In an international arbitration court, a World Bank tribunal ruled that it didnt have jurisdiction in a 2012 case in which the Netherlands-incorporated holding company of Venezuelas largest lubricant company, Venoco, argued that Venezuela wrongfully expropriated its assets in 2010. The tribunal decided that although it is internationally held, holding company Venoklims owners are Venezuelan nationals and therefore not truly international investors.
Venoklims dispute stems from Venezuelan President Hugo Chavezs October 2010 nationalization of Venoco, the countrys largest producer of lubricants, and its five subsidiaries. At that time, the Socialist regime claimed that making Venoco part of government-owned Petroleos de Venezuela S.A. would help lower the countrys lubricants prices.
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