Uruguay Resolves $600 Million Montecon Port Arbitration with Neltume Ports
An agreement between the Uruguayan government and Neltume Ports has concluded a multi-million-dollar international arbitration case over terminal operations in Montevideo.
The government of Uruguay has finalized an agreement with terminal investor Neltume Ports, concluding an international arbitration claim valued at $600 million. The dispute was centered on operational frameworks at the Port of Montevideo.
As part of the settlement, Neltume Ports has irrevocably withdrawn its legal claims against the state. The case had been lodged before the World Bank's International Centre for Settlement of Investment Disputes.
Neltume Ports is the majority shareholder in Montecon, a key cargo handling and terminal operating company active at the Port of Montevideo. The arbitration proceedings were tied to the commercial and operating conditions governing Montecon's activities within the maritime complex.
The formal withdrawal of the ICSID action ends a protracted legal conflict for Uruguay's port sector, clearing significant contingent liability tied to the country's primary commercial shipping gateway.
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