Latam México

Guyana


Trinidad
& Tobago

 




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

 

Guaido to appeal $8.75 billion ConocoPhillips award against PDVSA

Andina/INTERNET/Medios

Conoco was also awarded $2 billion last year by the International Chamber of Commerce over the seizure of assets.

- Award resulting from assets unlawfully confiscated in 2007
- Both sides have 120 days to appeal following ruling date

By Fabiola Zerpa / Bloomberg

CARACAS
Petroleumworld 03 15 2019

Venezuela's opposition leader Juan Guaido plans to appeal a $8.75 billion award issued to ConocoPhillips by the World Bank's arbitration tribunal last week , arguing the amount was overestimated.

Jose Ignacio Hernandez , newly appointed as attorney general for Guaido's growing parallel government, said there are "severe miscalculation errors" in the award, which resulted from the International Centre for Settlement of Investment Disputes' decision to uphold Conoco's claim that Venezuela unlawfully confiscated in 2007 its Hamaca and Petrozuata heavy crude oil projects in the Orinoco River basin.

The appeal would another step in the efforts by Guaido, who's been recognized by some fifty nations including the U.S. as the rightful president of Venezuela, to assert control over the country's finances, cutting out President Nicolas Maduro's regime. He's named interim boards of state oil company Petroleos de Venezuela SA and its U.S. refining arm Citgo Petroleum as he seeks to wrest control of the nation's oil industry, the source of most of Venezuela's income..

Both sides have 120 days from the ruling date to appeal the decision, Hernandez said.

“It's too early for us to speculate on when we might recover from Venezuela,” Daren Beaudo, a spokesman for Conoco, said by email. “The company will pursue all legal avenues to obtain full recovery of the award.” The ICSID declined to comment.

The award came as the U.S. tries to ratchet up pressure on the Maduro's administration after sanctioning PDVSA and recognizing Guaido as the nation's interim leader. Venezuela's economy has been in turmoil due to plunging oil production, spiraling hyperinflation and teetering public services.

Conoco was also awarded $2 billion last year by the International Chamber of Commerce over the seizure of assets. Following that decision, the company moved aggressively to take over PDVSA facilities in the Caribbean islands of Bonaire, Curacao, St. Eustatius and Aruba. Vessels carrying Venezuelan crude were ordered to pull away from Caribbean ports, creating a backlog of ships and hindering the nation's oil exports.

Former President Hugo Chavez ordered the seizure between 2007 and 2009 of about $30 billion of majority stakes in a number of energy projects, including four oil operations in the Orinoco River basin. The government said at the time the projects had a strategic role in the country's development and sovereignty.

— With assistance by Kevin Crowley, and Andrew Mayeda

 

_________________________



We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

_________________________

Story by Fabiola Zerpa from Bloomberg.

bloomberg.com 03 15 2019

 

Original article

_________________________

We invite all our readers to share with us
their views and comments about this article.

 

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95, '98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld ™  / Elio Ohep - All rights reserved

 

 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.