Venezuela is ready to face what it deems
a "desperate" new arbitration filing by ConocoPhillips, the new head
of state oil company PDVSA said on Wednesday. The U.S. oil company on Friday
said it has filed for arbitration at the International Chamber of Commerce
against PDVSA for compensation related to the termination of its partnership contract
after the nationalization of oil projects. Conoco is acting out of resentment,
Eulogio Del Pino told an oil conference on Venezuela's Margarita Island. Separately,
Venezuela is also facing over 20 other cases at a World Bank tribunal after a
wave of nationalizations under the late President Hugo Chavez's socialist
government. More…
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