Navigator includes information about publicly known IIA-based international investor-State arbitration proceedings. As some proceedings (or certain aspects of proceedings) remain confidential, the information contained in the Navigator cannot be deemed exhaustive.

While every effort is made to keep the information up to date and complete, the material is provided without any guarantees or warranties as to its accuracy or completeness. UNCTAD assumes no responsibility for eventual errors or omissions in these data.

We welcome any additional information or clarifications on specific cases as well as suggestions to improve the Navigator. Please contact us using the online contact form.

Cases included in the Navigator

A case is included in the Navigator if it is:

  • an international arbitration between an investor and a State;
  • fully or partially based on an IIA, such as a bilateral investment treaty or the investment chapter of a free trade agreement (not included are investor-State disputes that are solely based on contracts or on domestic investment legislation);
  • submitted to arbitration through a notice of arbitration or a request for arbitration, and upon registration of such request if applicable (not included are cases where a disputing party has only notified the other party of the existence of a dispute or signalled its intention to submit a claim, but has not yet commenced the arbitration).

Sources of information and frequency of updating

The information included in the Navigator is collected from publicly available sources. Primary sources (i.e. official documents relating to the case and information provided by the administering institutions) are the main and preferred source of information. Secondary sources, such as specialized reporting services and other sources deemed reliable, are used to supplement primary sources and/or obtain case information otherwise unavailable.

The Navigator is updated on a regular, typically biannual, basis. The date of the last update is displayed on the Navigator’s home page.

Methodological notes for the recording of data

Case name

Full case name is recorded as it appears in the official case documents and as it is registered at the administering institution if applicable. If there are more than five claimants in the case, the names of all claimants can be replaced by the name of the first claimant followed by the words “and others”.

Short case name is ascribed by UNCTAD. Typically it is the first word of a corporate claimant’s name, an abbreviation of the corporate claimant’s name, or the last name of a natural-person claimant “v.” the short version of the respondent State’s name.

If the Navigator includes more than one case with the exact same name, then “(I)” is added to the case name of the earlier case, and a “(II)”, “(III)”, etc. is added to the name of each subsequent case.

Year of initiation

This is the year in which the notice of arbitration / request for arbitration was submitted by the claimant. For arbitrations brought under the ICSID Convention Arbitration Rules or ICSID Additional Facilities (AF) Rules, the year in which the claim was registered by ICSID is used.

Applicable IIA

This is the IIA(s) pursuant to which the claimant initiated the arbitral proceedings.

Arbitral rules

These are the arbitral rules in accordance with which the proceedings are conducted. Proceedings that are not subject to any existing set of arbitral rules, i.e. where the arbitral tribunal determines procedural rules, are marked “None (ad hoc)”.

Administering institution

This is the institution that provides administrative support for the arbitral proceedings. When the proceedings are subject to arbitral rules of a certain arbitral institution (e.g. SCC or ICC), the relevant institution administers that case. In ad hoc arbitrations or those that are subject to non-institutional arbitral rules (e.g. UNCITRAL Arbitration Rules), the parties may request any arbitral institution to administer their case (e.g. PCA). Proceedings may also be conducted without being administered by any institution.

Common abbreviations for administering institutions:

CRCICACairo Regional Centre for International Commercial Arbitration
ICCInternational Chamber of Commerce (International Court of Arbitration)
ICSIDInternational Centre for Settlement of Investment Disputes
LCIALondon Court of International Arbitration
MCCIMoscow Chamber of Commerce and Industry
PCAPermanent Court of Arbitration
SCCStockholm Chamber of Commerce (Arbitration Institute)

Details of investment and summary of the dispute

The details of investment are presented as argued by the claimant, unless otherwise expressly identified by an arbitral tribunal in its decisions or awards.

The summary of the dispute describes in very general terms the conduct allegedly in breach of IIA obligations as argued by the claimant.

Economic sector and subsector

This refers to the economic sector to which the investment at issue allegedly belongs. The structure of economic activities follows the International Standard Industrial Classification of All Economic Activities, Rev.4 (UN ISIC Rev.4).

Status/Outcome of original proceedings

This refers to the current status of the original arbitration proceedings.

  • Decided in favour of State: the tribunal dismissed the case for lack of jurisdiction or found that the respondent State has not committed any breach of the applicable IIA.
  • Decided in favour of investor: the tribunal found that the respondent State committed one or more breaches of the applicable IIA and awarded monetary compensation or non-pecuniary relief to the claimant investor.
  • Decided in favour of neither party (liability found but no damages awarded): the arbitral tribunal found that the respondent State committed one or more breaches of the applicable IIA but did not award monetary compensation or non-pecuniary relief to the claimant investor.
  • Settled: the disputing parties settled the case and the arbitral proceedings were discontinued for that reason.
  • Pending: the arbitration proceedings are pending. A case remains pending if any of the following elements remain to be decided: jurisdiction, liability (merits), compensation. The case remains pending, for instance, if a State is found to have breached one or more IIA obligations (liability) but no award on damages has been issued yet.
    Notes:
    • The Navigator only records treaty-based disputes or treaty-based aspects of "mixed" disputes. In treaty-based cases that are simultaneously contract-based or based on national investment law ("mixed" disputes), a case is deemed concluded (for purposes of the Navigator) if the tribunal dismissed the case on jurisdiction or finds no breach of the IIA, even if it proceeds to adjudicate the contract- or statutory-based claims.
    • Cases in which a final award has been rendered but which are later subject to follow-on (post-award) proceedings (e.g. ICSID annulment proceedings or domestic judicial review), are marked according to the outcome of the original arbitral proceeding (i.e. not as “Pending”).
  • Discontinued: the arbitration was discontinued for any reason other than due to a (known) settlement. This includes discontinuance as a result of non-payment of arbitration fees, in order to pursue litigation in another forum, or for any other reason (including for unknown reasons).

Arbitral decisions rendered

These are decisions rendered by an arbitral tribunal. Included are those decisions that concern the substance of the case and affect the final outcome. In particular, these include decisions (awards) on jurisdictional issues, liability (merits) and damages, including arbitrators’ individual opinions where these were issued. Discontinuance orders and settlement agreements are also recorded if such information is available.

Not included are any other (supplementary) arbitral decisions, e.g. concerning provisional measures or decisions regarding requests for disqualification of arbitrators. Similarly, procedural orders issued by arbitral tribunals are not included. To access a full list of documentation available with respect to a case, users are invited to use (i) the link to the case page on http://italaw.com, and/or (ii) links to the websites of governments and/or arbitral institutions provided in the “Additional information” section.

Amounts claimed and awarded

Amount claimed refers to the amount of monetary compensation claimed by the investor, not including interest, legal costs or costs of arbitration.

Amount awarded refers to the amount of monetary compensation awarded by the arbitral tribunal to the claimant, not including interest, legal costs or costs of arbitration.

For proceedings that end in a settlement, the amount of compensation that the State agreed to pay to the claimant under the terms of settlement (if known) is recorded in this section.

