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World Bank panel rejects Venezuela's appeal over ConocoPhillips

  • A World Bank panel rejects Venezuela's request for a new hearing to contest a 2013 partial ruling that it failed to act in good faith regarding negotiations to compensate ConocoPhillips (COP) for the country's expropriations of three oil projects in 2007.
  • Venezuela's state oil company PDVSA said the decision last year was unfair because it had offered $2.3B in compensation, which was higher than its $1.8B estimate of the assets' value, excluding tax and royalties claims.
  • Experts say a final ruling on damages in Venezuela's biggest arbitration case could take another year or two.
Comments (3)
  • BAHAMAS1
    , contributor
    Comments (1791) | Send Message
     
    Too Bad BP can't bring their case and how they are getting ripped off to the World Court and have "judge" (and self proclaimed executioner) barbier questioned under oath !
    13 Mar, 09:26 AM Reply Like
  • Husker Bob
    , contributor
    Comments (272) | Send Message
     
    Unfortunately, ripping off companies and the taxpayers is the American way when it comes to disasters in the US. Look what is going on with Hurricane Sandy.
    13 Mar, 10:00 AM Reply Like
  • starcorral
    , contributor
    Comments (326) | Send Message
     
    PDVSA was Hugo Chavez' personal bank account. Now I know many will contest that, but when Citgo was taken over by PDVSA, Hugo Chavez was the decision maker. Employees of Citgo offered the opportunity to move to Venezuala had to decide which "camp" they backed. In essence PDVSA is an enemy of the United States. Does anyone remember how the energy crisis started? How about Libya 1973, when Ghadafy nationalized Standard Oil.
    13 Mar, 01:57 PM Reply Like
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