The company’s Dutch-registered affiliate is taking the case to the World Bank-sponsored International Centre for Settlement of Investment Disputes (ICSID).
Harvest argues that Venezuela has violated its bilateral investment treaty with the Netherlands in its dealings with the company regarding the Petrodelta joint venture with state oil company PDVSA.
Chief executive James Edmiston said the company had acted in good faith since first investing in the country, but was unable to resolve disputes with the Venezuelan government and affiliates of PDVSA in order to realise the full value of its investment.
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