Amounts are recorded in the currency used by the claimant/tribunal. The list of currencies in the Navigator follows the International Organization for Standardization (ISO) 4217 code list.

To enable comparisons between cases, all amounts are also converted to US dollars. For the purposes of such conversion, the OANDA Historical Currency Converter is being used; the date of conversion is the date of the document or other source from which the information was obtained (e.g. the date in which the request for arbitration containing this amount was submitted or the date of the final award).

Whenever possible, information about amounts claimed and awarded is obtained from primary sources such as the arbitration documents. Otherwise, it is derived from other publicly available sources that are deemed reliable. In some cases, the approximate amount may be recorded to give a broad indication of the dispute’s magnitude. As a general rule, a rounded figure (to the nearest hundred thousand) of the amount claimed or awarded is provided.

If the claimant provides more than one valuation of damages claimed, the highest of these amounts is recorded.

IIA breaches alleged and found

Information about breaches alleged is primarily derived from the claimant’s request of arbitration, claimant’s memorials and/or arbitral decisions. When the relevant case documentation is not publicly available, information about breaches alleged may be obtained from other public sources that are deemed reliable.

Information about breaches found is primarily derived from the arbitral decisions. When the relevant decision is not publicly available, information about breaches found may be obtained from other public sources that are deemed reliable.

Claims concerning expropriation are classified as “direct” or “indirect” according to the characterisation made by the claimant and/or the tribunal. Whenever a claimant or the tribunal refer to “expropriation”, without distinguishing between “direct” or “indirect”, such distinction is made on the basis of the factual background of the case and the context of the claimant’s claims and tribunal’s findings.

Composition of tribunal

These are individuals who serve as members of the arbitral tribunal adjudicating the dispute (arbitrators).

The disputing party (i.e. claimant or respondent) that appointed a particular arbitrator is also recorded insofar as information is available. Instances where the respondent failed to appoint an arbitrator, and the latter was appointed by an “appointing authority”, are not recorded separately (i.e. both types of appointment are recorded under “Appointed by / designated to Respondent” without further distinction).

In case an arbitrator has been replaced by another individual (e.g. as a result of resignation, disqualification or passing away), the names of both the previous and subsequent arbitrator are recorded.

Follow-on (post-award) proceedings

Follow-on (post-award) proceedings include three types of legal proceedings:

  • ICSID annulment proceedings;
  • Judicial review by national courts (set-aside proceedings); and
  • ICSID resubmission proceedings.

Initiation of a follow-on proceeding by either disputing party does not affect the field “Case Status/Outcome” of the original proceeding, until the follow-on proceeding is completed. For example, in a case where a final award has been rendered but it is later subject to a follow-on proceeding (e.g. ICSID annulment proceeding), the status of the case is marked according to the outcome of the original arbitral proceeding (i.e. not as “Pending”).

Decisions, judgments and/or awards rendered in the course of follow-on (post-award) proceedings, as well as any individual opinions appended to them, are recorded.

The composition of the ICSID ad hoc committees that adjudicate requests for annulment under the ICSID Convention is recorded.

Link to Italaw’s case page

The Italaw.com portal offers a wide collection of case documentation for many investor-State disputes. It makes available not only the main arbitral decisions, but also procedural orders, parties’ submissions, expert opinions and other types of documents.

A link to the relevant case page at http://italaw.com is provided where such page is available, so that users could browse all documents relating to the case at hand.

Additional information

This section provides links to sources of information used for gathering data for the case at hand or otherwise relevant to that case. These may include links to websites of arbitral/administering institutions, governments, international organisations, specialised reporting services (including subscription-based), media and other resources.

Number of cases as respondent State
1 60
Updated as of 31 December 2018

Venezuela, Bolivarian Republic of - as respondent State

Clear selection
Loaded 47 out of 47 Show all
No. Year of
initiation
Short case
name
Summary Outcome of
original proceedings
Respondent
State
Home State
of investor
1 2018 Abanto v. Venezuela Dick Fernando Abanto Ishivata v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/18/6) Peru - Venezuela, Bolivarian Republic of BIT (1996) ICSID AF ICSID Investment: Ownership of Omnivisión C.A., a local company holding telecommunications licences, via an indirect shareholding of 100 per cent.

Summary: Claims arising out of the Government’s alleged seizure of the claimant’s telecommunications company, including the eviction of the company’s employees from the property and the company’s placement under the control of a court-appointed audit board, due to alleged connections to criminal wrongdoing by third parties. According to the claimant, the company was transferred to private owners connected to the Government and subsequently dismantled.
Ownership of Omnivisión C.A., a local company holding telecommunications licences, via an indirect shareholding of 100 per cent. Pending Venezuela, Bolivarian Republic of Peru Tertiary: J - Information and communication 61 - Telecommunications Data not available 102.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Most-favoured nation treatment

Direct expropriation
Pending None None None None None None None
2 2018 Kimberly-Clark v. Venezuela Kimberly-Clark BVBA, Kimberly-Clark Dutch Holdings, B.V., Kimberly-Clark S.L.U. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/18/3) BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)

Spain - Venezuela, Bolivarian Republic of BIT (1995)

Netherlands - Venezuela, Bolivarian Republic of BIT (1991)
ICSID AF ICSID Investment: Ownership of Kimberly-Clark Venezuela, S.C.A., a locally-incorporated company that operated a production plant of personal care products.

Summary: Claims arising out of the Government’s seizure of the claimants’ factory, following the claimants’ decision to suspend business operations in Venezuela.
Ownership of Kimberly-Clark Venezuela, S.C.A., a locally-incorporated company that operated a production plant of personal care products. Pending Venezuela, Bolivarian Republic of Belgium

Netherlands

Spain
Secondary: C - Manufacturing 17 - Manufacture of paper and paper products Data not available Data not available Data not available Data not available Pending None None None None None None None
3 2018 Smurfit Holding B.V. v. Venezuela Smurfit Holding B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/18/49) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Ownership of local subsidiary Smurfit Kappa Carton de Venezuela, a paper and packaging manufacturer.

Summary: Claims arising out of the Government’s temporary takeover and alleged interference with the claimant’s local paper and packaging manufacturing enterprise, including through the arbitrary harassment of its employees. This allegedly resulted in the claimant giving up business operations in the country in 2018.
Ownership of local subsidiary Smurfit Kappa Carton de Venezuela, a paper and packaging manufacturer. Pending Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 17 - Manufacture of paper and paper products Data not available Data not available Data not available Data not available Pending None None None None None None None
4 2017 Air Canada v. Venezuela Air Canada v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/17/1) Canada - Venezuela, Bolivarian Republic of BIT (1996) ICSID AF ICSID Investment: Investment in air transportation services.

Summary:
Investment in air transportation services. Pending Venezuela, Bolivarian Republic of Canada Tertiary: H - Transportation and storage 51 - Air transport Tercier, P. - President

Villanua, D. - Respondent

Poncet, C. - Claimant
Data not available Data not available Data not available Pending None None None None None None None
5 2017 Venoklim v. Venezuela Venoklim Holding B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/17/4) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID AF ICSID Investment: Investments in five companies in Venezuela’s motor lubricants industry.

