Alva Review-Courier -

World Bank: Venezuela must pay Conoco more than $8 billion


WASHINGTON (AP) — A World Bank arbitration panel ruled on Friday that Venezuela must pay U.S. oil giant ConocoPhillips more than $8 billion as compensation for a decade-old expropriation dispute, roughly the same amount as the South American country's foreign currency reserves.

The bank's ICSID tribunal had ruled in 2013 that the 2007 expropriation of ConocoPhillips investments in two heavy crude oil projects violated international law.

"We welcome the ICSID tribunal's decision, which upholds the principle that governments cannot unlawfully expropriate private investments without paying c...

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