Venezuela, Bolivarian Republic of

Venezuela, Bolivarian Republic of

NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2021 Liberty v. Venezuela (II) Liberty Seguros, Compañía de Seguros y Reaseguros S.A. (Spain) v. Bolivarian Republic of Venezuela (II) (PCA Case No. 2021-35) Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment: Investments in an insurance company.

Summary:
Investments in an insurance company. Pending Venezuela, Bolivarian Republic of Spain Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security McLachlan, C. A. - President

Poncet, C. - Claimant

Ruiz Fabri, H. - Respondent

Drymer, S. L. - Claimant (replaced)
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
2 2020 Liberty v. Venezuela (I) Liberty Seguros, Compañia de Seguros Y Reaseguros and Liberty UK and Europe Holdings Limited v. Bolivarian Republic of Venezuela (I) (ICSID Case No. ARB(AF)/20/3) Spain - Venezuela, Bolivarian Republic of BIT (1995)

United Kingdom - Venezuela, Bolivarian Republic of BIT (1995)
ICSID AF ICSID Investment: Investments in an insurance company.

Summary:
Investments in an insurance company. Pending Venezuela, Bolivarian Republic of Spain

United Kingdom
Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Drymer, S. L. - Claimant

Perezcano Diaz, H. - Respondent

Sacco, S. - President
Data not available Data not available Data not available Pending None None None None None None None
3 2020 Santamarta v. Venezuela Raimundo Santamarta Devis v. Bolivarian Republic of Venezuela Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL None Investment: Investments in SM Pharma, a pharmaceutical company.

Summary: Claims arising out of Government’s alleged seizure of SM Pharma’s manufacturing facilities in Maracaibo.
Investments in SM Pharma, a pharmaceutical company. Pending Venezuela, Bolivarian Republic of Spain Secondary: C - Manufacturing 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations Data not available 200.00 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
4 2019 Diamante Trading and others v. Venezuela Diamante Trading Investments Ltd. and others v. Bolivarian Republic of Venezuela (PCA Case No. 2019-49) Barbados - Venezuela, Bolivarian Republic of BIT (1994)

Spain - Venezuela, Bolivarian Republic of BIT (1995)
UNCITRAL PCA Investment: Interests in Herrera, C.A.

Summary: Claims arising out of the Government’s alleged expropriatory measures related to the claimants’ investments in the food sector.
Interests in Herrera, C.A. Pending Venezuela, Bolivarian Republic of Barbados

Spain
Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 46 - Wholesale trade, except of motor vehicles and motorcycles Name not available - President

Name not available - Claimant

Name not available - Respondent
100.00 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
5 2019 Maeso v. Venezuela Gustavo Maeso Lando v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/19/2) Uruguay - Venezuela, Bolivarian Republic of BIT (1997) ICSID AF ICSID Investment: Investment in Racing Tobacco, a local company engaged in the import of tobacco products into Venezuela.

Summary: Claims arising out of the Government’s alleged revocation of an tobacco import and sales licence granted to the claimant’s local company Racing Tobacco, and seizure of the claimant’s shipments of cigarettes from Uruguay to the free port of Margarita Island on the ground that the company violated a law prohibiting the sale of imported cigarettes at a lower price than those produced domestically.
Investment in Racing Tobacco, a local company engaged in the import of tobacco products into Venezuela. Pending Venezuela, Bolivarian Republic of Uruguay Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 46 - Wholesale trade, except of motor vehicles and motorcycles Grigera Naón, H. A. - Claimant

Perezcano Diaz, H. - Respondent

Khan, M. A. - President
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
6 2019 Williams Companies and others v. Venezuela (II) 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 (II) (ICSID Case No. ARB(AF)/19/3) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID AF 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 Venezuela’s alleged failure to comply with a 2012 settlement agreement of an earlier dispute with the claimants. The earlier dispute, discontinued in 2017, concerned the termination of claimants’ long-term contract 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 nationalization decree.
Rights under long term agreements for gas supply in Venezuela; ownership and operation of gas compression and injection plants. Pending Venezuela, Bolivarian Republic of Netherlands 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
Data not available Data not available Data not available Data not available Pending Data not available Data not available None None None None None
7 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 Fernández-Armesto, J. - President

Grigera Naón, H. A. - Claimant

Torres Bernárdez, S. - Respondent (replaced)

Fernández Antuña, A. - Respondent
102.00 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

Most-favoured nation treatment
Pending None None None None None None None
8 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. Decided in favour of State Venezuela, Bolivarian Republic of Belgium

Netherlands

Spain
Secondary: C - Manufacturing 17 - Manufacture of paper and paper products Schill, S. - President (replaced)

Haigh, D. - Claimant

Stern, B. - Respondent

Kaufmann-Kohler, G. - President
Data not available Data not available Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None - jurisdiction declined Award dated 5 November 2021 (English)

Award dated 5 November 2021 (Spanish)
None None None None None None
9 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 Ramírez Hernández, R. - President

Polebaum, E. - Claimant

Douglas, Z. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
10 2018 Trapote v. Venezuela Fernando Fraiz Trapote v. Bolivarian Republic of Venezuela (PCA Case No. 2019-11) Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment: Investments in LaTele Televisión C.A., Sistemas Cablevisión C.A. and Publicidad Vepaco C.A., providing telecommunications, internet and advertising services.