Summary: Claims arising out of the 2010 nationalization of a petrochemical plant.
Investments in five companies in Venezuela’s motor lubricants industry. Pending Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 19 - Manufacture of coke and refined petroleum products Damião Goncalves, E. - President

Cárdenas Mejía, J. P. - Claimant

Bottini, G. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
6 2016 Agroinsumos Ibero-Americanos and others v. Venezuela Agroinsumos Ibero-Americanos, S.L., Inica Latinoamericana, S.L., Proyefa Internacional, S.L., Verica Atlántica, S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/16/23) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Majority shareholding in agriculture and food enterprises: Agroisleña, C.A., Sucesora de Enrique Fraga Afonso, Insecticidas Internacionales, C.A., Proyefa, C.A., and Venezolana de Riego, C.A.

Summary: Claims arising out of the Governmental Decree No. 7.700 of 2010 that nationalized all assets of the Agroisleña Group and of associated agriculture and food companies in which the claimants held majority interests. The Government allegedly ordered a series of additional judicial and administrative measures to take control over the companies, including the occupation of company premises, removal of the management boards and appointment of new directors.
Majority shareholding in agriculture and food enterprises: Agroisleña, C.A., Sucesora de Enrique Fraga Afonso, Insecticidas Internacionales, C.A., Proyefa, C.A., and Venezolana de Riego, C.A. Pending Venezuela, Bolivarian Republic of Spain Primary: A - Agriculture, forestry and fishing 1 - Crop and animal production, hunting and related service activities Zuleta, E. - President

Grigera Naón, H. A. - Claimant

Bottini, G. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
7 2016 García Armas v. Venezuela Luis García Armas v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/16/1) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID AF ICSID Investment:

Summary: Claims arising out of the alleged expropriation of the claimant's investments in a food products enterprise.
Pending Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 10 - Manufacture of food products Nunes Pinto, J. E. - President

Gómez-Pinzón, E. - Claimant

Torres Bernárdez, S. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
8 2016 Saint Patrick Properties v. Venezuela Saint Patrick Properties Corporation v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/16/40) Barbados - Venezuela, Bolivarian Republic of BIT (1994) ICSID ICSID Investment: Ownership of several companies providing oil support services and related services in the Lake Maracaibo area of Venezuela.

Summary: Claims arising out of the Government’s nationalization in 2009 of the claimant’s enterprises that provided oil support services, and the transfer of their assets and operations to national oil company PDVSA.
Ownership of several companies providing oil support services and related services in the Lake Maracaibo area of Venezuela. Pending Venezuela, Bolivarian Republic of Barbados Primary: B - Mining and quarrying 9 - Mining support service activities Shore, L. - President

Polebaum, E. - Claimant

Mann, H. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
9 2015 Clorox v. Venezuela Clorox Spain S.L. v. Bolivarian Republic of Venezuela Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment: Ownership of Corporación Clorox de Venezuela S.A. (“Clorox Venezuela”), a local company engaged in manufacturing of cleaning products.

Summary: Claims arising out of Government measures that allegedly forced Clorox Venezuela to discontinue its operations in the country, and the alleged expropriation of its production facilities and offices after Clorox had announced its plans to exit the country and to sell its assets.
Ownership of Corporación Clorox de Venezuela S.A. (“Clorox Venezuela”), a local company engaged in manufacturing of cleaning products. Pending Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 20 - Manufacture of chemicals and chemical products Derains, Y. - President

Hanotiau, B. - Claimant

Vinuesa, R. E. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
10 2015 García Armas and others v. Venezuela Domingo García Armas, Manuel García Armas, Pedro García Armas and others v. Bolivarian Republic of Venezuela Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment:

Summary:
Pending Venezuela, Bolivarian Republic of Spain Data not available Data not available Nunes Pinto, J. E. - President

Gómez-Pinzón, E. - Claimant

Torres Bernárdez, S. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
11 2014 Anglo American v. Venezuela Anglo American PLC v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/14/1) United Kingdom - Venezuela, Bolivarian Republic of BIT (1995) ICSID AF ICSID Investment: Rights under nickel-mining concessions owned by Anglo American's local subsidiary, Minera Loma de Niquel.

Summary: Claims arising out of the Government's cancellation and non-renewal of nickel-mining concessions owned by claimant's Venezuelan subsidiary, allegedly resulting in the permanent cease of production and mining activities.
Rights under nickel-mining concessions owned by Anglo American's local subsidiary, Minera Loma de Niquel. Pending Venezuela, Bolivarian Republic of United Kingdom Primary: B - Mining and quarrying 7 - Mining of metal ores Derains, Y. - President

Tawil, G. S. - Claimant

Vinuesa, R. E. - Respondent
600.00 mln USD Data not available Indirect expropriation Pending None None None None None None None
12 2014 Highbury v. Venezuela Highbury International AVV, Compañía Minera de Bajo Caroní AVV, and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/14/10) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Rights under gold and diamond mining concession held by Caromin Venezuela and VMC Mining, companies controlled by the claimants.

Summary: Claims arising out of the alleged expropriation of two companies controlled by the claimants that held gold and diamond mining concessions, including the alleged forced takeover of the concession areas, the revocation of the concessions and non-payment of compensation.
Rights under gold and diamond mining concession held by Caromin Venezuela and VMC Mining, companies controlled by the claimants. Discontinued Venezuela, Bolivarian Republic of Netherlands

Panama
Primary: B - Mining and quarrying 7 - Mining of metal ores Fernández-Armesto, J. - President

Orrego Vicuña, F. - Claimant

Stern, B. - Respondent
209.70 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Order for the discontinuance of the proceeding for lack of payment of the required advances, pursuant to ICSID Administrative and Financial Regulation 14(3)(d) dated 5 January 2018 None None None None None None
13 2013 Valores Mundiales and Consorcio Andino v. Venezuela Valores Mundiales, S.L. and Consorcio Andino S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/13/11) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Ownership of two local cornflour and tortillas production companies, Monaca and Demaseca.

Summary: Claims arising out of the Government's issuance of a decree that expropriated claimants' tortilla and corn flour production businesses in Venezuela.
Ownership of two local cornflour and tortillas production companies, Monaca and Demaseca. Decided in favour of investor Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 10 - Manufacture of food products Zuleta, E. - President

Grigera Naón, H. A. - Claimant

Derains, Y. - Respondent
Data not available 430.40 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Transfer of funds

Indirect expropriation
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Transfer of funds
Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 1 October 2014

Award dated 25 July 2017
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Radicati di Brozolo, L. - President

De Quadros, F. - Member

Moreno Rodríguez, J. A. - Member

Jiménez Figueres, D. - Member (replaced)
14 2013 Venezuela US v. Venezuela Venezuela US, S.R.L. v. Bolivarian Republic of Venezuela Barbados - Venezuela, Bolivarian Republic of BIT (1994) UNCITRAL PCA Investment:

Summary:
Pending Venezuela, Bolivarian Republic of Barbados Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Tomka, P. - President

Fortier, L. Y. - Claimant

Kohen, M. G. - Respondent

Bottini, G. - Respondent (replaced)
Data not available Data not available Data not available Pending Interim Award on Jurisdiction dated 26 July 2016 Dissenting Opinion of Marcelo G. Kohen None None None None None
15 2012 Blue Bank v. Venezuela Blue Bank International & Trust (Barbados) Ltd. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/20) Barbados - Venezuela, Bolivarian Republic of BIT (1994) ICSID ICSID Investment: Ownership interests in intermediary companies that held concession rights relating to Caracas' elevated cable car system (teleférico) and two hotels; capital contributions of over USD 100 million in the Venezuelan hospitality industry.

