The protection of the Amazon is a central theme of the COP30 in Belém, Brazil. However, efforts to ensure that the Amazon is defended are at risk of instead being defunded—by investor-state dispute settlement.
US oil giant ConocoPhillips has been permitted to register an over US$10 billion arbitration award against Venezuela in Trinidad and Tobago for the expropriation of its oil assets by the South American country nearly two decades ago.
The arbitration arises from Venezuela’s measures that deprived GR Mining of its rights to, and materially damaged its investment in, the multi-billion-dollar Siembra Minera mining project located in Venezuela.
Un tribunal d’arbitrage de la Banque mondiale a rejeté la demande du Venezuela d’annuler une sentence arbitrale de 8,37 milliards de dollars en faveur de ConocoPhillips.
This treaty marks a significant step in Venezuela’s recent trend of executing BITs, particularly following its withdrawal from the ICSID Convention in 2012.
La compañía de Países Bajos Smurfit Westrock ha anunciado el laudo del Centro Internacional de Arreglo de Diferencias relativas a Inversiones (CIADI) en su litigio con Venezuela.
Global paper producer Smurfit Westrock has been awarded a $469m arbitration ruling against Venezuela by the World Bank’s International Centre for Settlement of Investment Disputes, the company and the tribunal said.
Le Centre international pour le règlement des différends relatifs aux investissements de la Banque mondiale a accordé à Smurfit Westrock, producteur mondial de papier, une sentence arbitrale de 469 millions de dollars contre le Venezuela.