On Monday, the Venezuelan Attorney General’s Office
reportedly requested that the World Bank’s arbitration panel “reconsider its
position” with respect to its ruling in favor of ConocoPhillips’ compensation
claim. The US oil giant filed for
further arbitration in October through the International Centre for Settlement
Disputes (ICSID) against Venezuelan state oil company PDVSA for losses related
to the 2007 nationalization of oil production led by former president Hugo
Chavez. Although the panel has made a
partial ruling judging that the takeover was unlawful, they have yet to
publicize the amount of reparations due. According to reports, ConocoPhillips
is continuing to seek US $30 billons, just as when the claim was initially
submitted in 2007. More… 
Thursday, August 13, 2015
Venezuela Appeals Against ConocoPhillips Ruling, Pitches Special OPEC Meeting
On Monday, the Venezuelan Attorney General’s Office
reportedly requested that the World Bank’s arbitration panel “reconsider its
position” with respect to its ruling in favor of ConocoPhillips’ compensation
claim. The US oil giant filed for
further arbitration in October through the International Centre for Settlement
Disputes (ICSID) against Venezuelan state oil company PDVSA for losses related
to the 2007 nationalization of oil production led by former president Hugo
Chavez. Although the panel has made a
partial ruling judging that the takeover was unlawful, they have yet to
publicize the amount of reparations due. According to reports, ConocoPhillips
is continuing to seek US $30 billons, just as when the claim was initially
submitted in 2007. More… 
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