Loss of assets in Venezuela: US court upholds compensation for Conoco

On Friday, August 19, a US court upheld a default judgment against US oil producer ConocoPhillips of US$8.75 billion over the expropriation of its Venezuelan oil assets.

The decision gives the US company new authority to recover the amount awarded by a World Bank tribunal in 2019.

The award includes interest that will increase the amount owed to Conoco by at least US$1 billion. Venezuela seized Conoco’s assets during the nationalization of the oil, electricity, and steel industries by the late President Hugo Chavez.

The World Bank’s International Centre for Settlement of Investment Disputes already awarded Conoco US$8.75 billion for expropriating three of its oil projects in the South American country in 2007.

Conoco had demanded up to US$30 billion for the acquisition.

The Venezuelan regime rejected the court’s decision in a statement issued by the presidential office Monday evening local time, saying the country would continue to take legal action to “protect its heritage.”

With information from Latina Press

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