CONOCOPHILLIPS - PDVSA: $2 BLN
OGJ - ConocoPhillips will recover from Petroleos de Venezuela SA (PDVSA) the $2 billion awarded by an arbitral tribunal constituted under the rules of the International Chamber of Commerce (ICC), plus interest, following a settlement agreement.
PDVSA has agreed to make initial payments totaling $500 million within 90 days. The balance is to be paid quarterly over 4½ years.
As a result, ConocoPhillips will suspend its legal enforcement actions of the ICC award, including…
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