Latest development Oct 8, 2026
Joined a brief opposing the abeyance of the Citgo appeal.
The award
- Amount awarded
- About $455M including pre-award interest
- Current estimate
- About $582M (Georgetown Public Debt is Public)
- Award holder
- OI European Group B.V. (O-I Glass). The award rights were sold in 2017 to an Irish-domiciled fund.
- Respondent
- Bolivarian Republic of Venezuela
- Forum
- ICSID ARB/11/25
Challenges
An ICSID ad hoc committee rejected annulment on December 6, 2018.
Enforcement
United States: the D.D.C. confirmed the award on May 21, 2019. A D. Del. alter-ego ruling followed on March 23, 2023 (affirmed by the Third Circuit on July 7, 2023). Citgo queue: 4th (pro rata with Huntington Ingalls).
Recovered to date
Nothing from Venezuela. OIEG received $115M plus deferred amounts from the buyer of the award.
Notes
Secondary sources expect it to be paid in full if the Citgo sale closes (not verified).