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Venezuela ordered to pay ConocoPhillips US$8.7b over seizures
来源：shippingazette 编辑：编辑部 发布：2022/09/30 09:25:02
A judge in Washington DC ordered Venezuela to pay US$8.7 billion to ConocoPhillips for compensation for seizing the energy company's interests in oil projects, reports Bloomberg.
US district judge Carl Nichols issued an order to enforce an arbitration award that ConocoPhillips won in 2019.
The company's judgment was granted because Venezuela hasn't entered an appearance or responded with court filings.
Venezuela must pay $8.5 billion in damages, plus $22 million for reimbursement of legal costs.
In 2013, the International Convention on the Settlement of Investment Disputes ruled that Venezuela had unlawfully taken ConocoPhillips' stakes in three oil projects without paying.
US district judge Carl Nichols issued an order to enforce an arbitration award that ConocoPhillips won in 2019.
The company's judgment was granted because Venezuela hasn't entered an appearance or responded with court filings.
Venezuela must pay $8.5 billion in damages, plus $22 million for reimbursement of legal costs.
In 2013, the International Convention on the Settlement of Investment Disputes ruled that Venezuela had unlawfully taken ConocoPhillips' stakes in three oil projects without paying.