ConocoPhillips and Venezuela’s PDVSA reach $2 billion settlement | News

By Marianna Parraga and Nivedita Bhattacharjee

(Reuters) – U.S. producer ConocoPhillips and Venezuela’s PDVSA have reached a payment agreement over a $2 billion arbitration, the companies said on Monday, suspending a dispute that blocked the state-run company from exporting oil from most of its key Caribbean facilities.

The case relates to the nationalization of Conoco assets dating back over a decade in Venezuela. An international court ruled in favor of Conoco in April and ordered PDVSA to pay. But no payment has been forthcoming, leading Conoco to seize most of PDVSA’s Caribbean assets as it sought to enforce its claim.

The settlement means that Conoco will suspend the legal enforcement, as long as PDVSA makes regular…

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