ICSID Administrative Council rejects Venezuela’s bald attempt to disqualify Annulment Committee Members

On 27 September 2022, the Chair of the ICSID Administrative Council rejected the Bolivarian Republic of Venezuela’s latest manoeuvre in its attempt to annul the USD 8.7 billion ICSID arbitration award made against it in ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. v Bolivarian Republic of Venezuela.

In doing so, the Chair of the ICSID Administrative Council, David Malpass, concluded that Venezuela’s disqualification proposal “did not meet the standard for disqualification set forth in Article 57 of the ICSID Convention.”