King & Spalding (JD Supra Venezuela)

We are pleased to present the latest edition of Quantum Quarterly, a publication of King & Spalding’s International Arbitration Group. This edition features an interview with Suzana M. Blades and Alberto F. Ravell, Managing Counsel – Arbitrations and Senior Legal Counsel – Arbitrations, respectively, at ConocoPhillips Company in Houston. Prior to joining ConocoPhillips, Suzana was a Senior...

On 9 October 2014, an International Centre for Settlement of Investment Disputes (ICSID) tribunal comprised of H. E. Judge Gilbert Guillaume (President), Professor Gabrielle Kaufmann-Kohler and Dr. Ahmed Sadek El-Kosheri ruled on the compensation payable by Venezuela to ExxonMobil for the nationalization of ExxonMobil's Cerro Negro and La Ceiba projects. [1] ExxonMobil had claimed US$14.5 billion

Introduction – Upstream Players -- In February 2013, after devaluating the official exchange rate of the Venezuelan Bolivar from VEB 4.3 to 6.3 per USD, the Venezuelan government set up the Complementary System of Administration of Foreign Currency (Sistema Complementario de Administracion de Divisas or SICAD) to address the purchase of foreign currency by importers operating in Venezuela

On January 24, 2012, Venezuela notified the World Bank of its decision to denounce the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention or Washington Convention). Venezuela’s denunciation became effective on July 25, 2012.