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Venezuela Holdings (Exxon) and others v. Venezuela (1)

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Case Details

Year of Filing: 2007

Case Status: Arbitral Phase Concluded

Claimant(s): Venezuela Holdings B.V. and others

Respondent(s): Bolivarian Republic of Venezuela

Arbitral Rules: ICSID

Legal Instrument: Treaty

Treaty: Netherlands-Venezuela BIT

Administrative Case Number: ARB/07/27

Arbitral Tribunal

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Major Developments

Key Decision:

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Annulment/Set-Aside Decision:

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Counsel

Counsel for Claimant:

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Counsel for Respondent:

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Prior IAReporter Coverage of Venezuela Holdings (Exxon) and others v. Venezuela (1)

Exxon goes back to ICSID, asking a new tribunal to rule on damages in aftermath of 2017 annulment of $1.4 billion damages award Oct 27, 2018
ANALYSIS: Exxon annulment committee chastises tribunal on proper role of domestic law in BIT compensation determinations Mar 9, 2017
Breaking: $1.4 billion damages in favour of Exxon are annulled, as ICSID annulment panel finds fault with earlier tribunal’s damages reasoning in Venezuela case Mar 9, 2017
In a first for Venezuela, written pledge to honor ICSID award is accepted by annulment committee – thus ensuring stay of enforcement of $1.6 billion Exxon award Oct 19, 2015
Arbitrators in Exxon v. Venezuela case conclude that government triggered revision process in order to hinder enforcement of earlier award Jun 18, 2015
As Venezuela seeks revision of award, parties spar over Exxon’s swift move to have it recognized in ex parte procedure in NYC Oct 28, 2014
Arbitrators in Exxon v. Venezuela case award $1.6 bil with an asterisk, and part ways with Conoco tribunal in deeming expropriation to have been lawful Oct 9, 2014
In Exxon v. Venezuela case, arbitrators apply hefty discount rate to anticipated cash flows, and view the risk of confiscation as part of “country risk” Oct 9, 2014
Arbitrators in Exxon case rule that Venezuelan statute does not provide consent to ICSID arbitration; BIT claim for nationalization will proceed Jun 16, 2010
Tribunal to hear Venezuela nationalization claim under BIT, but tax and royalty disputes excluded due to timing of Exxon restructuring Jun 16, 2010