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PDVSA ordered to pay Conoco $2 billion after Venezuela oil nationalization: arbitration
Source: Reuters
COMMODITIES APRIL 25, 2018 / 2:45 PM / UPDATED 17 MINUTES AGO
PDVSA ordered to pay Conoco $2 billion after Venezuela oil nationalization: arbitration
Marianna Parraga
3 MIN READ
HOUSTON (Reuters) - An international arbitration court has ordered Venezuela’s state-run oil company PDVSA to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, the U.S. firm said on Wednesday.
Conoco’s assets in Venezuela were expropriated in 2007 following a nationalization of the country’s oil industry led by late President Hugo Chavez. The firm left the nation after it could not reach a deal to convert its projects into joint ventures controlled by PDVSA [PDVSA.UL].
The arbitration decision, released by the International Chamber of Commerce (ICC), which has no means of enforcing its decisions, is considered by the U.S. company a first step in a series of legal actions to receive compensation for the expropriation of its assets in Venezuela.
PDVSA did not respond to a request for comment.
-snip-
PDVSA ordered to pay Conoco $2 billion after Venezuela oil nationalization: arbitration
Marianna Parraga
3 MIN READ
HOUSTON (Reuters) - An international arbitration court has ordered Venezuela’s state-run oil company PDVSA to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, the U.S. firm said on Wednesday.
Conoco’s assets in Venezuela were expropriated in 2007 following a nationalization of the country’s oil industry led by late President Hugo Chavez. The firm left the nation after it could not reach a deal to convert its projects into joint ventures controlled by PDVSA [PDVSA.UL].
The arbitration decision, released by the International Chamber of Commerce (ICC), which has no means of enforcing its decisions, is considered by the U.S. company a first step in a series of legal actions to receive compensation for the expropriation of its assets in Venezuela.
PDVSA did not respond to a request for comment.
-snip-
Read more: https://www.reuters.com/article/us-venezuela-conocophillips/pdvsa-ordered-to-pay-conoco-2-billion-for-breaking-venezuela-contracts-arbitration-idUSKBN1HW2NV
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
Maduro won't be paying up anytime soon. They can't put together enough money to buy an arepa right now. And a big bond payment is coming due in a few days, with big, fat juicy Citgo as the collateral.
Grab a chair, a bag of popcorn and watch the fireworks. This meltdown is about to turn epic.