Summary: Claims arising out of the alleged indirect expropriation of certain tourism and hospitality facilities rehabilitated by the claimant through intermediary corporations that had been granted concessions to develop and to operate them, including the alleged denial of permits and the subsequent termination of the relevant concession agreements.
Ownership interests in intermediary companies that held concession rights relating to Caracas' elevated cable car system (teleférico) and two hotels; capital contributions of over USD 100 million in the Venezuelan hospitality industry. Decided in favour of State Venezuela, Bolivarian Republic of Barbados Tertiary: I - Accommodation and food service activities

Tertiary: N - Administrative and support service activities
55 - Accommodation

79 - Travel agency, tour operator, reservation service and related activities
Söderlund, C. - President

Bermann, G. - Claimant

Alonso, J. M. - Claimant (replaced)

Malintoppi, L. - Respondent

Torres Bernárdez, S. - Respondent (replaced)
200.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

National treatment

Most-favoured nation treatment

Customary rules of international law
None - jurisdiction declined Award dated 26 April 2017 Separate Opinion of Christer Söderlund ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Castellanos Howell, A. R. - President

Urrutia Valenzuela, C. - Member

Bulnes Serrano, F. - Member
16 2012 Fabrica de Vidrios v. Venezuela Fábrica de Vidrios Los Andes, C.A. and Owens-Illinois de Venezuela, C.A. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/21) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two glass manufacturing companies in Venezuela.

Summary: Claims arising out of the alleged expropriation of two glass manufacturing companies in which the claimants had invested.
Interests in two glass manufacturing companies in Venezuela. Decided in favour of State Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Shin, H.-T. - President

Fortier, L. Y. - Claimant

Mourre, A. - Respondent (replaced)

Douglas, Z. - Respondent
1033.10 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Direct expropriation

Umbrella clause
None - jurisdiction declined Award dated 13 November 2017 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Rigo Sureda, A. - President

Fernández Arroyo, D. P. - Member

Hanefeld, I. - Member
17 2012 García Armas and García Gruber v. Venezuela Serafín García Armas and Karina García Gruber v. The Bolivarian Republic of Venezuela (PCA Case No. 2013-3) Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment: Shareholding in the Venezuelan food companies Alimentos Frisa, C.A. and Transporte Dole, C.A.

Summary: Claims arising out of the alleged expropriation of claimants' investments in two Venezuelan companies engaged in food distribution and marketing.
Shareholding in the Venezuelan food companies Alimentos Frisa, C.A. and Transporte Dole, C.A. Pending Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 10 - Manufacture of food products Grebler, E. - President

Tawil, G. S. - Claimant

Oreamuno Blanco, R. - Respondent
Data not available Data not available Direct expropriation

Transfer of funds
Pending Decision on Jurisdiction dated 15 December 2014 Dissenting Opinion of the arbitrator R. Oreamuno Blanco on one aspect of the basis for the decision (Decision on Jurisdiction) Judicial review by national courts Award/decision partially set aside (Judicial review by national courts) Decision of the Paris Court of Appeal dated 25 April 2017 (Judicial review by national courts) None None
18 2012 Rusoro Mining v. Venezuela Rusoro Mining Ltd. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/12/5) Canada - Venezuela, Bolivarian Republic of BIT (1996) ICSID AF ICSID Investment: Ownership of 24 Venezuelan subsidiaries holding a total of 58 mining concessions and contracts for the exploration and exploitation of gold in Venezuela.

Summary: Claims arising out of the Government's enactment of a series of measures that allegedly dismantled the legal regime for the marketing of gold in Venezuela and culminated in the nationalisation and control of Rusoro’s investments in Venezuela without compensation.
Ownership of 24 Venezuelan subsidiaries holding a total of 58 mining concessions and contracts for the exploration and exploitation of gold in Venezuela. Decided in favour of investor Venezuela, Bolivarian Republic of Canada Primary: B - Mining and quarrying 7 - Mining of metal ores Fernández-Armesto, J. - President

Orrego Vicuña, F. - Claimant

Simma, B. - Respondent
2318.90 mln USD 967.80 mln USD Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment

Performance requirements

Transfer of funds
Direct expropriation

Performance requirements
Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 16 July 2013

Award dated 22 August 2016
None Judicial review by national courts Pending (Judicial review by national courts) None None None
19 2012 Saint-Gobain v. Venezuela Saint-Gobain Performance Plastics Europe v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/13) France - Venezuela, Bolivarian Republic of BIT (2001) ICSID ICSID Investment: Shareholding in a local proppant manufacturing company.

Summary: Claims arising out of the Government's issuance of Decree no. 8.133 that expropriated Norpro de Venezuela, a local manufacturer of proppant (a type of material used in hydraulic fracturing of oil and gas wells) in which the claimant had invested.
Shareholding in a local proppant manufacturing company. Decided in favour of investor Venezuela, Bolivarian Republic of France Secondary: C - Manufacturing 32 - Other manufacturing Sachs, K. - President

Brower, C. N. - Claimant

Bottini, G. - Respondent
115.10 mln USD 29.60 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
Direct expropriation Decision on Liability and the Principles of Quantum dated 30 December 2016

Award dated 3 November 2017
Concurring and Dissenting Opinion of Charles N. Brower ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Ramírez Hernández, R. - President

Boo, L. - Member

Adekoya, O. - Member
20 2012 Tenaris and Talta v. Venezuela (II) Tenaris S.A. and Talta - Trading e Marketing Sociedade Unipessoal Lda. v. Bolivarian Republic of Venezuela (II) (ICSID Case No. ARB/12/23) Portugal - Venezuela, Bolivarian Republic of BIT (1994)

BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)
ICSID ICSID Investment: Shareholding in two Venezuelan companies involved in the steel sector, Tavsa and Comsigua.

