Content Join OGEMID
 
  • Linkedin
  • Twitter
  • Rss

Transnational Dispute Management

Skip navigation

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

Join OGEMID

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

  • Sign in
  • Subscribe
  • Home
  • Sign in
  • About About
    1. Home
    2. About
    3. About TDM
    4. About TDM
    5. Founding Editor T.W. Wälde
    6. T.W. Wälde
    7. Editorial team
    8. Editorial team
    9. Contributing Authors
    10. Contributing Authors
    11. Subscriptions
    12. Subscriptions
  • Journal Journal
    1. Home
    2. Journal
    3. Browse Issues
    4. Browse
    5. Articles by Category
    6. By Category
    7. Articles by Author
    8. By Author
    9. Advance publication
    10. Advance publication
    11. Specials
    12. Specials
    13. Search
    14. Search
    15. Book reviews
    16. Reviews
  • Legal & Regulatory docs. L & r docs
    1. Home
    2. Legal & Regulatory docs.
    3. L&R by Country
    4. L&R by Country
    5. L&R by Category
    6. L&R by Category
    7. L&R recent additions
    8. L&R recent additions
    9. Search
    10. Search
  • Audiovisual library AV library
    1. Home
    2. Audiovisual library
    3. Audiovisual Library
    4. Audiovisual Library
    5. TDM/OGEMID Interviews
    6. TDM/OGEMID Interviews
    7. Conference presentations
    8. Conference presentations
  • OGEMID OGEMID
    1. Home
    2. OGEMID
    3. About OGEMID
    4. About OGEMID
    5. Suggest a topic
    6. Suggest a topic
    7. Guest programme
    8. Guest programme
    9. Seminar programme
    10. Seminar programme
    11. Browse archive
    12. Browse archive
    13. Search
    14. Search
    15. Join
    16. Join
  • News & Events Events
    1. Home
    2. News & Events
    3. News
    4. News
    5. Events
    6. Events
  • Subscribe
Home > Legal & Regulatory docs.

Conocophillips Gulf of Paria BV v Corporacion Venezolana fel Petroleo SA - United States District Court, S.D. New York. No 19 Civ 7304 LGS - Order - 8 October 2020

  • Sign in to download document
Country
  • United States
  • Venezuela
Year

2020

Summary

United States District Court, S.D. New York.

October 8, 2020.

ORDER

LORNA G. SCHOFIELD, District Judge.

WHEREAS, on August 5, 2019, Petitioner ConocoPhillips Gulf of Paria B.V. filed a Petition to Confirm, Recognize and Enforce Arbitration Award (the "Petition"). See Dkt. No. 1. On March 27, 2020, Respondents Corporacion Venezolana Del Petroleo, S.A., and Petroleos De Venezuela, S.A. filed a memorandum of law in opposition to the Petition. See Dkt. No. 40. Petitioner filed a reply in support of its Petition on April 10, 2020. See Dkt. No. 43.

WHEREAS, the Petition was brought under Section 207 of the Federal Arbitration Act ("FAA"), 9 U.S.C. § 207, and Article III of United Nations Convention for the Recognition and Enforcement of Foreign Arbitral Awards, June 10, 1958, 21 U.S.T. 2517, 330 U.N.T.S. 38 (the "New York Convention"), to confirm, recognize and enforce a final, binding arbitration award issued in New York, New York, on July 29, 2019, (the "Award"), by an arbitral tribunal (the "Tribunal") duly constituted under the auspices of the International Chamber of Commerce ("ICC") in ConocoPhillips Gulf of Paria B.V. v. Corporación Venezolana del Petróleo, S.A. and Petróleos de Venezuela, S.A., Case No. 22527/ASM/JPA (the "Arbitration").

WHEREAS, on July 29, 2019, the Tribunal rendered the Award, granting Petitioner's claim for failure to repay a loan to finance Respondents' purchase of a 35% stake in an oil field under, inter alia, the Association Agreement, and dismissing all other claims. Section V. Decision, paragraph 423 of the Award holds, in relevant part, that the Tribunal:

ii. GRANTS [Petitioner's] Particular Breaches Claim . . ., and therefore ORDERS [Respondents] to restitute [Petitioner] the portion of the loan extended . . . in the amount of USD 33,700,000.00.

iii. AWARDS [Petitioner] interest to run from 22 October 2002 until the date of full and final payment of the amount indicated . . . above, at a rate of LIBOR plus 1% per annum.

iv. DISMISSES all the remaining Contractual Claims brought by [Petitioner]

...

vii. DECLARES that [Petitioner] is to bear its own legal fees and other costs and expenses, and pay to [Respondents] the amount of USD 2,500,000.00 to cover part of the [Respondents'] legal fees, and other costs and expenses.

viii. DECLARES that the fees and expenses of the Tribunal . . . are to be born 75% by [Petitioner] and 25% by [Respondents]. [Respondents] must thus reimburse to [Petitioner] the amount of EUR 213,302,55 . . .

ix. DECLARES that the amounts indicated in paragraphs 423.vii and 423.viii above shall not carry any pre or post-award interest.

x. DISMISSES any and all other claims and requests. See Dkt. No. 10-1 at 165.

WHEREAS, Respondents did not oppose the entry of a judgment confirming the Award, but the parties disputed the interpretation of the award language of "plus 1% per annum." Petitioner maintained that the Award provides for compound interest, while Respondent argued that the Award provides for simple interest. The monetary difference between these two interpretations amounts to approximately $8 million.

