WASHINGTON (Pakistan Point News / Sputnik - 09th March, 2019) The government of Venezuela must pay more than $8 billion in penalties to the Texas-based oil and gas company ConocoPhillips for property expropriation, the World Bank's International Center for Settlement of Investment Disputes said in a filing on Friday.
"[T]he Bolivarian Republic of Venezuela, shall pay as compensation for the expropriation enforced on 26 June 2007 in breach of Article 6 of the Agreement on Encouragement and Reciprocal Protection of Investments ... the following amounts to the claimants: a. ConocoPhillips Petrozuata B.V. (CPZ) US$3,386,079,057; b. ConocoPhillips Hamaca B.V. (CPH) US$4,498,085,150; and c. ConocoPhillips Gulf of Paria B.V. (CGP) US$562,140,959," the filing said.
The International Center for Settlement of Investment Disputes also said in the filing that Venezuela must pay the specified amounts together with interest of an annual rate of 5.5 percent until full and final payment is concluded.
While the International Center for Settlement of Investment Disputes is part of the World Bank Group, its cases are independent and separate from the work of the World Bank.
