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Venezuela must pay more than $8 billion in ConocoPhillips dispute – World Bank


© Reuters. FILE PHOTO: View of Isla refinery in Willemstad on the island of Curacao

WASHINGTON (Reuters) – Venezuela must pay oil and gas company ConocoPhillips’ entities more than $8 billion (£6.1 billion) as compensation to settle a years-long dispute over oil extraction, a World bank dispute settlement arm said on Friday.

In the ruling, dated Feb. 27, the Bank’s International Centre for Settlement of Investment Disputes said Venezuela must pay out more than $8 billion to three of the company’s entities at an annual interest rate of 5.5 percent.

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