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.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.