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Argentine steel group Techint begins arbitration proceedings against Venezuela

Thursday, August 25th 2011 - 06:28 UTC
Full article 3 comments
The group is seeking adequate and effective compensation for the nationalization of steel maker Matesi The group is seeking adequate and effective compensation for the nationalization of steel maker Matesi

Steel giant Tenaris, a member of the Argentine group Techint, said on Wednesday that it initiated arbitration proceedings against Venezuela following the nationalization of steelmaker Matesi.

The proceedings were initiated before the International Centre for Settlement of Investment Disputes (Icsid) in Washington, Tenaris said in a statement to the Buenos Aires Stock Exchange.

Tenaris said it filed the arbitration given “the absence of progress in discussions on compensation” by Venezuela following expropriation in 2009 of its subsidiary Matesi Siderurgicos Materials.

Tenaris and its subsidiary Talta-Trading and Marketing Company Unipessoal, also a shareholder of Matesi, initiated the proceedings pursuant to the bilateral investment treaties entered into by Venezuela with the Belgium-Luxembourg Economic Union and Portugal.

Tenaris and Talta are seeking “adequate and effective compensation for the expropriation of their investment” in Matesi.

Tenaris and Talta, however “continue to be prepared and willing to engage in discussions with the Venezuelan government to reach a solution that recognizes their rights under Venezuelan and international law” the statement added.

Categories: Economy, Argentina.

Top Comments

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  • briton

    hugo will show you his force if you get sherty lol.

    Aug 25th, 2011 - 11:55 am 0
  • GeoffWard2

    No, he can 'Show them the money'.
    Big blocks of gold are flitting to Venezuela as we speak.

    Divert in transit:
    Techint happy,
    Argentina happy,
    Venezuela happy.

    Sunny day!

    Aug 25th, 2011 - 01:17 pm 0
  • briton

    well they do say what goes up ??

    Aug 25th, 2011 - 07:57 pm 0
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