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Venezuela as a respondent in investment arbitration

Last checked: 22 October 2026 · By country

Venezuela's denunciation of the ICSID Convention took effect on 25 July 2012. The New York Convention has applied to it since 9 May 1995 1,2. The ICSID case search lists 57 cases with Venezuela or a Venezuelan entity as respondent. Fifty are concluded and seven are pending. Tribunals rendered awards in 38 cases and 13 were discontinued 3. Award creditors have pursued Venezuela's assets in a Delaware court, which approved a sale of the parent of Citgo on 25 November 2025 7.
ICSID Convention
Signed 18 August 1993, ratified 2 May 1995, in force 1 June 1995 1
ICSID denunciation
Notice received 24 January 2012, effective 25 July 2012 1
New York Convention
Accession 8 February 1995, in force 9 May 1995 2
New York Convention declarations
Reciprocity, and commercial relationships only 2
ICSID cases as respondent
57 (50 concluded, 7 pending), 20 of them under the Additional Facility Rules 3
Cases with an award
38 3
Status checked
22 October 2026 3

Treaty and convention status

Venezuela signed the ICSID Convention on 18 August 1993 and ratified it on 2 May 1995. It entered into force for Venezuela on 1 June 1995 1. The depositary received Venezuela's notice of denunciation on 24 January 2012. Under Article 71 it took effect six months later, on 25 July 2012 1.

Venezuela acceded to the New York Convention on 8 February 1995, with effect from 9 May 1995 2. UNCITRAL records reciprocity and commercial declarations 2.

The ICSID case search lists cases against Venezuela registered after 25 July 2012, under the Convention rules and under the Additional Facility Rules 3.

ICSID record in numbers

The ICSID case search returned 57 cases with Venezuela or a Venezuelan entity as respondent on 22 October 2026 3. Of these, 37 were brought under the ICSID Convention and 20 under the Additional Facility Rules 3. Seven are pending. In 38 cases a tribunal rendered an award, and 13 ended by discontinuance before an award 3. ICSID records do not state which side prevailed. The table shows selected cases.

CaseClaimantICSID outcome
ARB/96/3 3Fedax N.V. 3Award 9 March 1998 3
ARB/07/27 3Venezuela Holdings B.V. and others 3Award 9 October 2014. Annulment decision 9 March 2017. Resubmission award 10 July 2023 3
ARB/07/30 4ConocoPhillips Petrozuata B.V. and others 4Award 8 March 2019, rectified 29 August 2019. Annulment decision 22 January 2025 4
ARB(AF)/09/1 3Gold Reserve Inc. 3Award 22 September 2014 3
ARB/10/5 3Tidewater Investment SRL and Tidewater Caribe 3Award 13 March 2015. Annulment decision 27 December 2016 3
ARB(AF)/11/2 3Crystallex International Corporation 3Award 4 April 2016 3
ARB/11/25 3OI European Group B.V. 3Award 10 March 2015. Annulment decision 6 December 2018 3
ARB(AF)/12/5 3Rusoro Mining Ltd. 3Award 22 August 2016 3
ARB/18/49 3Smurfit Holdings B.V. 3Award 28 August 2024. Annulment registered 7 January 2025, pending 3
ARB(AF)/25/6 3Halliburton (Barbados) Investments and Servicios Halliburton de Venezuela 3Registered 11 December 2025, pending 3

ConocoPhillips

As reported by Carla Bass for Argus Media on 23 January 2025, the ConocoPhillips award stands at US$8.5 billion with 5.5 percent interest compounded annually, and an ICSID committee dismissed Venezuela's challenge 5. ICSID dates the annulment decision 22 January 2025 4. Argus reported that Venezuela's government did not respond to a request for comment 5. This site's case record gives the full history.

Enforcement: the Delaware sale process

Crystallex enforced its award through the US District Court for the District of Delaware, Misc. No. 17-151-LPS 6. In an order of 22 May 2020, Judge Leonard P. Stark noted that the US Supreme Court had denied certiorari on 18 May 2020, lifted a stay and ordered PDV Holding, the parent of Citgo, to answer the writ of attachment 6.

On 25 November 2025 Judge Stark adopted the Special Master's recommendation to approve the Amber Energy bid, overruled objections by the Venezuela parties and by Gold Reserve, and denied the Venezuela parties' motion to stay pending appeal 7.

IISD Investment Treaty News reported on 9 September 2026 that Amber Energy, an Elliott affiliate, bid US$5.9 billion, that PDVSA and the Venezuelan government appealed to the Third Circuit in mid-January 2026, and that OFAC had not given clearance as of April 2026 8. It listed claims in the process including about US$1.3 billion for ConocoPhillips, about US$700 million for O-I Glass and about US$80 million for Tidewater 8.

No source opened says that the sale has closed or that any ICSID award against Venezuela has been paid in full 7,8.

Common questions

Did Venezuela leave ICSID?

Yes. Its denunciation was received on 24 January 2012 and took effect on 25 July 2012 1.

How many ICSID cases has Venezuela faced?

The ICSID case search lists 57 cases with Venezuela or a Venezuelan entity as respondent as of 22 October 2026, seven of them pending 3.

Has the Citgo parent been sold to pay award creditors?

A Delaware court approved the Amber Energy bid on 25 November 2025 7. IISD reported in September 2026 that Venezuela had appealed and that OFAC clearance was outstanding as of April 2026 8.

Is Venezuela party to the New York Convention?

Yes, since 9 May 1995, with reciprocity and commercial declarations 2.

Rules and fees change. Check the official site linked above before you apply or pay. Spotted an error? Email [email protected] with the official link.

Sources

  1. ICSID: ICSID/3, List of Contracting States and Other Signatories of the Convention (16 August 2026)
  2. UNCITRAL: Status, Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958)
  3. ICSID: case database search, records checked 22 October 2026
  4. ICSID: case details, ConocoPhillips Petrozuata B.V. and others v. Bolivarian Republic of Venezuela, ARB/07/30
  5. Argus Media, Carla Bass: Venezuela loses appeal of US$8.5bn ConocoPhillips award (23 January 2025)
  6. US District Court for the District of Delaware: Memorandum Order, Crystallex International Corp. v. Bolivarian Republic of Venezuela, 17-mc-151-LPS (22 May 2020)
  7. italaw: Order of the US District Court for the District of Delaware, Crystallex v. Venezuela (25 November 2025)
  8. IISD Investment Treaty News: Court-ordered sale of Citgo's parent contested as Venezuela appeals and OFAC withholds clearance (9 September 2026)

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