PDVSA defeats bulk of billion-dollar Conoco claim
The headquarters of PDVSA in the Venezuelan city of Maracaibo (Credit: Wikimedia Commons)
Venezuela’s state-owned oil group PDVSA has defeated the bulk of a US$1.5 billion ICC claim brought by US energy company ConocoPhillips over the expropriation of an offshore oil project – just months after an ICSID tribunal ordered the state to pay a record award for seizing that and other assets.
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