World Bank tribunal lowers ConocoPhillips award for Venezuela expropriation: document

Business

FILE PHOTO: Flags fly outside ConocoPhillips offices in Houston, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott/File Photo

CARACAS (Reuters) – A World Bank arbitration panel lowered an initial $8.7 billion award to U.S. oil company ConocoPhillips (COP.N) as compensation for Venezuela’s 2007 expropriation of its assets to $8.5 billion, according to a decision dated August 29 posted online.

The new award will represent savings of $200 million from the first award in April, Venezuelan opposition leader Juan Guaido’s overseas legal representative said on Twitter on Monday.

Guaido has also requested that the World Bank’s International Center for Settlement of Investment Disputes annul the award.

Reporting by Luc Cohen; Editing by Nick Zieminski

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *