situation report

Oct 10, 2014 | 15:59 GMT

1 min read

Venezuela: U.S. Energy Firm Files For Arbitration Against PDVSA

U.S. energy firm ConocoPhillips has filed for International Chamber of Commerce arbitration against Venezuelan state-owned oil firm PDVSA for compensation for projects nationalized in the summer of 2007, Reuters reported Oct. 10. This most recent filing is separate from ConocoPhillips' pending arbitration in the World Bank's International Center for Settlement for Investment Disputes. ConocoPhillips contributed technological expertise and substantial long-term investments to help Venezuela develop its Petrozuata, Hamaca and Corocoro projects, but Caracas expropriated the investments without fully compensating ConocoPhillips. Since foreign oil company holdings were nationalized in 2007, only a few countries — mostly China and Russia — have been willing to invest in Venezuela's energy sector.

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