ConocoPhillips COP today announced that an international
arbitration Tribunal ruled Venezuela unlawfully expropriated
ConocoPhillips' significant oil investments in the Petrozuata and Hamaca
heavy crude oil projects and the offshore Corocoro development project.
According to an International Centre for Settlement of Investment
Disputes (ICSID) Tribunal, Venezuela's actions amounted to an unlawful
expropriation. In doing so, the Tribunal also confirmed its jurisdiction
over this dispute.
“We welcome this decision by the Tribunal,” said Janet Langford Kelly,
senior vice president, Legal, General Counsel and Corporate Secretary.
“This ruling sends a clear message that countries cannot expropriate
their investments without fair compensation.”
While today's ruling is
See full press release
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in