Summary: Claims arising out of the expropriation of two Venezuelan companies in which the claimants had invested, the steel production company Tavsa and the hot briquetted iron producer Comsigua.
Shareholding in two Venezuelan companies involved in the steel sector, Tavsa and Comsigua. Decided in favour of investor Venezuela, Bolivarian Republic of Luxembourg

Portugal
Secondary: C - Manufacturing 24 - Manufacture of basic metals Fernández-Armesto, J. - President

Gómez-Pinzón, E. - Claimant

Stern, B. - Respondent
Data not available 137.00 mln USD Direct expropriation Direct expropriation Decision on the Respondents’ request to address the objections to jurisdiction as a preliminary question dated 15 January 2014

Award dated 12 December 2016
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Knieper, R. - President

Moreno Rodríguez, J. A. - Member

Pierola Castro, N. F. - Member

Jiménez Figueres, D. - Member (replaced)
21 2012 Ternium v. Venezuela Ternium S.A. and Consorcio Siderurgia Amazonia S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/19) BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)

Spain - Venezuela, Bolivarian Republic of BIT (1995)
ICSID ICSID Investment: Majority shareholding in Sidor, a Venezuelan steel manufacturing plant.

Summary: Claims arising out of an alleged outstanding amount of compensation owed under certain settlement agreement for the nationalization of claimants' stake in a Venezuelan steel production company.
Majority shareholding in Sidor, a Venezuelan steel manufacturing plant. Discontinued Venezuela, Bolivarian Republic of Spain

Luxembourg
Secondary: C - Manufacturing 24 - Manufacture of basic metals Tribunal not constituted 130.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Secretary-General dated 29 November 2012, pursuant to ICSID Arbitration Rule 44 None None None None None None
22 2012 Transban v. Venezuela Transban Investments Corp. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/24) Barbados - Venezuela, Bolivarian Republic of BIT (1994) ICSID ICSID Investment: Interests in Centro Bavarian Venezuela, a vehicle importer enterprise.

Summary: Claims arising out of the alleged introduction of regulatory changes by the Government to foreign currency exchange rules that affected claimant's investment in a vehicle import enterprise.
Interests in Centro Bavarian Venezuela, a vehicle importer enterprise. Decided in favour of State Venezuela, Bolivarian Republic of Barbados Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 45 - Wholesale and retail trade and repair of motor vehicles and motorcycles Tomka, P. - President

Caron, D. D. - Claimant

Torres Bernárdez, S. - Respondent
100.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

National treatment

Most-favoured nation treatment
None - jurisdiction declined None None None None None None None
23 2012 Valle Verde v. Venezuela Valle Verde Sociedad Financiera S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/18) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Shareholding in a Venezuelan lending and savings bank.

Summary: Claims arising out of the expropriation of Casa Propia Entidad de Ahorro y Préstamo, a Venezuelan financial institution in which the claimant had invested, due to alleged illegal banking practices.
Shareholding in a Venezuelan lending and savings bank. Discontinued Venezuela, Bolivarian Republic of Spain Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Barros Bourie, E. - President

Ferrari, F. - Claimant

Vinuesa, R. E. - Respondent
100.00 mln USD Data not available Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause
Not applicable - settled or discontinued before decision on liability Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 8 August 2014

Order for the discontinuance of the proceeding for lack of payment of the required advances, pursuant to ICSID Administrative and Financial Regulation 14(3)(d) dated 27 April 2018
None None None None None None
24 2011 Crystallex v. Venezuela Crystallex International Corporation v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/11/2) Canada - Venezuela, Bolivarian Republic of BIT (1996) ICSID AF ICSID Investment: Rights under a mine operation contract; capital contributions of over USD 300 million.

Summary: Claims arising out of the Government's termination of claimant's mine operation contract over a gold deposit situated in Las Cristinas, after it refused to issue an environmental permit allowing extraction to initiate.
Rights under a mine operation contract; capital contributions of over USD 300 million. Decided in favour of investor Venezuela, Bolivarian Republic of Canada Primary: B - Mining and quarrying 7 - Mining of metal ores Lévy, L. - President

Gotanda, J. Y. - Claimant

Boisson de Chazournes, L. - Respondent

Feliciano, F. P. - Respondent (replaced)
3160.00 mln USD 1202.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Direct expropriation

Full protection and security, or similar
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on the Respondent's request to address the objections to jurisdiction as a preliminary question dated 23 May 2012

Award dated 4 April 2016
None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Memorandum Opinion of the United States District Court for the District of Columbia dated 25 March 2017 (Judicial review by national courts) None None
25 2011 Gambrinus v. Venezuela Gambrinus, Corp. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/31) Barbados - Venezuela, Bolivarian Republic of BIT (1994) ICSID ICSID Investment: Minority shareholding in a Venezuelan fertilizer company.

Summary: Claims arising out of the Government's nationalization of Fertinitro, a urea and ammonia production company in which the claimant had invested.
Minority shareholding in a Venezuelan fertilizer company. Decided in favour of State Venezuela, Bolivarian Republic of Barbados Secondary: C - Manufacturing 20 - Manufacture of chemicals and chemical products Bernardini, P. - President

Lalonde, M. - Claimant

Dupuy, P.-M. - Respondent
Data not available Data not available Direct expropriation None - jurisdiction declined Decision on the Respondent's request to address the objections to jurisdiction as a preliminary question dated 30 July 2012

Award dated 15 June 2015
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 3 October 2017 (ICSID annulment proceedings) None Abraham, C. W. M. - President

Pryles, M. C. - Member

Hassouna, H. A. - Member
26 2011 Highbury International v. Venezuela Highbury International AVV and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/1) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Controlling shareholding in two Venezuelan subsidiary companies, Compañía Minera del Bajo Caroní and V.M.C. Mining Company, C.A., that held seven gold and diamonds mining concessions in Venezuela; rights under certain compensatory agreement.

Summary: Claims arising out of the Government's alleged coercive taking of the areas where claimants held mining concessions within the region of the Lower Caroní River without payment of compensation.
Controlling shareholding in two Venezuelan subsidiary companies, Compañía Minera del Bajo Caroní and V.M.C. Mining Company, C.A., that held seven gold and diamonds mining concessions in Venezuela; rights under certain compensatory agreement. Decided in favour of State Venezuela, Bolivarian Republic of Netherlands

Panama
Primary: B - Mining and quarrying 7 - Mining of metal ores Barros Bourie, E. - President

Tawil, G. S. - Claimant

von Wobeser, C. - Respondent
633.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated 26 September 2013 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Fernández Rozas, J. C. - President

Patocchi, P. M. - Member

Castellanos Howell, A. R. - Member
27 2011 Koch Minerals v. Venezuela Koch Minerals Sàrl and Koch Nitrogen International Sàrl v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/19) Switzerland - Venezuela, Bolivarian Republic of BIT (1993) ICSID ICSID Investment: Minority shareholding in a Venezuelan fertilizer company.

