Matter
Glencore International A.G., C. I. Prodeco S.A., and Sociedad Portuaria Puerto Nuevo S.A. v. Republic of Colombia (ICSID Case No. ARB/19/22)
Glencore and Prodeco's port investment dispute with Colombia, concerning tariffs for public infrastructure and alleged unequal treatment of competing users.
Procedural record
- 19 April 2024Arbitration
19 April 2024Arbitration
Award dated 19 April 2024
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal dismissed Colombia's jurisdictional objections, declared that Colombia's failure to resolve the Access Channel issue was arbitrary and discriminatory in breach of the fair and equitable treatment standard under Article 4(2) of the Treaty, and ordered Colombia to compensate the Claimants US$9.4 million plus simple interest at 5.6% from the date of the Award until payment. The amount awarded was to be net of Colombian taxes, and Colombia was ordered to indemnify the Claimants for Colombian taxes imposed on it. The Parties were ordered to share the administrative costs and expenses of the arbitration equally, with each Party bearing its own costs and expenses. All other claims, objections, and defenses were dismissed.
Participants
Glencore International A.G.
- Representative
- Nigel Blackaby (For: Glencore International A.G. · C. I. Prodeco S.A. · Sociedad Portuaria Puerto Nuevo S.A.)
- Representative
- Caroline S. Richard (For: Glencore International A.G. · C. I. Prodeco S.A. · Sociedad Portuaria Puerto Nuevo S.A.)
- Representative
- Juan Pomes (For: Glencore International A.G. · C. I. Prodeco S.A. · Sociedad Portuaria Puerto Nuevo S.A.)
C. I. Prodeco S.A.
- Representative
- Nigel Blackaby (For: Glencore International A.G. · C. I. Prodeco S.A. · Sociedad Portuaria Puerto Nuevo S.A.)
- Representative
- Caroline S. Richard (For: Glencore International A.G. · C. I. Prodeco S.A. · Sociedad Portuaria Puerto Nuevo S.A.)
- Representative
- Juan Pomes (For: Glencore International A.G. · C. I. Prodeco S.A. · Sociedad Portuaria Puerto Nuevo S.A.)
Sociedad Portuaria Puerto Nuevo S.A.
- Representative
- Nigel Blackaby (For: Glencore International A.G. · C. I. Prodeco S.A. · Sociedad Portuaria Puerto Nuevo S.A.)
- Representative
- Caroline S. Richard (For: Glencore International A.G. · C. I. Prodeco S.A. · Sociedad Portuaria Puerto Nuevo S.A.)
- Representative
- Juan Pomes (For: Glencore International A.G. · C. I. Prodeco S.A. · Sociedad Portuaria Puerto Nuevo S.A.)
Republic of Colombia
- Representative
- Nicolas Cordoba (For: Republic of Colombia)
- Representative
- Rosario Galardi (For: Republic of Colombia)
- Representative
- Joseph Spadafore (For: Republic of Colombia)
- Representative
- Gustavo Topalian (For: Republic of Colombia)
- Representative
- Jose Manuel Alvarez Zarate (For: Republic of Colombia)
- Representative
- Eduardo Silva Romero (For: Republic of Colombia)
- Representative
- Jose Manuel Garcia Represa (For: Republic of Colombia)
- Representative
- Catalina Echeverri Gallego (For: Republic of Colombia)
- Representative
- Javier Echeverri Diaz (For: Republic of Colombia)
- Representative
- Ruxandra Irina Esanu (For: Republic of Colombia)
- Representative
- Ana Maria Duran (For: Republic of Colombia)
International Centre for Settlement of Investment Disputes
- Arbitrator
- Bernardo M. Cremades
- Arbitrator
- Daniel M. Price
- Arbitrator
- Claus von Wobeser
- Tribunal secretary
- Alicia Martin Blanco
Other
- Witness
- Mark McManus
- Expert
- Daniela M. Bambaci
- Expert
- Santiago Dellepiane
- Expert
- Robin Noble
- Expert
- Min Shi