US court upholds Conoco’s $8.75 billion ruling to seize Venezuela assets

In its ruling on Friday, a US court confirmed the award of 8.75 billion dollars by a court to the US oil company ConocoPhillips to confiscate its assets in Venezuela.

The decision gives the US company new authority to collect the 2019 award authorized by a World Bank court. The award includes an interest that adds at least $1 billion to the amount owed to Conoco.

The World Bank’s International Center for Settlement of Investment Disputes (ICSID) awarded Conoco $8,750 million for the confiscation of three of its oil projects in the country in 2007. Conoco has requested up to $30 billion for the forfeiture.

On Monday, the Venezuelan government rejected the US court ruling and said in a statement issued by the Ministry of Communications that it would continue legal procedures to “preserve the heritage.”

The government added that “this unjust decision was made in violation of the right of the Bolivarian Republic of Venezuela to defense,” noting that the decision came “with the complicity of Venezuelan extremists, including Juan Guaido,” the Venezuelan opposition leader.

#I know
# Venezuela
#United States of America
#petroleum
# News in Spanish
#ConocoPhillips
#Economie
#confiscation

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Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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