Venezuela Looking to Pay Less to Tidewater

Venezuela plans to appeal the decision of a World Bank tribunal that ordered payment of USD 46 million compensation claim to oil service company Tidewater for owned invoices.

Namely, as announced by the country’s Oil Minister Asdrubal Chavez in an interview with state media, the country is working on reducing the amount.

“We will pay what we have to pay, although there is always the possibility of an appeal,”Chavez is quoted by Reuters as saying.

The compensation payment, ordered by the International Center for the Settlement of Investment Disputes (ICSID), stems from the seizure of eleven Tidewater’s vessels in 2009 within attempts to nationalize them.

Tidewater  failed to obtain the full amount of USD 234 million sought initially, as,  according to the ruling, the nationalization was lawful.

 Tidewater told World Maritime News that it did not have any statement to make at the time.

World Maritime News Staff