Summary: Claims arising out of the Government's nationalization of Koch Mineral’s interest in Fertilizantes Nitrogenados de Venezuela (FertiNitro), a nitrogen-based fertilizer producer, Koch Nitrogen's alleged loss of rights under an associated long-term agreement for the purchase of ammonia and urea produced at the Fertinitro plant, and certain laws and regulations in effect prior to the nationalization.
Minority shareholding in a Venezuelan fertilizer company. Decided in favour of investor Venezuela, Bolivarian Republic of Switzerland Secondary: C - Manufacturing 20 - Manufacture of chemicals and chemical products Veeder, V. V. - President

Lalonde, M. - Claimant

Feliciano, F. P. - Respondent (replaced)

Douglas, Z. - Respondent
672.40 mln USD 325.10 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures

National treatment

Umbrella clause

Indirect expropriation
Indirect expropriation Award dated 30 October 2017 Partially Dissenting Opinion of Zachary Douglas ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Hascher, D. - President

Argueta Pinto, M. - Member

Hanefeld, I. - Member
28 2011 Longreef v. Venezuela Longreef Investments A.V.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/5) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Shareholding in a Venezuelan coffee production company.

Summary: Claims arising out of the Government's nationalization of Compañia Anónima Café Fama de América, a 120-year old coffee company in which the claimant had invested.
Shareholding in a Venezuelan coffee production company. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 10 - Manufacture of food products Edward, D. A. O. - President

Gómez-Pinzón, E. - Claimant

Mourre, A. - Respondent (replaced)

Malintoppi, L. - Respondent
500.00 mln USD 43.00 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on Jurisdiction dated 12 February 2014

Award dated 6 November 2017
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Pawlak, D. - President

Argueta Pinto, M. - Member

Bulnes Serrano, F. - Member
29 2011 Nova Scotia Power v. Venezuela (II) Nova Scotia Power Incorporated v. Bolivarian Republic of Venezuela (II) (ICSID Case No. ARB(AF)/11/1) Canada - Venezuela, Bolivarian Republic of BIT (1996) ICSID AF ICSID Investment: Rights under a coal supply agreement concluded between Nova Scotia Power and Guasare Coal International, an enterprise allegedly controlled by Venezuela.

Summary: Claims arising out of the alleged termination by the Government of Nova Scotia’s right to receive up to 1.7 million metric tons of coal at fixed prices from the Paso Diablo coal mine in Venezuela.
Rights under a coal supply agreement concluded between Nova Scotia Power and Guasare Coal International, an enterprise allegedly controlled by Venezuela. Decided in favour of State Venezuela, Bolivarian Republic of Canada Primary: B - Mining and quarrying 5 - Mining of coal and lignite van Houtte, H. - President

Williams, D. A. R. - Claimant

Vinuesa, R. E. - Respondent
180.00 mln USD Data not available Unclear None - jurisdiction declined Award dated 30 April 2014 None None None None None None
30 2011 OIEG v. Venezuela OI European Group B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/25) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two industrial plants for production and distribution of glass containers, held indirectly through two locally-incorporated companies.

Summary: Claims arising out of disagreements between the parties over the amount of compensation owed by the Government for the nationalization of two expropriated glass manufacturing plants in which the claimant had invested.
Interests in two industrial plants for production and distribution of glass containers, held indirectly through two locally-incorporated companies. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Fernández-Armesto, J. - President

Orrego Vicuña, F. - Claimant

Mourre, A. - Respondent
929.50 mln USD 372.40 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Award dated 10 March 2015 None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Application for Annulment dated 6 December 2018 (ICSID annulment proceedings) None Castellanos Howell, A. R. - President

Bernardini, P. - Member

Pawlak, D. - Member
31 2011 Shortt v. Venezuela Hortensia Margarita Shortt v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/30) United Kingdom - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Ownership of Zulia Towing and Barge Company, engaged in providing towing services for docking and undocking of oil and petrochemical tankers and boats used for lake transportation.

Summary: Claims arising out of the Government's enactment of the Law on the Expropriation of Primary Activities for Oil Production by which claimant's maritime transport equipment and facilities were expropriated.
Ownership of Zulia Towing and Barge Company, engaged in providing towing services for docking and undocking of oil and petrochemical tankers and boats used for lake transportation. Settled Venezuela, Bolivarian Republic of United Kingdom Primary: B - Mining and quarrying

Tertiary: H - Transportation and storage
9 - Mining support service activities

50 - Water transport
Data not available Data not available Direct expropriation Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Secretary-General pursuant to ICSID Arbitration Rule 45 dated 11 May 2015 None None None None None None
32 2011 Tenaris and Talta v. Venezuela (I) Tenaris S.A. and Talta - Trading e Marketing Sociedade Unipessoal Lda v. Bolivarian Republic of Venezuela (I) (ICSID Case No. ARB/11/26) Portugal - Venezuela, Bolivarian Republic of BIT (1994)

BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)
ICSID ICSID Investment: Shareholding in a Venezuelan hot briquetted iron production plant.

Summary: Claims arising out of the expropriation of Matesi, claimants' Venezuelan subsidiary engaged in the production of hot briquetted iron.
Shareholding in a Venezuelan hot briquetted iron production plant. Decided in favour of investor Venezuela, Bolivarian Republic of Portugal

Luxembourg
Secondary: C - Manufacturing 24 - Manufacture of basic metals Beechey, J. - President

Kessler, J. L. - Claimant

Landau, T. - Respondent
299.30 mln USD 87.30 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation Award dated 29 January 2016 None ICSID annulment proceedings Unknown (ICSID annulment proceedings) Decision on Annulment dated 8 August 2018 (ICSID annulment proceedings) None Rigo Sureda, A. - President

Fernández Arroyo, D. P. - Member

Cantuarias Salaverry, F. - Member
33 2011 Williams Companies and others v. Venezuela The Williams Companies, International Holdings B.V., WilPro Energy Services (El Furrial) Limited and WilPro Energy Services (Pigap II) Limited v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/10) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Rights under long term agreements for gas supply in Venezuela; ownership and operation of gas compression and injection plants.

Summary: Claims arising out of the Government's termination of claimants' long term agreements entered into with the national oil company PDVSA for gas compression and injection and gas supply in Venezuela, followed by the seizure of their assets under a nationalisation decree and the alleged failure to comply with payment obligations for services rendered before the companies' nationalisation.
Rights under long term agreements for gas supply in Venezuela; ownership and operation of gas compression and injection plants. Settled Venezuela, Bolivarian Republic of Netherlands

United Kingdom
Primary: B - Mining and quarrying

Tertiary: D - Electricity, gas, steam and air conditioning supply
6 - Extraction of crude petroleum and natural gas

35 - Electricity, gas, steam and air conditioning supply
Tribunal not constituted Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order of the Secretary-General Taking Note of the Discontinuance of the Proceeding Pursuant to ICSID Arbitration Rule 45 dated 8 February 2017 None None None None None None
34 2010 Flughafen Zürich v. Venezuela Flughafen Zürich A.G. and Gestión e Ingenería IDC S.A. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/19) Switzerland - Venezuela, Bolivarian Republic of BIT (1993)

Chile - Venezuela, Bolivarian Republic of BIT (1993)
ICSID ICSID Investment: Rights as consortium members to administer, manage and operate the Isla Margarita airport under a contract with the state of Nueva Esparta.

