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John Woods Group Seeks $100 Million Damages From PDVSA

Petroleos de Venezuela SA, the South American nation’s state oil company, said a John Wood Group Plc unit filed an international arbitration request, seeking about $100 million in compensation for assets nationalized in 2009.

The request, which seeks $62.2 million paid in U.S. dollars and a local-currency payment of 163.3 million bolivares ($37.9 million), was filed with the International Court of Arbitration of the International Chamber of Commerce in New York, PDVSA said in a preliminary notice for a planned bond issue.

PDVSA in 2009 took over assets of companies including John Wood Group’s Simco venture after President Hugo Chavez ordered the nationalization of service firms operating on Lake Maracaibo.

John Wood Group spokeswoman Bobbie Ireland did not return voice-mail and e-mail messages seeking comment. PDVSA said it expects a hearing to be held this year.

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