An international arbitration court has ordered Venezuela's state-run oil company PDVSA to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, the U.S. firm said on April 25.
Conoco's assets in Venezuela were expropriated in 2007 following the nationalization of the country's oil industry. The firm left the OPEC-member nation after it could not negotiate a deal to convert its projects into joint ventures controlled by PDVSA.
The arbitration decision, released by the International Chamber of Commerce (ICC), is a first step in a series of legal actions taken by Conoco to receive compensation for its assets in Venezuela. A separate arbitration before a World Bank tribunal is still pending.
Recommended Reading
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.
NGL Growth Leads Enterprise Product Partners to Strong Fourth Quarter
2024-02-02 - Enterprise Product Partners executives are still waiting to receive final federal approval to go ahead with the company’s Sea Port Terminal Project.
After Megamerger, Canadian Pacific Kansas City Rail Ends 2023 on High
2024-02-02 - After the historic merger of two railways in April, revenues reached CA$3.8B for fourth-quarter 2023.
Enbridge Advances Expansion of Permian’s Gray Oak Pipeline
2024-02-13 - In its fourth-quarter earnings call, Enbridge also said the Mainline pipeline system tolling agreement is awaiting regulatory approval from a Canadian regulatory agency.
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.