Summary: Claims arising out of the Government's alleged expropriation of claimants' concession to operate an airport on Isla Margarita through three administrative acts undertaken by the government of Nueva Esparta and two resolutions issued by the Supreme Court.
Rights as consortium members to administer, manage and operate the Isla Margarita airport under a contract with the state of Nueva Esparta. Decided in favour of investor Venezuela, Bolivarian Republic of Switzerland

Chile
Tertiary: H - Transportation and storage

Tertiary: H - Transportation and storage
51 - Air transport

52 - Warehousing and support activities for transportation
Fernández-Armesto, J. - President

Álvarez, H. C. - Claimant

Vinuesa, R. E. - Respondent
79.00 mln CHF (82.20 mln USD) 19.40 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Award dated 18 November 2014 Partial Dissent of Professor Raúl Emilio Vinuesa (Award) ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Castellanos Howell, A. R. - President

Zusman Tinman, S. - Member

Urrutia Valenzuela, C. - Member
35 2010 Tidewater v. Venezuela Tidewater Investment SRL and Tidewater Caribe, C.A. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/5) Barbados - Venezuela, Bolivarian Republic of BIT (1994) ICSID ICSID Investment: Marine support services to the oil industry in Venezuela under contracts concluded between SEMARCA, an enterprise owned by Tidewater, and Venezuelan State-owned companies.

Summary: Claims arising out of the Government's enactment of a law reserving to the State the assets and services related to primary activities of hydrocarbons and the seizure of claimants' marine support services operations and assets in Lake Maracaibo and the Gulf of Paria, including fifteen vessels.
Marine support services to the oil industry in Venezuela under contracts concluded between SEMARCA, an enterprise owned by Tidewater, and Venezuelan State-owned companies. Decided in favour of investor Venezuela, Bolivarian Republic of Barbados Primary: B - Mining and quarrying 9 - Mining support service activities McLachlan, C. A. - President

Rigo Sureda, A. - Claimant

Stern, B. - Respondent
234.00 mln USD 46.40 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

National treatment

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation Decision on Jurisdiction dated 8 February 2013

Award dated 13 March 2015
None ICSID annulment proceedings Award/decision partially annulled (ICSID annulment proceedings) Decision on Annulment dated 27 December 2016 (ICSID annulment proceedings) None Yusuf, A. A. - President

Abraham, C. W. M. - Member

Knieper, R. - Member
36 2010 Universal Compression v. Venezuela Universal Compression International Holdings, S.L.U. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/9) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Natural gas compression services and products to the natural gas Venezuelan industry, including personnel, equipment, tools, materials, and supplies necessary for gas compression.

Summary: Claims arising out of the Government's nationalization of claimant's assets, operations and personnel, including over fifty gas compression and power-generation facilities in Venezuela.
Natural gas compression services and products to the natural gas Venezuelan industry, including personnel, equipment, tools, materials, and supplies necessary for gas compression. Settled Venezuela, Bolivarian Republic of Spain Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Rowley, J. W. - President

Tawil, G. S. - Claimant

Stern, B. - Respondent
1200.00 mln USD 442.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability Order of the Tribunal Suspending the Proceeding dated 16 September 2013 None None None None None None
37 2009 Gold Reserve v. Venezuela Gold Reserve Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/09/1) Canada - Venezuela, Bolivarian Republic of BIT (1996) ICSID AF ICSID Investment: Mining rights held indirectly by claimant in Venezuela under the mining concessions known as the “Brisas Concession” and the “Unicornio Concession” for the extraction of gold, copper and molybdenum.

Summary: Claims arising out of the Government's alleged deprivation of claimant's rights in certain gold and copper project in Venezuela, following the issuance of an administrative ruling by the Ministry of the Environment declaring the nullity of certain construction permit and the subsequent termination of claimant's mining concessions.
Mining rights held indirectly by claimant in Venezuela under the mining concessions known as the “Brisas Concession” and the “Unicornio Concession” for the extraction of gold, copper and molybdenum. Decided in favour of investor Venezuela, Bolivarian Republic of Canada Primary: B - Mining and quarrying 7 - Mining of metal ores Bernardini, P. - President

Williams, D. A. R. - Claimant

Dupuy, P.-M. - Respondent
1735.00 mln USD 713.00 mln USD Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Most-favoured nation treatment
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 22 September 2014 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Decision of the Paris Court of Appeal dated 7 February 2017 (Judicial review by national courts) None None
38 2009 Holcim v. Venezuela Holcim Limited, Holderfin B.V. and Caricement B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/09/3) Switzerland - Venezuela, Bolivarian Republic of BIT (1993)

Netherlands - Venezuela, Bolivarian Republic of BIT (1991)
ICSID ICSID Investment: Ownership interests in Venezuelan cement production enterprise.

Summary: Claims arising out of the Government's 2008 nationalization of foreign-owned cement companies in Venezuela, including the claimants, and the alleged cease of compensation negotiations between Holcim and the national oil company PDVSA.
Ownership interests in Venezuelan cement production enterprise. Settled Venezuela, Bolivarian Republic of Netherlands

Switzerland
Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Fernández-Armesto, J. - President

Brower, C. N. - Claimant

Abi-Saab, G. - Respondent
Data not available 650.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability None None None None None None None
39 2008 CEMEX v. Venezuela CEMEX Caracas Investments B.V. and CEMEX Caracas II Investments B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/08/15) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Indirect ownership interest in the Venezuelan cement production company Cemex Venezuela.

Summary: Claims arising out of the Government's 2008 nationalization of foreign-owned cement companies in Venezuela, including the claimants, and disagreements over the amount of compensation owed to CEMEX.
Indirect ownership interest in the Venezuelan cement production company Cemex Venezuela. Settled Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Guillaume, G. - President

von Mehren, R. - Claimant

Abi-Saab, G. - Respondent
1200.00 mln USD 600.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 30 December 2010

Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 15 February 2012, pursuant to ICSID Arbitration Rule 43(1)
None None None None None None
40 2008 Nova Scotia Power v. Venezuela (I) Nova Scotia Power Incorporated v. Bolivarian Republic of Venezuela (I) Canada - Venezuela, Bolivarian Republic of BIT (1996) UNCITRAL PCA Investment: Rights under a coal supply agreement concluded between Nova Scotia Power and Guasare Coal International, an enterprise allegedly controlled by Venezuela.

Summary: Claims arising out of the alleged Government's termination of Nova Scotia Power Incorporated’s right to receive up to 1.7 million metric tons of coal at fixed prices from the Paso Diablo coal mine in Venezuela.
Rights under a coal supply agreement concluded between Nova Scotia Power and Guasare Coal International, an enterprise allegedly controlled by Venezuela. Decided in favour of State Venezuela, Bolivarian Republic of Canada Primary: B - Mining and quarrying 5 - Mining of coal and lignite Fernández-Armesto, J. - President

Beechey, J. - Claimant

Hanotiau, B. - Claimant (replaced)

Sands, P. - Respondent
180.00 mln USD Data not available Data not available None - jurisdiction declined Award on Jurisdiction dated 22 April 2010

Award on Costs dated 30 August 2010
None None None None None None
41 2007 ConocoPhillips v. Venezuela ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/30) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two extra-heavy oil projects located in the Venezuelan region of the Orinoco Oil Belt, and in an offshore project for the extract of light to medium crude oil, under profit sharing agreements concluded with the Government.

