World Bank rules Tidewater is owed $46m by Venezuela

World Bank rules Tidewater is owed $46m by Venezuela

Caracas: The World Bank has moved to resolve a long running dispute between Venezuela and offshore services provider, Tidewater. A tribunal organised by the bank has demanded the South American nation pay Tidewater $46m as compensation for vessels seized six years ago.

In 2009, Venezuela, then under the rule of Hector Chavez, took 11 Tidewater ships as part of plans to nationalise the oil sector.

Venezuela may still fight the decision.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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