Lawyer José Ignacio Hernández reported that the International Center for Settlement of Investment Disputes declared invalid the request for annulment presented by Venezuela against the award that ordered the payment of nearly $9 billion dollars for the expropriation of ConocoPhillips projects.
The International Center for Settlement of Investment Disputes (ICSID) declared invalid the request for annulment presented by Venezuela against the award that ordered the payment of nearly 9 billion dollars for the expropriation of ConocoPhillips projects.
The information was released by lawyer José Ignacio Hernández in his Conoco projects. Enforcement of this award is pending before the Delaware Court“, public.
The ICSID declared inadmissible the request for annulment presented by Venezuela against the award that condemned the payment of nearly 9 billion dollars for the expropriation of Conoco projects.
Enforcement of this award is pending before the Delaware Court
— Jose Ignacio Hernández G. (@ignandez) January 22, 2025
The ICSID ordered the payment of $8.7 billion to ConocoPhillips for the seizure of the company’s oil and gas assets that occurred in 2007, during the mandate of Hugo Chávez.
«The Bolivarian Republic of Venezuela must pay compensation for the expropriation carried out on June 26, 2007 in violation of Article 6 of the Agreement for the Reciprocal Encouragement and Protection of Investments between the Republic of Venezuela and the Kingdom of the Netherlands dated October 22, 1991,” the court ruled in March 2019.
The ICSID court ruled in 2013 that the expropriation measures decided by the Venezuelan authorities violated international law, making the takeover illegal. In 2017 it had already rejected Venezuela’s request for reconsideration.
*Journalism in Venezuela is carried out in a hostile environment for the press with dozens of legal instruments in place to punish the word, especially the laws “against hate”, “against fascism” and “against the blockade.” This content is being published taking into consideration the threats and limits that have consequently been imposed on the dissemination of information from within the country.
