ConocoPhillips wins $2 billion arbitration against Venezuela
CARACAS, Venezuela (AP) – ConocoPhillips says it won a $2 billion arbitration award against Venezuela’s state oil company over the seizure a decade ago of investments in two projects in the OPEC nation.
The award represents the equivalent of more than 20 percent of the cash-strapped Venezuelan government’s foreign currency reserves.
The Houston-based company said in a statement that the ruling against PDVSA was made by an international tribunal constituted under the rules of the International Chamber of Commerce.
It said the award is final and binding and that it intends to seek financial recovery of the award to the full extent of the law.
ConocoPhillips is pursuing a separate legal against Venezuela’s government under the auspices of the World Bank’s investment dispute mechanism.
Thank you for visiting Spokesman.com. To continue reading this story and enjoying our local journalism please subscribe or log in.
You have reached your article limit for this month.
Subscribe now and enjoy unlimited digital access to Spokesman.com
Unlimited Digital Access
Stay connected to Spokane for as little as 99¢!
Subscribe for access
You have reached your article limit for this month.
Subscribe now and enjoy unlimited digital access to Spokesman.com
Unlimited Digital Access
Stay connected to Spokane for as little as 99¢!
Subscribe for access
Oops, it appears there has been a technical problem. To access this content as intended, please try reloading the page or returning at a later time. Already a Spokesman-Review subscriber? Activate or Log in