CARACAS, March 19 (Reuters) – Venezuela will seek to reduce a $46 million compensation claim it has been ordered to pay to oil service company Tidewater in a case stemming from the 2009 seizure of vessels, its oil minister said in an interview published on Thursday.
The award, which was ordered by the World Bank’s International Center for Settlement of Investment Disputes (ICSID), included $44 million in owed invoices.
“We will pay what we have to pay, although there is always the possibility of an appeal,” Oil Minister Asdrubal Chavez told state media. “We are going to continue working because this is an amount that we can still reduce.”
Tidewater did not immediately respond to a request for comment.
The government of late socialist leader Hugo Chavez seized 11 Tidewater ships in 2009 after signing a law to nationalize them, according to Tidewater.
The lawyer representing Venezuela said the award was significantly lower than what Tidewater had claimed because ICSID recognized the legality of the nationalization.
Venezuela faces close to 20 claims at ICSID that mostly stem from state takeovers during Chavez’s 14-year rule.
U.S. bottle maker Owens-Illinois was awarded more than $455 million this month as part of its claim against Venezuela, while Swiss airport operator Flughafen Zurich and a Chilean partner were awarded about $36 million for a 2005 airport takeover.
The cash-strapped South American OPEC country has sought revisions or annulments of several cases amid a tumble in oil prices and a severe recession. (Reporting by Diego Ore; Writing by Brian Ellsworth; Editing by Paul Simao)
(Bloomberg) — Ukraine’s fight against Russia’s invasion has entered a new phase, pitting homegrown drone technology against a 2,000 kilometer (1,200 mile) swathe of largely Soviet-era oil facilities. At least...
March 19 (Reuters) – Tanker company Euronav will exit Belgium’s blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime...
MOSCOW, March 19 (Reuters) – The new head of Russia’s Navy was formally presented in his new role for the first time on Tuesday at a pomp-filled ceremony, the state RIA news agency reported,...
March 19, 2024
Total Views: 2485
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.