Latin America

Latin America countries have signed over 650 trade agreements. They have been the most targeted by investor-state disputes (ISDS). About 35% of all ICSID arbitration cases have involved a Latin American state.

Argentina itself has faced almost 60 ISDS disputes, about 9% of all cases, making it the most targeted state globally. Venezuela, Mexico and Ecuador have been among the ten most frequent respondents in the world.

Well-known cases such as Chevron vs. Ecuador or Pac Rim vs. El Salvador have originated in significant environmental damages caused by corporations. Philip Morris is currently suing Uruguay over its anti-tobacco law.

Besides, Chile, Mexico and Peru are party to the Trans-Pacific Partnership (TPP) with nine other Pacific Rim states. Its investment chapter has revealed the inclusion of ISDS provisions that would undermine public health, the environment and other public-interest ‘safeguards’.

The most well-known cases include:

• Chevron (US) vs. Ecuador: in 2013, an arbitration court ordered Ecuador to pay Chevron US$106 for breach of contract (Ecuador-United States BIT invoked). Meanwhile in a separate case, Ecuador’s highest court fined the oil giant US$9.5 billion for dumping billions of gallons of toxic waste into the rainforest. Both cases are unresolved.

Occidental Petroleum Corporation “Oxy” (US) vs. Ecuador: in 2012 Ecuador was ordered to pay US$1.77 billion to the investor, an oil exploration and production company, for breach of contract. Sentence was reduced to US$1 billion in November 2015 (Ecuador-United States BIT invoked).

• National Grid PLC (United Kingdom) vs. Argentina: about US$50 million awarded in 2008 to the investor, a multinational electricity and gas utility company (Argentine-United Kingdom BIT invoked).

(October 2015)

El Sol de México | 29-Mar-2019
La SE tiene dos semanas para resolver el caso antes de llegar a la conciliación.
The Mazatlán Post | 28-Mar-2019
The US company notified its intention to claim compensation of 3,540 million dollars from the Mexican government.
Open Democracy | 28-Mar-2019
The infamous story of the environmental pollution of the Ecuadorian Amazon by Chevron-Texaco – which has come to be known as the "Ecuadorian Chernobyl" - is entering a new phase.
Contacto HOY | 27-Mar-2019
Un arbitraje internacional desestimó la demanda por 100 millones de dólares que la empresa de telecomunicaciones estadounidense Italba Corporation interpuso contra Uruguay en el 2016, informaron este lunes fuentes oficiales.
Rabble | 27-Mar-2019
While Eco Oro claims to have invested US$250 million in the project, it is seeking US$764 million as compensation for the cancellation of the project.
El Desconcierto | 21-Mar-2019
La Cancillería y su Dirección General de Relaciones Económicas Internacionales (DIRECON), se están defendiendo del mar de críticas contra el Tratado Integral y Progresista de Asociación Transpacífico (CPTPP), conocido como TPP-11, a punta de argumentos engañosos y derechamente falsos.
Bloomberg | 15-Mar-2019
Venezuela’s opposition leader and self-proclaimed president Juan Guaido plans to appeal a $8.75 billion award issued to ConocoPhillips by the World Bank’s arbitration tribunal last week.
RT | 12-Mar-2019
Las autoridades venezolanas deben pagar un total de 8.140 millones de dólares a la compañía a una tasa de interés anual del 5,5 % por la incautación de activos de petróleo y gas de la compañía en 2007.
CIAR Global | 12-Mar-2019
Una filial panameña de la italiana Enel Green Power, Enel Fortuna ha presentado una demanda de arbitraje de inversiones contra Panamá ante el Ciadi.
Reuters | 9-Mar-2019
Venezuela must pay ConocoPhillips more than $8 billion to compensate for the 2007 expropriation of oil assets by the country’s late socialist leader Hugo Chavez, the World Bank ruled.

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