Venezuela's Guaido to Appeal $8.75 Billion ConocoPhillips Award
- Award resulting from assets unlawfully confiscated in 2007
- Both sides have 120 days to appeal following ruling date
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Venezuela’s opposition leader Juan Guaido plans to appeal a $8.75 billion award issued to ConocoPhillips by the World Bank’s arbitration tribunal last week, arguing the amount was overestimated.
Jose Ignacio Hernandez, newly appointed as attorney general for Guaido’s growing parallel government, said there are "severe miscalculation errors" in the award, which resulted from the International Centre for Settlement of Investment Disputes’ decision to uphold Conoco’s claim that Venezuela unlawfully confiscated in 2007 its Hamaca and Petrozuata heavy crude oil projects in the Orinoco River basin.