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2007
Eni Dación v. Venezuela Eni Dación B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/4)
Nationality of the parties
Venezuela, Bolivarian Republic of
Netherlands
Summary of matters at issue
Hydrocarbon rights under an operating service contract concluded between claimant and the State-owned company PDVSA.
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.
Economic sector and subsector
Primary: B - Mining and quarrying
6 - Extraction of crude petroleum and natural gas
Arbitral rules and administering institution
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Composition of tribunal
Tribunal not constituted
Status/Outcome of original proceedings
Settled
Decisions rendered
Order taking note of the discontinuance issued by the Acting Secretary-General dated 18 APril 2008, pursuant to ICSID Arbitration Rule 44
Amount of compensation
1000.00 mln USD
700.00 mln USD
IIA breaches alleged/found
Unclear
Not applicable - settled or discontinued before decision on liability
Follow-on proceedings
None
Link to Italaw's case page