On March 10, 2015, an arbitral tribunal composed of Prof. Juan Fernández-Armesto, Prof. Francisco Orrego Vicuña, and Mr. Alexis Mourre issued an award in ICSID Case No. ARB/11/25, OI European Group B.V. v. Bolivarian Republic of Venezuela (Award). The Tribunal awarded OI European Group B.V. total damages of US$ 372,461,982, plus compound interest and legal costs of US$ 5,750,000, for Venezuela’s violation of certain standards of protection in the Agreement on encouragement and reciprocal protection of investments between the Kingdom of the Netherlands and the Republic of Venezuela (Netherlands- Venezuela BIT or BIT).
II. FACTUAL BACKGROUND
Claimant OI European Group B.V. (OIEG) held since 2002 a majority interest in two Venezuelan companies, Owens-Illinois de Venezuela C.A. (OIdV) and Fabrica de Vidrios los Andes C.A (Favianca) (collectively, Companies). The Companies owned in turn the Los Guayos and Valera glass-packaging production, processing and distribution plants, located in Trujillo and Carabobo.