ICC Court orders Venezuela to pay USD 66.8 million to ConocoPhillips
The Paris-based court found that Venezuelan oil company Pdvsa breached the agreements signed with ConocoPhilips in relation with the Petrozuata project, as the Venezuelan company adopted oil production cuts under OPEC in 2006-2007
The Paris-based court found that Pdvsa breached the agreements signed with ConocoPhilips in relation with the Petrozuata project, as the Venezuelan company "adopted oil production cuts under OPEC," informed to AFP Davy Kong, ConocoPhilips' spokesperson.
Such cuts were implemented right before Venezuela seized the assets of ConocoPhilips. Upon such action, the US oil company decided to sue Pdvsa before the International Center for Settlement of Investment Disputes (Icsid) seeking a billionaire compensation.
However, the ruling of the ICC International Arbitration Court "is independent and has no impact on the case of ConocoPhillips vs. Venezuela in the Icsid," explained Kong.
Translated by Jhean Cabrera
The very early morning after the presidential election (April 15), both candidates requested the National Electoral Council (CNE) to conduct a full audit of the process: one, Henrique Capriles, because he asserts that the election results are different from the ones announced, and the other one, Nicolás Maduro, in order to clear any doubt regarding his victory, and to reinforce his political stance. Nevertheless, as it is already known, President Maduro changed his mind.