Publish in Special Reports - Wednesday, September 11, 2013
The World Bank's ICSID will rule on compensation for ConocoPhillips and ExxonMobil, which saw their assets nationalized in 2007. (Photo: Venezuela Energy Ministry)
Nigel Blackaby from Freshfields, Dietmar Prager from Debevoise and the late Venezuelan president Hugo Chavez.
Latin America – led by Venezuela – lead in
World Bank dispute cases.
BY JOACHIM BAMRUD
Last week, The World Bank's International Center for Settlement of Investment Disputes (ICSID) ruled that Venezuela had to compensate US-based ConocoPhillips, the world’s largest independent oil exploration and production company, for a 2007 expropriation of three major assets.
The Conoco case isn’t the only Venezuela case at the ICSID. In fact, Venezuela leads all countries worldwide in pending ICSID cases according to a Latinvex analysis. It also leads in new cases in ICSID’s fiscal year 2013, which ended in June.
Meanwhile, Argentina leads in total cases
(pending and concluded) at the ICSID, followed by Venezuela and Egypt.
The ICSID has registered a total of 433 cases since 1972. Latin America is by far the largest region, accounting for ...
Law Firm Keywords: Arnold & Porter, Cleary Gottlieb, Clifford Chance, Covington & Burling, Curtis, Foley Hoag, Debevoise & Plimpton, Dechert, DLA Piper, Freshfields, Hogan Lovells, Jones Day, King & Spalding, Shearman & Sterling, Sidley Austin, Volterra Fietta, Weil Gotshal, White & Case
Country Keywords: Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay and Venezuela