Commodities and Futures News
U.S. court upholds Conoco’s $8.7 billion award for loss of Venezuela assets
2022.08.22 23:18
FILE PHOTO: A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 6, 2022. REUTERS/Brendan McDermid
HOUSTON (Reuters) – A U.S. court upheld a tribunal’s $8.75 billion award to U.S. oil producer ConocoPhillips (NYSE:COP) over the expropriation of its Venezuelan oil assets, granting a default judgment in the case on Friday.
The decision gives the U.S. company new authority to collect on a 2019 award by a World Bank tribunal. The award includes interest that adds at least $1 billion to the amount owed to Conoco.
