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World Bank Arbitration Agency, Venezuela reduce compensation to US Conoko-Reuters News-International

2019-09-02T23:31:29.407Z

[Caracas Reuters]-The International Center for Investment Dispute Resolution (ICSID), part of the World Bank, has nationalized the oil project of US oil giant ConocoPhillips <COP.N> in 2007 by Venezuela



[Caracas 2nd Reuters]-International Center for Investment Dispute Resolution (ICSID), part of the World Bank, has ordered Venezuela to consolidate the oil project of US oil giant ConocoPhillips <COP.N> in 2007 A decision was made to reduce $ 8.7 billion in compensation payments to $ 8.5 billion.

The decision was dated August 29, and the document was posted on the website.

A ConocoPhillips spokesman said the decision would not be challenged. “There is no change in our commitment to take all possible legal measures to recover all compensation in a fair manner.”

Guayed, chairman of the Venezuelan provisional president and backed by the United States and others, has indicated a policy to prioritize the protection of foreign assets in the country and has appealed to ICSID to cancel the compensation payment order. .

Source: asahi

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