CARACAS, Venezuela – The World Bank’s International Center for Settlement of Investment Disputes has rejected Venezuela’s request to review a $46-million compensation claim made by Tidewater. The award includes around $44 million in owed invoices, according to the Reuters report.
Already this year the ICSID Administrative Council has rejected Venezuela’s request to recuse two arbitrators in a dispute with ConocoPhillips, describing Venezuela’s complaints as “unsubstantiated” and “irrelevant.”
Under Hugo Chavez, Venezuela seized 11 Tidewater ships in 2009 after signing a law to nationalize them, according to Tidewater. Venezuela faces close to 20 claims at ICSID that mostly stem from state takeovers during Chavez’s rule, with several awards being decided in the last year.