CARACAS (Reuters), 2nd September 2019 – A World Bank arbitration panel lowered an initial $8.7 billion award to U.S. oil company ConocoPhillips (COP.N) as compensation for Venezuela’s 2007 expropriation of its assets to $8.5 billion, according to a decision dated Aug. 29 posted online.
The new award will represent savings of $200 million from the first award in April, Venezuelan opposition leader Juan Guaido’s overseas legal representative said on Twitter on Monday. Read more: https://www.reuters.com/article/us-venezuela-oil-conocophillips/world-bank-tribunal-lowers-conocophillips-award-for-venezuela-expropriation-document-idUSKCN1VN208
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