ICSID issues award in favor of Tenaris on the nationalization of Tavsa and Comsigua by Venezuela
LUXEMBOURG--(Marketwired - Dec 13, 2016) - Tenaris S.A. (
Tenaris and Talta initiated the arbitration proceedings on July 20, 2012 pursuant to the bilateral investment treaties entered into by Venezuela with the Belgium-Luxembourg Economic Union and Portugal. On December 12, 2016, the ICSID Arbitral Tribunal released its final Award in favour of Tenaris and Talta, upholding their claim that Venezuela had expropriated their investments in Tavsa and Comsigua in violation of the bilateral investment treaties entered into by Venezuela with the Belgium-Luxembourg Economic Union and Portugal. The award granted Tenaris and Talta compensation in the amount of US$137.0 million for the breaches and US$24.6 million in pre-award interest. In addition, Venezuela was ordered to reimburse Tenaris and Talta US$3.3 million in legal fees and ICSID administrative costs.
Tenaris is a leading global supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.
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