Organisation: PDVSA

Brazilian contractor wins ICC award against PDVSA

An International Chamber of Commerce (ICC) tribunal has ordered Venezuela’s national oil and gas company PDVSA to pay around US$52 million to a Brazilian construction group for terminating contracts to build two gas processing facilities.

30 August 2023

Former PDVSA official to forfeit US$18 million

The former director of a subsidiary of Venezuela’s state oil company, PDVSA, will spend a year and a day in prison for receiving bribes in exchange for lucrative contracts.

10 August 2023

Venezuela defeats bulk of resubmitted Exxon claim

US oil and gas company ExxonMobil has won US$76 million in a resubmitted International Centre for Settlement of Investment Disputes (ICSID) claim worth US$1.4 billion against Venezuela over the expropriation of two oil projects.

14 July 2023

US sanctions agency gives nod to Venezuelan asset sale

The US government agency that administers economic sanctions has indicated it does not oppose the court-supervised auction of an interest in a US refinery business owned by Venezuela’s national oil and gas company PDVSA to pay the state’s creditors.

10 May 2023

Venezuelan upheaval creates confusion in US enforcement actions

The Venezuelan National Assembly has removed interim leader Juan Guaidó and installed new leadership to take charge of its foreign assets – potentially creating confusion in the dozens of US enforcement proceedings where he had been recognised as the country’s legitimate president.

10 January 2023

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