World Bank panel rejects Venezuela's appeal over ConocoPhillips

|About: ConocoPhillips (COP)|By:, SA News Editor

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.