ConocoPhillips : Panel Awards ConocoPhillips $66.8 Million Against Venezuelan State Oil Company
09/21/2012| 01:14pm US/Eastern
By Alison Sider
HOUSTON--An international arbitration panel has awarded ConocoPhillips (>> ConocoPhillips) $66.8 million in a dispute against Venezuela's state-controlled oil company over production at its former facilities in the oil-rich South American country, the company said Friday.
The Paris-based tribunal at the International Chamber of Commerce ruled that national oil company Petroleos de Venezuela SA (PDVSA) breached agreements when it applied productions cuts mandated by the Organization of Petroleum Exporting Countries to the ConocoPhillips oil operation in 2006 and 2007, said ConocoPhillips spokesman Davy Kong in a statement.
The ruling will not affect separate litigation ConocoPhillips has brought against Venezuela to the International Center for Settlement of Investment Disputes. A decision in that case, which concerns the expropriation of assets by the Venezuelan government, is still pending.
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