ICSID Finds Venezuela Violated Bilateral Investment Treaty In Oil Project Dispute

ICSID Finds Venezuela Violated Bilateral Investment Treaty In Oil Project Dispute

WASHINGTON, D.C. - A tribunal for the International Centre for Settlement of Investment Disputes (ICSID) on Sept. 4 released a decision in which it found that the Bolivarian Republic of Venezuela breached its obligation to negotiate compensation in relation to assets it took from investors in various oil projects but dismissed certain claims for lack of jurisdiction (ConocoPhillips Petrozuata B.V., et al. v. Bolivarian Republic of Venezuela, No. ARB/07/30, ICSID).

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