ConocoPhillips: settles dispute with PDVSA
(CercleFinance.com) - ConocoPhillips has signed an agreement with PDVSA, the Venezuelan State oil company, to recover 2 billion dollars that it owed according to the decision of an arbitral tribunal of the International Chamber of Commerce.
PDVSA will pay the US energy group 500 million dollars within 90 days after signing the agreement, with the balance to be spread quarterly over a period of four and a half years.
Last April, the court ruled in favour of ConocoPhillips about the illegal expropriation of its investments in oil projects in Venezuela in 2007, as well as other tax measures prior to this expropriation.
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PDVSA will pay the US energy group 500 million dollars within 90 days after signing the agreement, with the balance to be spread quarterly over a period of four and a half years.
Last April, the court ruled in favour of ConocoPhillips about the illegal expropriation of its investments in oil projects in Venezuela in 2007, as well as other tax measures prior to this expropriation.
Copyright (c) 2018 CercleFinance.com. All rights reserved.