World Bank tribunal lowers ConocoPhillips award

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

A World Bank arbitration panel has lowered an initial $8.7B award to ConocoPhillips (NYSE:COP) by $227M as compensation for Venezuela's 2007 expropriation of its assets.

The company "does not challenge" the action, a ConocoPhillips spokesman declared. "We remain committed to pursuing all available legal avenues to obtain a full and fair recovery of the award."

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