ConocoPhillips has settled with PDVSA | THE DAILY HERALD

WILLEMSTAD–ConocoPhillips said it reached a settlement with Curaçao’s Isla refinery operator “Petroleos de Venezuela” PDVSA to recover US $2 billion, the full amount awarded by an arbitral tribunal convened under the rules of the International Chamber of Commerce, plus interest.

The US oil company said state-run PDVSA agreed to recognise the judgment and make a US $500 million initial payment within 90 days, with the balance to be paid quarterly over four-and-a-half years. As a result of this settlement ConocoPhillips will suspend legal enforcement actions relating to the award.

The American firm has a separate and independent legal action pending against Venezuela’s government before a tribunal under the World Bank’s International Center for Settlement of Investment Disputes.

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Source: The Daily Herald https://www.thedailyherald.sx/islands/79733-conocophillips-has-settled-with-pdvsa

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