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Venezuela must pay the U.S. Oil company billions in compensation

A court of arbitration of the world Bank spoke to the Texas Oil company ConocoPhillips over 8.7 billion dollars in compensation. Venezuela may challenge the dec

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Venezuela must pay the U.S. Oil company billions in compensation

A court of arbitration of the world Bank spoke to the Texas Oil company ConocoPhillips over 8.7 billion dollars in compensation. Venezuela may challenge the decision by Friday. It is also open whether the debtor country is in the midst of a political power struggle, would the descendants of the payment. How and when the compensation was to receive, had yet to be clarified, shared with ConocoPhillips. An opinion of Venezuela, it was first.

For the for over ten years, the ongoing dispute about the Takeover of Oilfields by the government of Venezuela's former leader Hugo Chávez. The world Bank Tribunal had assessed the action in 2013 as an unlawful expropriation in Venezuela two years later with a revision request rebuffed.

"We welcome the decision of the Tribunal, the principle that governments cannot expropriate a violation of the law of private investment, without paying compensation," said the Chief General counsel of ConocoPhillips, Kelly B. Rose.

Oil industry in 2007 nationalized

the Venezuelan government had nationalized the Oil industry in 2007, and foreign companies are forced to transfer at least 60 percent of their business to the state-owned company PDVSA. ConocoPhillips retreated from Venezuela. In the US-industry giant had actually demanded a much higher compensation.

In the past year, the PDVSA had been instructed already in a separate process from any other arbitration, the International Chamber of Commerce, to a compensation payment in the amount of approximately two billion dollars of ConocoPhillips. In August 2018, the Americans announced a settlement with the Venezuelan state group should contribute the full amount. (sda)

Created: 09.03.2019, 04:30 PM

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