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SOUTH AMERICA “EXPROPRIATION” Aurelio Fernández- Concheso CMA 2010
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L America Latina
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Problem Remains -. Political Approach -. Legal Stability
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Growth fostered by improvement of the legal systems
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Need of -. Reliable legal provisions -. Reliable judicial structures
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Expropriations and confiscations a risk in some areas Venezuela
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VENEZUELA Lake Maracaibo 360 + vessels expropriated with no payment 74 + owners expropriated with no payment
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Organic Law that reserves to the State goods and services related to the primary activities of oil Article 2. The assets and services related to the performance of primary activities as provided for in the Organic Law of Hydrocarbons, which were previously carried out directly by Petroleos de Venezuela, S.A. (PDVSA) and its subsidiaries, which were latter outsourced and are essential for the development of its activities, are reserved to the State. Assets and services referred to in this article are: 3. Those related to the activities in Lago de Maracaibo: launches for transportation of personnel, divers and maintenance; barges with crane for transportation of materials, diesel, industrial waters and other supplies; tugs; flat barges; transportation for buoys; gravel cranes; layout of underwater pipelines and cables; maintenance and dry docks; berth and docks of any nature.
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Up to now NO PAYMENT
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Up to now 29 vessels sinked 60 vessels opperational
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From 400.000 barrels To 150.000 barrels
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-. Foreign Flag -. Double Flag -. Venezuela Flag
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-. No contracts -. Spot contracts -. Charter parties
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INSTITUTE WAR AND STIKES CLAUSES Hulls – Time This insurance is subject to English law and practice 1 PERFILS Subject always to the hereinafter referred to, this insurance covers loss of or damage to the Vessel caused by 1.1 war civil revolution rebellion insurrection, or civil strife therefrom, or any hostile act by or against a belligerent power 1.2 capture seizure arrest restraint or detainment, and the consequences thereof or any attempt thereat 1.3 derelict mines torpedoes bombs or other derelict weapons of war 1.4 strikes, locked-out workmen, or person taking part in labour disturbances, riots or civil commotions 1.5 any terrorist or any person acting maliciously or from a political motive 1.6 CONFISCATION OR EXPROPRIATION
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2 EXCLUSIONS This insurance excludes 5.1 loss damage liability or expense arising from 5.1.1 the outbreak of war (whether there be a declaration of war or not) between any of the following countries United Kingdom, United States of America, France, The Russian Federation, The People´s Republic of China 5.1.2 requisition, either for title or use, or pre-emption 5.1.3 capture seizure arrest restraint detainment confiscation or expropriation by or under the order of the government or any public or local authority of the country in which the Vessel is owned or registered
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All port operator Expropriated without payment
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Remedies ICSID Arbitration Washington DC
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Remedies Rule B Attachment
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