Venezuela Clashes with Investment Arbitration
Article from: TDM 3 (2012), in Venezuela: The battle of Contract Sanctity vs. Resource Sovereignty (Special)
In the next few months, Venezuela will be found liable for billions of dollars in arbitration cases commenced by Conoco-Phillips and Exxon-Mobil affiliates for the expropriation of their oil facilities without compensation. In addition, the country will be required to pay similarly high sums in arbitral proceedings initiated by foreign investors who were deprived of their property in other sectors of the Venezuelan economy How will the Venezuelan government react? How far will the investors go to enforce the favorable awards? I try to explain here, in language accessible to all, ...