From Gunboats to Arbitration
Article from: TDM 2 (2008), in Venezuela: The battle of Contract Sanctity vs. Resource Sovereignty (Special)
German gunboats blocked and shelled Venezuelan ports in 1902 to collect debts. Exxon-Mobil in 2008 claims that Venezuela must pay appropriate compensation for the expropriation of its investments in the Orinoco Oil Belt and an English Court issues a Freezing Injunction for 12 Billion Dollars over PDVSA's assets with worldwide effects. The exchange between foreign investors and Venezuela has been long and eventful. There have been times of cooperation, times of strain and times of contention as proven by these two events separated by a 100 years. Shortly ...