WHEREAS, on August 13, 2020, the Court issued an Order remanding the action to the Tribunal for clarification of Section V, paragraph 423.iii with respect to whether the interest rate of "1% per annum" is simple or compound, and denying Petitioner's request for attorneys' fees and costs. See Dkt. No. 44.

WHEREAS, on October 5, 2020, Petitioner filed a Notice of Motion, indicating that it will move the Court "for an Order entering judgment as to Petitioner's claim against Respondents" (the "Motion"). See Dkt. No. 45.

WHEREAS, on October 5, 2020, Petitioner filed a Memorandum In Support Of Petitioner's Motion for Entry Of Judgment On Undisputed Portion of Award, requesting that the Court "confirm[] the undisputed portion of the arbitration award, and [] enter judgment on same." See Dkt. No. 47 at 2.

WHEREAS, pursuant to Local Civil Rule 6.3, "[u]nless otherwise provided by the Court or by statute or rule (such as Fed. R. Civ. P. 50, 52, and 59), a notice of motion for reconsideration or reargument of a court order determining a motion shall be served within fourteen (14) days after the entry of the Court's determination of the original motion, or in the case of a court order resulting in a judgment, within fourteen (14) days after the entry of the judgment." S.D.N.Y. Local Civil Rule 6.3.

WHEREAS, pursuant to Federal Rule of Civil Procedure 59(e), "[a] motion to alter or amend a judgment must be filed not later than 28 days after the entry of the judgment." Fed. R. Civ. P. 59(e). It is hereby

ORDERED that, Petitioner's Motion is construed as a motion to alter or amend a judgment. It is further

ORDERED that, Petitioner's Motion -- filed 53 days after the Court issued its Order at Dkt. No. 44 -- is DENIED as untimely, pursuant to Federal Rule of Civil Procedure 59(e) and Local Civil Rule 6.3.

The Clerk of Court is respectfully requested to close the motion at Docket No. 46.

To download this document you need to be a subscriber

Sign in

Forgot password?

Sign in

Subscribe

Fill in the registration form and answer a few simple questions to receive a quote.

Subscribe now

Documents missing? Documents to share? Let us know!

If you know of documents which are currently missing from our Legal & Regulatory database do let us know. You can send them directly to us for inclusion in the database, anonymously or otherwise.
Learn more here

Call for contributions

TDM Call for Papers: Sanctions and International Arbitration: Impact on Substantive and Procedural Issues

Ali Burney, Rinat Gareev, Kiran Nasir Gore, Dini Sejko, Prof. Joel Slawotsky, May Tai

  • Ali Burney
  • Rinat Gareev
  • Kiran Gore
  • Dr Dini Sejko
  • Prof. Joel Slawotsky
  • May Tai

TDM Call for Papers: National Courts as a Forum for the Resolution of Disputes under Article 26 Energy Charter Treaty

John P. Gaffney, Dr. iur Richard Happ,
Lucia Raimanova, Anna-Maria Tamminen, Dr. Catharine Titi

  • John P. Gaffney
  • Dr. iur Ricard Happ
  • Lucia Raimanova
  • Anna-Maria Tamminen
  • Dr. Catharine Titi

TDM Call for Papers: International Investment Arbitration - Environmental Protection and Climate Change Issues

Professor Dr A F M Maniruzzaman, Wendy J. Miles QC, Carla Lewis, Dr Stephen Minas

  • Professor Dr A F M Maniruzzaman
  • Wendy J. Miles QC
  • Carla Lewis
  • Dr Stephen Minas

TDM Call for Papers: The African Continental Free Trade Agreement (AfCFTA)

J. Chaisse, J. Górski, E. Laryea, M.M. Mbengue, and K. Olaoye

  • Prof. Julien Chaisse
  • Dr. Jedrzej Gorski
  • Prof. Emmanuel Laryea
  • Prof. Makane Moïse Mbengue
  • Kehinde Olaoye
  • More
  • Contribute

Advance publication

Have ICSID Tribunals Fallen in Error in Interpreting Most Favored Nation Clauses

17 May 2023

N.E. Piracha

  • N.E. Piracha

The Law Commission’s Second Consultation Paper on the English Arbitration Act 1996: Are the Reforms “Fit for Purpose”?

12 May 2023

L. Reimschussel

  • L. Reimschussel

The Legitimacy of the MPIA's Decisions in the WTO Dispute Settlement System

3 May 2023

T. Ferreira Almeida

  • T. Ferreira Almeida
  • More
  • Contribute

Stay connected

Sign up for our email alerts.

  • Issues
  • Advance publication
  • News
  • Linkedin
  • Twitter
  • RSS

Join the debate

Want to join OGEMID, the leading on-line discussion platform for international dispute resolution?

Simply fill in the registration form to start your trial membership.

Download the app

  1. App store
  2. Google play

The Transnational Dispute Management Journal (TDM, ISSN 1875-4120) and OGEMID listserv focus on recent developments in the area of (investment) arbitration and dispute management, regulation, treaties, judicial and arbitral cases, voluntary guidelines, tax and contracting. Read our Terms & Conditions here, and our Privacy Policy here.

About TDM

  • Terms & Conditions
  • Contribute
  • Subscriptions
  • Contact
  • Help

Other publications

  • Oil, Gas & Energy Law Intelligence (OGEL)

© 2004 - 2023. Published by MARIS.

  • Home
  • Contribute
  • Subscriptions
  • Contact
  • Help