Chavez to negotiate with World Bank ICSID outstanding $43bn ?

Post date: Jul 4, 2010 2:57:19 PM

$43bn to discuss with ICSID

Cash-Strapped Venezuela Sees Legal Bills Pile Up

President Hugo Chavez's socialist government has taken over many enterprises in the Latin American OPEC member, from small businesses to heavy crude projects worth billions of dollars. That has left a trail of lawsuits and arbitration cases, principally being handled by the World Bank's International Centre for Settlement of Investment Disputes (ICSID).

Exxon seeking $10bn ConocoPhillips $30bn

Exxon Mobil is seeking $10 billion in compensation, while ConocoPhillips wants $30 billion for the nationalization in 2007 of projects in the vast Orinoco oil belt. They brought their cases that same year, and experts expect decisions soon.

There are 11 cases against Venezuela at the ICSID

involving compensation claims totaling more than $43.5 billion, of which over $40 billion is from the oil sector and the rest from mining and cement companies.

source: cnbc.com

World Bank ICSID

http://icsid.worldbank.org/ICSID

The International Centre for Settlement of Investment Disputes (ICSID) is designed to facilitate the settlement of investment disputes between foreign investors and host states. It encourages foreign investment by providing neutral international facilities for conciliation and arbitration of investment disputes, thereby fostering an atmosphere of mutual confidence between states and foreign investors. Many international agreements concerning investment refer to ICSID's arbitration facilities. ICSID has 143 member countries.