WILLEMSTAD--ConocoPhillips said it reached a settlement with Curaçao’s Isla refinery operator “Petroleos de Venezuela” PDVSA to recover US $2 billion, the full amount awarded by an arbitral tribunal convened under the rules of the International Chamber of Commerce, plus interest.
The US oil company said state-run PDVSA agreed to recognise the judgment and make a US $500 million initial payment within 90 days, with the balance to be paid quarterly over four-and-a-half years. As a result of this settlement ConocoPhillips will suspend legal enforcement actions relating to the award.
The American firm has a separate and independent legal action pending against Venezuela's government before a tribunal under the World Bank's International Center for Settlement of Investment Disputes.
