Uruguay and Neltume Ports settle ICSID arbitration

Uruguay and Neltume Ports have reached an agreement for the withdrawal of an arbitration case previously filed before the International Centre for Settlement of Investment Disputes (ICSID). Neltume Ports, a shareholder in Montecon, has agreed to drop the legal proceedings against the Uruguayan state.

The settlement is described as being “without conditions” and “with prejudice,” meaning Neltume Ports and its affiliates commit to not initiating future legal actions regarding the same facts in any jurisdiction. Under the terms of the agreement, Uruguay assumes no responsibility, compensation, or obligation toward Montecon or Neltume Ports.

The dispute originated from economic claims related to the extension of the Terminal Cuenca del Plata concession to the company Katoen Natie. While the Neltume Ports case has concluded, the arbitration process involving Canadian shareholder ATCO remains ongoing, with Uruguayan authorities expecting a similar resolution.