Summary: Claims arising out of a series of measures by the Government which allegedly resulted in the expropriation of the claimant’s assets and businesses.
Investments in LaTele Televisión C.A., Sistemas Cablevisión C.A. and Publicidad Vepaco C.A., providing telecommunications, internet and advertising services. Pending Venezuela, Bolivarian Republic of Spain Tertiary: J - Information and communication

Tertiary: M - Professional, scientific and technical activities
61 - Telecommunications

73 - Advertising and market research
Name not available - President

Garibaldi, O. M. - Claimant (replaced)

Vinuesa, R. E. - Respondent

Name not available - Claimant
800.00 mln USD Data not available Data not available Pending None None None None None None None
11 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: Claims arising out of the Government’s alleged failure to approve the claimant’s requests to convert its Bolivar-denominated returns into U.S. dollars for repatriation.
Investment in air transportation services. Decided in favour of investor Venezuela, Bolivarian Republic of Canada Tertiary: H - Transportation and storage 51 - Air transport Tercier, P. - President

Poncet, C. - Claimant

Villanúa Gómez, D. - Respondent
213.10 mln USD 20.80 mln USD Direct expropriation

Indirect expropriation

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

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

Transfer of funds
Award dated 13 September 2021 None None None None None None
12 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
13 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
14 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: Investments in food products enterprises Frigoríficos Ordaz, S.A.; García Armas Inversiones, S.A.; Koma Inversiones, S.A.; and La Fuente Delicatesses, C.A.

Summary: Claims arising out of the alleged expropriation of the claimant's investments in food products enterprises.
Investments in food products enterprises Frigoríficos Ordaz, S.A.; García Armas Inversiones, S.A.; Koma Inversiones, S.A.; and La Fuente Delicatesses, C.A. 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 Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Pending Decision on Jurisdiction dated 24 July 2020 None None None None None None
15 2016 Heemsen v. Venezuela Enrique Heemsen and Jorge Heemsen v. Bolivarian Republic of Venezuela (PCA Case No. 2017-18) Germany - Venezuela, Bolivarian Republic of BIT (1996) UNCITRAL PCA Investment: Indirect minority shareholding in a 643-hectare land plot (“La Salina”) owned by Sucesión Heemsen, C.A., in the city of Puerto Cabello in northern Venezuela.

Summary: Claims arising out of the Governmental Decree No. 8.838 of 2012 for the expropriation of all assets on the “La Salina” land plot, in which the claimants held indirect interests, to construct a new container terminal at the Puerto Cabello port.
Indirect minority shareholding in a 643-hectare land plot (“La Salina”) owned by Sucesión Heemsen, C.A., in the city of Puerto Cabello in northern Venezuela. Decided in favour of State Venezuela, Bolivarian Republic of Germany Tertiary: L - Real estate activities 68 - Real estate activities Derains, Y. - President

Gómez-Pinzón, E. - Claimant

Stern, B. - Respondent
1589.70 mln VEF (369.70 mln USD) Data not available Data not available None - jurisdiction declined Award on Jurisdiction dated 29 October 2019 None None None None None None
16 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. Discontinued Venezuela, Bolivarian Republic of Barbados Primary: B - Mining and quarrying 9 - Mining support service activities Shore, L. - President (replaced)

Polebaum, E. - Claimant

Mann, H. - Respondent

Jones, D. - President
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Administrative and Financial Regulation 14(3)(d) dated 3 December 2021 None None None None None None
17 2015 Clorox v. Venezuela Clorox Spain S.L. v. Bolivarian Republic of Venezuela (PCA Case No. 2015-30) 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. Decided in favour of State 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
184.60 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

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated 20 May 2019 None Judicial review by national courts Award/decision set aside in its entirety (Judicial review by national courts) Decision of the Swiss Federal Tribunal dated 25 March 2020 (French) (Judicial review by national courts) None None
18 2015 García Armas and others v. Venezuela Domingo García Armas, Manuel García Armas, Pedro García Armas and others v. Bolivarian Republic of Venezuela (PCA Case No. 2016-08) Spain - Venezuela, Bolivarian Republic of BIT (1995) UNCITRAL PCA Investment: Investments in six locally incorporated companies (Friosa, La Fuente, Koma, Gaisa, La Meseta, Ingahersa).

