Tenaris SA and Talta-Trading E Marketing Sociedade Unipessoal LDA v Venezuela, Award, ICSID Case No ARB/11/26, IIC 764 (2016), despatched 29th January 2016, United Nations [UN]; World Bank; International Centre for Settlement of Investment Disputes [ICSID]
Whether the terms ‘siège social’ and ‘sege’ under the Agreement between the Belgo-Luxembourg Economic Union and the Government of the Republic of Venezuela on The Reciprocal Promotion and Protection of Investments (‘Luxembourg Treaty’) and the Agreement between the Government of Portugal and the Government of the Republic of Venezuela on The Reciprocal Promotion and Protection of Investments (‘Portuguese Treaty’) (collectively referred to as the ‘Treaties’) meant place of actual or effective management, or the registered office of the company.
Whether a loan and a sale and purchase agreement qualified as an investment under the Treaties and Article 25 of the Convention on the Settlement of Investment Disputes Between States and Nationals of Other States.
Whether Venezuela had breached the fair and equitable treatment non-discrimination /non-impairment standard in the Treaties because the investor was the subject of discrimination in the supply of raw material by a non-state owned company pursuant to a sale and purchase agreement.
Whether Venezuela had breached the requirement of constant protection by failing to protect the investment from adverse effects that stemmed from private parties or from the host state and its organs.
Whether Venezuela’s failure to follow procedures for nationalization established under the law of Venezuela amounted to expropriation and, if so, the appropriate method of calculating compensation for expropriation.