This is NOT a setback, it is what we wanted and were virtually certain to get.

Venezuela always trys to argue jurisdiction as an initial issue and in modern times always is told that jurisdiction will be heard during the main hearing. And then they always lose that issue. The BIT Article XII § 5:

"Each Contracting Party hereby gives its unconditional consent to the submission of a
dispute to international arbitration in accordance with the provisions of this Article."

It is not possible for them to win on jurisdiction and they know it -- it is a stall tactic that no longer is being allowed by the ICSID.