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US court upholds US$8.75 billion award to Conoco for loss of assets in Venezuela

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a court of USA confirmed in a decision on Friday the award of US $ 8,750 million awarded by a court to the US oil company I know Phillips for the expropriation of its assets in Venezuela.

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The decision gives the US company new authority to collect a 2019 award authorized by a World Bank tribunal. The award includes interest that adds at least $1 billion to the amount owed to Conoco.

The World Bank’s International Center for Settlement of Investment Disputes (ICSID) awarded Conoco US$8.75 billion for the 2007 expropriation of three of its oil projects in the country. Conoco had requested up to US$30 billion for the expropriation.

US District Court Judge Carl Nichols concluded that Venezuela was bound by the terms of the ICSID Convention and that Conoco had duly notified the country of its claim through the US Department of State.

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A Conoco spokesman did not respond to requests for comment.

Venezuela’s main foreign asset is US-based Citgo Petroleum, an oil refiner that was spun off from its parent in 2019 and has been operating under creditor legal protections issued by the US Treasury Department.

Source: Gestion

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