Neltume Ports S.A. v. Oriental Republic of Uruguay

At a glance

Parties

Neltume Ports S.A. (Chile), acting in its own name and on behalf of Montecon S.A., v. the Oriental Republic of Uruguay

Case no.

ICSID Case No. ARB/24/14

Forum and rules

ICSID Convention arbitration; ICSID Arbitration Rules in force from 1 July 2022

Treaty

Chile–Uruguay Investment Agreement, signed 25 March 2010, in force 18 March 2012

Tribunal

Mr. Alfredo Bullard González (President), Ms. Valeria Galíndez, Ms. Loretta Malintoppi

Sector

Port operations; transportation

Outcome

The parties settled. On their joint request, the Tribunal unanimously incorporated their settlement agreement into an award under ICSID Arbitration Rule 55(2)(b) (dispatched 30 September 2026).

Amount

No amounts stated. Each party bears its own legal fees and expenses. Neltume bears the ICSID lodging fee. The other costs of the proceeding, including the Tribunal's fees and ICSID's administrative charges, are shared equally.

The dispute

Neltume Ports S.A., a Chilean company, brought an ICSID claim against Uruguay under the 2010 Chile–Uruguay Investment Agreement. The request for arbitration was filed together with Montecon S.A., a company incorporated in Uruguay. ICSID found no agreement to treat Montecon as a national of another Contracting State under Article 25(2)(b) of the ICSID Convention, so the request was registered with Neltume as sole claimant, acting in its own name and on behalf of Montecon. The published award does not describe the measures complained of, the legal claims or Uruguay's defences. The case ended in a settlement before the first session was held.

Key holdings

1. The Tribunal unanimously incorporated the parties' signed settlement agreement (the "Acuerdo de Terminación de Arbitraje por Desistimiento"), annexed as Annex A, verbatim into an award enforceable on the agreed terms, under ICSID Arbitration Rule 55(2)(b). Award ¶¶ 40–42
2. Costs follow the settlement and the Tribunal so ordered. Each party bears its own legal fees and expenses, including counsel and party-appointed experts. Neltume bears the ICSID lodging fee in full, without reimbursement. All other procedural costs, including the Tribunal's fees and expenses and ICSID's administrative charges, are borne equally. Each party recovers its share of any unused advances refunded by ICSID. Award ¶ 43
3. The claimant's proposal to disqualify arbitrator Loretta Malintoppi, filed under Article 57 of the ICSID Convention and Rule 22 after a series of supplementary disclosures, was rejected by the co-arbitrators on 29 July 2026. The proceeding then resumed. Award ¶¶ 30–35
4. ICSID registered the request with Neltume as the only claimant, acting in its own name and on behalf of Montecon S.A. The Uruguayan company Montecon was excluded as a claimant because the information provided did not show an agreement to treat it as a foreign national under Article 25(2)(b) of the ICSID Convention. Award ¶¶ 9–11

Procedural history

1. 19 April 2024ICSID receives the request for arbitration from Neltume and Montecon S.A.
2. 23 May 2024The request is registered with Neltume as sole claimant, acting in its own name and on behalf of Montecon S.A.
3. June–July 2024Discussions take place with Atco Ltd. on coordinating this case with ICSID Case No. ARB/24/11.
4. 30 July 2025The Tribunal is constituted.
5. 25 August 2025The proceeding is suspended by agreement. The suspension is extended to 13 April 2026 and lifted on 5 May 2026.
6. 27 May 2026The claimant proposes the disqualification of Loretta Malintoppi. The co-arbitrators reject the proposal on 29 July 2026.
7. 4 September 2026The parties sign the settlement agreement and jointly ask for it to be incorporated into an award.
8. 30 September 2026Award embodying the parties' settlement is dispatched to the parties.

Tribunal, counsel and experts

Decided by

• Alfredo Bullard González President — appointed by the parties jointly
• Valeria Galíndez Co-arbitrator — appointed by the claimant
• Loretta Malintoppi Co-arbitrator — appointed by the respondent (challenge rejected)

For the claimant

Vial y Cía. Abogados

For the respondent

Prosecretaría de la Presidencia de la República · Arnold & Porter Kaye Scholer LLP · Rueda Abadi Pereira

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Keywords

• settlement
• consent award
• ICSID Arbitration Rule 55(2)(b)
• discontinuance
• Chile–Uruguay BIT
• arbitrator challenge
• disqualification proposal
• Article 57 ICSID Convention
• Article 25(2)(b) nationality
• foreign control
• Montecon
• ports
• port operations
• suspension of proceedings
• allocation of costs
• ICSID Arbitration Rules 2022
• Atco

Summary generated with AI from the published documents — refer to the award for the authoritative text.