Trinidad and Tobago's High Court has reaffirmed its decision to recognize U.S. oil giant ConocoPhillips' arbitration claim against Venezuela
Trinidad and Tobago's High Court has reaffirmed its decision to recognize U.S. oil giant ConocoPhillips' arbitration claim against Venezuela . This ruling, which could potentially freeze Trinidad 's payments to Venezuela for joint natural gas projects, marks a significant development in the ongoing dispute over expropriations of oil Conoco's oil assets by the Venezuela n government. In May, the court's original decision allowed ConocoPhillips to enforce a $1.
' PDVSA had previously paid ConocoPhillips about $700 million as part of a settlement agreement, but it stopped making its requisite payments in late 2019. Since then, ConocoPhillips has spend considerable time attempting to enforce arbitration rulings against Venezuela in various Caribbean nations. This pursuit is part of a broader effort to recoup losses from Venezuela's nationalization of foreign-owned assets years ago.
Venezuela Court Conocophilips PDVSA
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