Post #1357

Multinational corporation ConocoPhillips is seeking to join a court-mandated sale of CITGO shares to collect on a US $8.5 billion international arbitration award. The company seeks to have a writ of attachment approved by a Delaware District Court so that the upcoming auction process can fulfill the compensation granted by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in 2019 for the nationalization of oil assets by the former Hugo Chávez government in Venezuela. Though its award is still undergoing an appeal at the ICSID, ConocoPhillips secured a default ruling to enforce the award from a Washington, D.C. court in late 2021. The decision followed a repeated failure by lawyers representing the US-backed “interim government” to show up in court. https://venezuelanalysis.com/news/venezuela-conocophillips-targets-citgo-as-opposition-authorities-try-to-stall-auction/