ICSID Refuses To Reconsider Ruling On Venezuela's Negotiation Of Compensation

Mealey's (February 10, 2016, 2:32 PM EST) -- WASHINGTON, D.C. — In a majority ruling, a tribunal for the International Centre for Settlement of Investment Disputes (ICSID) on Feb. 9 denied a request by the Bolivarian Republic of Venezuela for reconsideration of a decision in which it found that Venezuela breached its obligation to negotiate compensation in relation to assets seized from investors (ConocoPhillips Petrozuata B.V., et al. v. Bolivarian Republic of Venezuela, No. ARB/07/30, ICSID).

(Decision on reconsideration available. Document #05-160223-007X.)

ConocoPhillips Petrozuata B.V, ConocoPhillips Hamaca B.V., ConocoPhillips Gulf of Paria B.V. and...
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