By Caroline Simson (Oct 1, 2021, 8:49 p.m. EDT) – ConocoPhillips’ efforts to enforce an $ 8.5 billion arbitral award against Venezuela may start to escalate after an international committee decided on Wednesday to lift the stay of execution, while the money – the cash-strapped nation’s petition for annulment remains pending.
A federal court clerk in Washington, DC, declared Venezuela in default on Friday afternoon after the country chose to ignore the ConocoPhillips litigation to enforce the massive arbitration award, which was issued to three subsidiaries Dutch companies from ConocoPhillips in early 2019 after Venezuela’s nationalization of three of their oil projects.
The oil company, which filed the lawsuit just days after the award was …
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