Arbitral Digest

Matter

Tenaris S.A. and Talta - Trading e Marketing Sociedade Unipessoal Lda v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/26)

Case no.
ARB/11/26
Applicable rules
ICSID Arbitration Rules in force as of April 2006
  1. 29 January 2016Arbitration

    29 January 2016Arbitration

    Award dated 29 January 2016

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal held that it had jurisdiction over all claims except claims under the Talta Off-Take Agreement and dismissed the remaining jurisdictional objections. It dismissed the fair and equitable treatment, discrimination, and protection and security claims, found Venezuela in breach of Articles 4(1)(b) and 4(1)(d) of the Luxembourg Treaty and Articles 4(a) and 4(c) of the Portuguese Treaty, and ordered Venezuela to pay US$87,300,000 plus US$85,501,213.70 in pre-award interest and post-award interest at 9% per annum compounded semi-annually after a six-month grace period. The Claimants and Venezuela were each to bear 50% of the fees and expenses of the Tribunal and the Centre, with no other order for costs.

    Supporting details

    4 authorities · 27 participants
    Tenaris S.A.
    Talta - Trading e Marketing Sociedade Unipessoal Lda
    Representative
    Nigel Blackaby (For: Talta - Trading e Marketing Sociedade Unipessoal Lda)
    Representative
    Alex Yanos (For: Talta - Trading e Marketing Sociedade Unipessoal Lda)
    Representative
    Caroline Richard (For: Talta - Trading e Marketing Sociedade Unipessoal Lda)
    Representative
    Jeffery Commission (For: Talta - Trading e Marketing Sociedade Unipessoal Lda)
    Representative
    Natalia Zibibbo (For: Talta - Trading e Marketing Sociedade Unipessoal Lda)
    Representative
    James Freda (For: Talta - Trading e Marketing Sociedade Unipessoal Lda)
    Representative
    Ricardo Chirinos (For: Talta - Trading e Marketing Sociedade Unipessoal Lda)
    Representative
    Guadalupe Lopez (For: Talta - Trading e Marketing Sociedade Unipessoal Lda)
    Representative
    Jose Humberto Frias (For: Talta - Trading e Marketing Sociedade Unipessoal Lda)
    Bolivarian Republic of Venezuela
    Representative
    Reinaldo Enrique Munoz Pedroza (For: Bolivarian Republic of Venezuela)
    Representative
    Felipe Daruiz (For: Bolivarian Republic of Venezuela)
    Representative
    Erika Fernandez (For: Bolivarian Republic of Venezuela)
    Representative
    Ronald E. M. Goodman (For: Bolivarian Republic of Venezuela)
    Representative
    Kenneth Juan Figueroa (For: Bolivarian Republic of Venezuela)
    Representative
    Alberto Wray (For: Bolivarian Republic of Venezuela)
    Representative
    Janis Brennan (For: Bolivarian Republic of Venezuela)
    Representative
    Diego Cadena (For: Bolivarian Republic of Venezuela)
    Representative
    Alexandra Kerr Meise (For: Bolivarian Republic of Venezuela)
    Representative
    Constantinos Salonidis (For: Bolivarian Republic of Venezuela)
    Representative
    Oonagh Sands (For: Bolivarian Republic of Venezuela)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    John Beechey
    Arbitrator
    Judd L. Kessler
    Arbitrator
    Toby T. Landau
    Tribunal secretary
    Alicia Martin Blanco

    Authorities cited

    4
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (18 March 1965)
      treaty
    • Agreement between the Government of the Republic of Venezuela and the Belgium-Luxembourg Economic Union for the Reciprocal Promotion and Protection of Investments (Signed 17 March 1988; entered into force 28 April 2004)
      treaty
    • Agreement between the Government of the Republic of Venezuela and the Government of the Portuguese Republic for the Reciprocal Promotion and Protection of Investments (Signed 17 June 1994; entered into force 11 May 1995)
      treaty
    • Venezuelan Law on Expropriation for Public or Social Utility (May 2002)
      statute

Matter record

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Tenaris S.A. and Talta - Trading e Marketing Sociedade Unipessoal Lda v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/26) · Matter