Caracas, 16 Mar. AVN.- The nationalization of services and maritime assets in Lake Maracaibo, located in Zulia state, was totally legal in all respects, as it is subject, concluded the arbitration tribunal of the International Centre for Settlement of Investment Disputes (ICSID).

In this regard, the statement issued last Friday and is referred to the case of Tidewater against Venezuela, says that the action exerted by Venezuela agrees with the Organic Law that Reserves Goods and Services Related to Primary Hydrocarbon Activities.

The court also rejected the exorbitant compensation demanded by Tidewater and determined that the fair compensation for nationalized assets is $ 46 million, an amount that includes 44 million in accounts receivable from services rendered to subsidiaries of Petróleos de Venezuela ( PDVSA) before nationalization.

According to a press release from the Ministry of Petroleum and Mining, Venezuela now proceed to consider the award to verify the calculations of the court.

ICSID Venezuela officially retired July 25, 2012, in order to safeguard the exercise of its sovereignty.