World Bank To Hear Eni Complaint Against Venezuela

Law360, New York (February 20, 2007, 12:00 AM EST) -- A branch of the World Bank has agreed to consider a complaint filed by European oil and gas giant Eni SpA, that demands compensation from Venezuela for taking over an oil field the Italian company had been running.

In its complaint with the World Bank’s International Center for Settlement of Investment Disputes, Eni claims that Venezuela acted unilaterally when it killed a bilateral agreement allowing the company’s Dutch subsidiary to run the Dacion field in April 2006.

By terminating a contract between Eni Dacion B.V. and...
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