Uruguay ends $600 million Montecon-linked arbitration

Uruguay has reached an agreement with Neltume Ports to end a US$600 million international arbitration linked to container terminal operator Montecon and operations at the Port of Montevideo. Neltume Ports, the majority shareholder in Montecon, has irrevocably withdrawn its claims against the Uruguayan state before the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). Under the agreement, Uruguay will pay no compensation and has accepted no liability or additional obligations. Neltume withdraws claims against Uruguay The dispute began in April 2024, when Chile-based Neltume Ports, acting on its own behalf and on behalf of Montecon, initiated arbitration proceedings against Uruguay under the investment agreement between Uruguay and Chile. The claim sought an estimated US$600 million from the state.