FILE PHOTO: A general view shows the Isla refinery in Willemstad on the island of Curacao, April 22, 2018. REUTERS/Andres Martinez Casares
HOUSTON (Reuters) - Venezuela must pay ConocoPhillips more than $8 billion (£6.15 billion) to compensate for the 2007 expropriation of oil assets by the country's late socialist leader Hugo Chavez, the World Bank ruled on Friday, making the U.S. energy company the largest victor in claims stemming from nationalizations in the OPEC country.
The company may have to fight to collect. Venezuela has balked at paying in other arbitration cases and may challenge the World Bank tribunal's decision. Conoco previously has used legal seizures of Venezuelan oil assets to enforce its claims.
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