Summary: Claims arising out of the alleged expropriation of the claimants’ investments in six Venezuelan companies engaged in food distribution and marketing.
Investments in six locally incorporated companies (Friosa, La Fuente, Koma, Gaisa, La Meseta, Ingahersa). Decided in favour of State 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 None - jurisdiction declined Award on Jurisdiction dated 13 December 2019 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of The Hague Court of Appeal dated 19 January 2021 (Dutch) (Judicial review by national courts) None None
19 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 (indirect participation of 91.37 per cent), Minera Loma de Níquel C.A.

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 (indirect participation of 91.37 per cent), Minera Loma de Níquel C.A. Decided in favour of State 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 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
None - all claims dismissed at the merits stage Award dated 18 January 2019 Dissenting Opinion by Guido Santiago Tawil None None None None None
20 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
21 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 Indirect expropriation

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

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
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 (Spanish)
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 21 December 2021 (ICSID annulment proceedings) None Radicati di Brozolo, L. - President

De Quadros, F. - Member

Moreno Rodríguez, J. A. - Member

Jiménez Figueres, D. - Member (replaced)
22 2013 Venezuela US v. Venezuela Venezuela US, S.R.L. v. Bolivarian Republic of Venezuela (PCA Case No. 2013-34) Barbados - Venezuela, Bolivarian Republic of BIT (1994) UNCITRAL PCA Investment: Minority equity interest of 18% in Petroritupano, S.A., a mixed company providing oil production services.

Summary: Claims arising out of the Government’s refusal to grant the claimant’s request to sell its stake in Petroritupano to a third party as well as other alleged wrongful conduct related to Petroritupano, a mixed company controlled by state-owned Corporación Venezolana de Petróleo (CVP). According to the claimant, CVP and Petróleos de Venezuela S.A. (PDVSA) manipulated Petroritupano’s finances and failed to pay the share of dividends to the claimant.
Minority equity interest of 18% in Petroritupano, S.A., a mixed company providing oil production services. 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 Indirect expropriation

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

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Arbitrary, unreasonable and/or discriminatory measures Interim Award on Jurisdiction dated 26 July 2016

Partial Award (Jurisdiction and Liability) dated 5 February 2021 (English)

Partial Award (Jurisdiction and Liability) dated 5 February 2021 (Spanish)
Dissenting Opinion of Marcelo G. Kohen

Declaration of Marcelo G. Kohen (Jurisdiction and Liability) (English)

Declaration of Marcelo G. Kohen (Jurisdiction and Liability) (Spanish)
None None None None None
23 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 Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 22 June 2020 (Spanish) (ICSID annulment proceedings) None Castellanos Howell, A. R. - President

Urrutia Valenzuela, C. - Member

Bulnes Serrano, F. - Member
24 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 Direct expropriation

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

Full protection and security, or similar

Umbrella clause
None - jurisdiction declined Award dated 13 November 2017 None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 22 November 2019 (English) (ICSID annulment proceedings)

Decision on Annulment dated 22 November 2019 (Spanish) (ICSID annulment proceedings)
None Rigo Sureda, A. - President

Fernández Arroyo, D. P. - Member

Hanefeld, I. - Member
25 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 Government authorities’ alleged administrative takeover, occupation and confiscation of goods of two companies in which the claimants had invested.
Shareholding in the Venezuelan food companies Alimentos Frisa, C.A. and Transporte Dole, C.A. Decided in favour of investor 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 214.00 mln USD Indirect expropriation

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

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation

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

Arbitrary, unreasonable and/or discriminatory measures
Decision on Jurisdiction dated 15 December 2014

Final Award dated 26 April 2019

Decision on Revision dated 26 April 2019
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 Pending (Judicial review by national courts) Decision of the Paris Court of Appeal dated 25 April 2017 (Judicial review by national courts)

Judgment of the French Court of Cassation dated 13 February 2019 (Judicial review by national courts)

Judgment of Paris Court of Appeal dated 3 June 2020 (French) (Judicial review by national courts)

Judgment of the French Court of Cassation dated 1 December 2021 (French) (Judicial review by national courts)
None None
26 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) Judgment of Paris Court of Appeal dated 29 January 2019 (Judicial review by national courts)

Judgment of the French Court of Cassation dated 31 March 2021 (French) (Judicial review by national courts)
None None
27 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 Discontinued (ICSID annulment proceedings) Order taking note of the discontinuance of the proceeding pursuant to ICSID Administrative and Financial Regulation 14(3)(d) and (e) dated 15 August 2019 (ICSID annulment proceedings) None Ramírez Hernández, R. - President

