Español

 

Guyana


Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

World Bank court lowers $200 million from ConocoPhillips' Venezuela expropriation award

Loren Elliott / Reuters
World Bank tribunal lowers ConocoPhillips award for Venezuela expropriation: document

Reporting by Luc Cohen / Reuters

CARACAS
Petroleumworld 09 03 2019

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 Aug. 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.

A ConocoPhillips spokesman said the rectification lowered the award by $227 million and that the company “does not challenge” the action.

“We remain committed to pursuing all available legal avenues to obtain a full and fair recovery of the award,” the spokesman said.

Guaido has prioritized protecting Venezuela's overseas assets since being recognized as the country's rightful leader by the United States and dozens of other countries this year. He has also requested that the World Bank's International Center for Settlement of Investment Disputes (ICSID) annul the award.

Guaido argues that socialist President Nicolas Maduro is usurping power after winning a May 2018 election dismissed by the opposition and most Western democracies as a sham. Maduro calls Guaido a U.S.-backed puppet seeking to oust him in a coup.

Jose Ignacio Hernandez, Guaido's legal representative who now represents Venezuela in the case, did not respond to requests for comment on the status of the annulment request.

 



Reporting by Luc Cohen; Editing by Nick Zieminski and David Gregorio from Reuters.

reuters.com / 09 2 2019

________________________


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.

________________________

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

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, Paul Ohep F. - 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.