Venezuela's Guaido to seek to annul $8.7 billion Conoco award | Reuters

by Faiz Ahmed last modified 2019-04-17T09:46:03-04:00
"Cash-strapped Venezuela has balked at paying in other arbitration cases. Conoco has used legal seizures of Venezuelan oil assets to enforce earlier claims. Other creditors are attempting to seize shares in U.S. refiner Citgo Petroleum, Venezuela’s prize overseas asset, to collect on debts. It was unclear if Guaido’s representatives have standing to challenge the award since the World Bank has not recognized Guaido. ... Last month, a U.S. judge ruled that Guaido’s representatives could present arguments in a court battle with Canadian mining company Crystallex, which is pursuing Citgo to collect on an arbitration award in compensation for Venezuela’s expropriation of a gold mining project."
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