Boo, L. - Member

Adekoya, O. - Member
28 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 Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 28 December 2018 (ICSID annulment proceedings) None Knieper, R. - President

Moreno Rodríguez, J. A. - Member

Pierola Castro, N. F. - Member

Jiménez Figueres, D. - Member (replaced)
29 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
30 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 Award dated 22 November 2017 (English)

Award dated 22 November 2017 (Spanish)
Separate Opinion of Santiago Torres Bernárdez (English)

Dissenting and Concurring Opinion of David Caron (English)

Separate Opinion of Santiago Torres Bernárdez (Spanish)

Dissenting and Concurring Opinion of David Caron (Spanish)
None None None None None
31 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
32 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 Direct expropriation

Indirect expropriation

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

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
33 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
34 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 Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 9 September 2019 (ICSID annulment proceedings) None Fernández Rozas, J. C. - President

Patocchi, P. M. - Member

Castellanos Howell, A. R. - Member
35 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 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

Arbitrary, unreasonable and/or discriminatory measures
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
36 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
37 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
38 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
39 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
40 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 Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 8 August 2018 (English) (ICSID annulment proceedings)

Decision on Annulment dated 8 August 2018 (Spanish) (ICSID annulment proceedings)
None Rigo Sureda, A. - President

Fernández Arroyo, D. P. - Member

Cantuarias Salaverry, F. - Member
41 2011 Williams Companies and others v. Venezuela (I) 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 (I) (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
42 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 Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 15 April 2019 (Spanish) (ICSID annulment proceedings) None Castellanos Howell, A. R. - President

Zusman Tinman, S. - Member

Urrutia Valenzuela, C. - Member
43 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
44 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

Order of the tribunal taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 3 January 2019
None None None None None None
45 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
46 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
47 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
48 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
49 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. Decided in favour of investor 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 8366.10 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

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

Award dated 8 March 2019

Decision on the Rectification of the Award dated 29 August 2019
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
ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Hascher, D. - President

Fernández Arroyo, D. P. - Member

Kim, K.-Y. - Member
50 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
51 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
52 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

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

Full protection and security, or similar
Direct expropriation Award dated 15 April 2016 None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 26 April 2019 (English) (ICSID annulment proceedings)

Decision on Annulment dated 26 April 2019 (Spanish) (ICSID annulment proceedings)
None Donoghue, J. E. - President

Griffith, G. - Member

Fathallah, R. - Member
53 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
54 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
55 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
NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2020 Hernández Contreras v. Costa Rica José Alejandro Hernández Contreras v. Republic of Costa Rica (ICSID Case No. ARB(AF)/20/2) Costa Rica - Venezuela, Bolivarian Republic of BIT (1997) ICSID AF ICSID Investment: Majority shareholding in V-NET, a company holding a public contract for the distribution of telecommunication products.

Summary: Claims arising out of the non-renewal by Costa Rica’s electricity regulator, Instituto Costarricense de Electricidad (ICE), of a contract with the claimant’s local telecommunications company, V-NET, for the distribution of mobile phone products. According to the claimant, the contract was arbitrarily transferred to a competitor of V-NET.
Majority shareholding in V-NET, a company holding a public contract for the distribution of telecommunication products. Pending Costa Rica Venezuela, Bolivarian Republic of Tertiary: J - Information and communication 61 - Telecommunications Concepcíon, C. F. - Claimant

Perezcano Diaz, H. - Respondent

Bulnes Serrano, F. - President
25.00 mln USD Data not available Indirect expropriation

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

National treatment

Most-favoured nation treatment
Pending None None None None None None None
2 2012 IGB v. Spain Inversión y Gestión de Bienes, IGB, S.L. and IGB18 Las Rozas, S.L. v. Kingdom of Spain (ICSID Case No. ARB/12/17) Spain - Venezuela, Bolivarian Republic of BIT (1995) ICSID ICSID Investment: Capital expenditure of over EUR 25 million for the acquisition of land to develop a residential complex in the municipality of Las Rozas, Madrid.

Summary: Claims arising out of the non-approval of an urbanistic plan for the development of a residential complex in Madrid, after allegedly receiving incentives from the municipality of Madrid to carry out the investment.
Capital expenditure of over EUR 25 million for the acquisition of land to develop a residential complex in the municipality of Las Rozas, Madrid. Decided in favour of State Spain Venezuela, Bolivarian Republic of Tertiary: F - Construction

Tertiary: L - Real estate activities
41 - Construction of buildings

68 - Real estate activities
Oreamuno Blanco, R. - Sole arbitrator 25.00 mln EUR (30.70 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures

National treatment

Umbrella clause

Other
None - all claims dismissed at the merits stage Award dated 14 August 2015

Decision on Jurisdiction dated 21 June 2013
None None None None None None