Summary: Claims arising out of Venezuela's nationalization of three oil projects in which the claimants had interests, after having increased their applicable royalty rate and income tax.
Interests in two extra-heavy oil projects located in the Venezuelan region of the Orinoco Oil Belt, and in an offshore project for the extract of light to medium crude oil, under profit sharing agreements concluded with the Government. Pending Venezuela, Bolivarian Republic of Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Keith, K. - President (replaced)

Fortier, L. Y. - Claimant

Abi-Saab, G. - Respondent (replaced)

Brownlie, I. - Respondent (replaced)

Bucher, A. - Respondent

Zuleta, E. - President
30305.00 mln USD Data not available Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation Decision on Jurisdiction and Merits dated 3 September 2013

Decision on Respondent's Request for Reconsideration dated 10 March 2014

Decision on Respondent's Request for Reconsideration dated 9 February 2016

Interim Decision dated 17 January 2017
Dissenting Opinion of Georges Abi-Saab (Decision on Jurisdiction and Merits)

Dissenting Opinion of Georges Abi-Saab (Decision on Respondent's Request for Reconsideration)

Dissenting Opinion of Andreas Bucher
None None None None None
42 2007 Eni Dación v. Venezuela Eni Dación B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/4) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Hydrocarbon rights under an operating service contract concluded between claimant and the State-owned company PDVSA.

Summary: Claims arising out the investor's refusal to sign an amended contract which would allegedly grant a majority stake in its oil venture to the Venezuelan State and the subsequent seizure of its assets and the Government's nationalization of the Dación oil field in which the claimant, a Dutch subsidiary of Italy's oil and gas company Eni Spa, had invested.
Hydrocarbon rights under an operating service contract concluded between claimant and the State-owned company PDVSA. Settled Venezuela, Bolivarian Republic of Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Tribunal not constituted 1000.00 mln USD 700.00 mln USD Unclear Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Acting Secretary-General dated 18 APril 2008, pursuant to ICSID Arbitration Rule 44 None None None None None None
43 2007 Mobil and others v. Venezuela Mobil Cerro Negro Holding, Ltd., Mobil Cerro Negro, Ltd., Mobil Corporation and others v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/27) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two extra-heavy crude oil projects located in the Venezuelan region of the Orinoco Oil Belt, under profit sharing agreements concluded with the Government.

Summary: Claims arising out of Venezuela's nationalization of two oil projects in which the claimants had interests known as the Cerro Negro Project and La Ceiba Project (after having increased their applicable royalty rate and income tax) and subsequent disagreements between the parties concerning the amount of compensation owed to the investor.
Interests in two extra-heavy crude oil projects located in the Venezuelan region of the Orinoco Oil Belt, under profit sharing agreements concluded with the Government. Decided in favour of investor Venezuela, Bolivarian Republic of Bahamas

United States of America

Netherlands
Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Guillaume, G. - President

Kaufmann-Kohler, G. - Claimant

El-Kosheri, A. S. - Respondent
14679.00 mln USD 1600.00 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on Jurisdiction dated 10 June 2010

Award of the Tribunal dated 9 October 2014
None ICSID annulment proceedings

ICSID resubmission proceedings
Award/decision partially annulled (ICSID annulment proceedings)

Pending (ICSID resubmission proceedings)
Decision on Annulment dated 9 March 2017 (ICSID annulment proceedings) None Berman, F. - President

Abraham, C. W. M. - Member

Knieper, R. - Member
44 2006 Vestey v. Venezuela Vestey Group Ltd v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/06/4) United Kingdom - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Landholdings amounting to some 350,000 hectares in Venezuela for farming purposes.

Summary: Claims arising out of declarations by Venezuela's Land Institute on the lack of validity of a number of Verney's farms, labelled as "unproductive" by State authorities, following the introduction of a new land law in 2001 which created a Land Institute to examine titles to landholdings and to assess whether lands were being used in a productive manner.
Landholdings amounting to some 350,000 hectares in Venezuela for farming purposes. Decided in favour of investor Venezuela, Bolivarian Republic of United Kingdom Primary: A - Agriculture, forestry and fishing 1 - Crop and animal production, hunting and related service activities Kaufmann-Kohler, G. - President

Grigera Naón, H. A. - Claimant

Dupuy, P.-M. - Respondent
157.40 mln USD 98.10 mln USD Direct expropriation

Full protection and security, or similar

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Direct expropriation Award dated 15 April 2016 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Donoghue, J. E. - President

Griffith, G. - Member

Fathallah, R. - Member
45 2005 I&I Beheer v. Venezuela I&I Beheer B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/05/4) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Ownership of promissory notes originally issued by a Venezuelan State-owned bank.

Summary: Claims arising out of the alleged non-payment of two promissory notes acquired by the claimant that had been originally issued in 1981 by Venezuela's State-owned agricultural development bank, Bandagro.
Ownership of promissory notes originally issued by a Venezuelan State-owned bank. Discontinued Venezuela, Bolivarian Republic of Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Böckstiegel, K.-H. - President

Brower, C. N. - Claimant

Dupuy, P.-M. - Respondent
300.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 28 December 2007, pursuant to Article 44 of the ICSID Convention None None None None None None
46 2004 Vannessa Ventures v. Venezuela Vannessa Ventures Ltd v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/04/6) Canada - Venezuela, Bolivarian Republic of BIT (1996) ICSID AF ICSID Investment: Majority shareholding in a company holding a mining concession for gold and copper.

Summary: Claims arising out of the Government's retraction of claimant's mining rights in Las Cristinas in the south east of Venezuela, one of the world’s greatest undeveloped sources of gold, under the allegation that claimant's purchase of the shares was illegal.
Majority shareholding in a company holding a mining concession for gold and copper. Decided in favour of State Venezuela, Bolivarian Republic of Canada Primary: B - Mining and quarrying 7 - Mining of metal ores Lowe, V. - President

Briner, R. - President (replaced)

Veeder, V. V. - President (replaced)

Brower, C. N. - Claimant

Stern, B. - Respondent

Paulsson, J. - Respondent (replaced)
1045.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
None - all claims dismissed at the merits stage Decision on jurisdiction dated 22 August 2008

Award dated 16 January 2013
None None None None None None
47 1996 FEDAX v. Venezuela FEDAX N.V. v. The Republic of Venezuela (ICSID Case No. ARB/96/3) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Ownership of government promissory notes.

Summary: Claims arising out of the alleged lack of payment of certain debt instruments issued by the Government which were assigned by way of endorsement to the claimant.
Ownership of government promissory notes. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Orrego Vicuña, F. - President

Heth, M. - Claimant

Owen, B. R. - Respondent
0.60 mln USD 0.60 mln USD Umbrella clause Umbrella clause Decision on Jurisdiction dated 11 July 1997

Award dated 9 March 1998
None None None None None None