Venezuela must pay ConocoPhillips more than $8 billion to compensate for the 200...
HOUSTON - Venezuela must pay ConocoPhillips more than $8 billion to compensate for the 2007 expropriation of oil assets by the country’s late socialist leader Hugo Chavez, the World Bank ruled on Friday, making the U.S. energy company the largest victor in claims stemming from nationalizations in the OPEC country.
The oil company had sought up to $30 billion for the takeover of three oil projects more than 10 years ago, according to a World Bank report. The tribunal, known as ICSID, found the takeover unlawful in 2013 and two years ago rejected the OPEC-member country’s request for reconsideration. Venezuela’s main foreign asset is U.S.-based Citgo Petroleum, an oil refiner that recently appointed with Washington’s support a board of directors independent of Venezuela’s socialist government.
The government of opposition leader Juan Guaido is “analyzing its options to defend the Republic,” Miguel Angel Santos, an adviser to the government’s representative to the Inter-American Development Bank, said in a tweet on Friday. “Having willfully breached its international obligations, Venezuela cannot claim the benefit of any restriction of its liability under international law,” the tribunal wrote. As a result, Conoco is “entitled to full reparation for the takings in accordance with international law.”
The tribunal’s decision brings Conoco’s total awards under two different Venezuela arbitration cases to $10.7 billion. Under World Bank rules either party to a decision can request to annul the award, which would trigger a stay of any enforcement.
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