[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. .