ConocoPhillips Settles With Venezuela’s PDVSA To Recover $2 Billion
Venezuela’s crude production, a major source of revenue, has fallen to a six-decade low this year as lack of cash for investment, recession and hyperinflation pushed the OPEC-member country’s economy to near collapse. The agreement could restore at least some of its exports by resuming shipping from Caribbean terminals.
Conoco will suspend legal enforcement of the arbitration award as long as the payments continue, spokesman Daren Beaudo said. He declined to say if the payments would be made in cash or crude oil, adding details of the agreement are confidential.
PDVSA confirmed a settlement was reached, but did not immediately elaborate on the payment terms.