IN BRIEF: PDVSA calls ConocoPhillips case 'desperate'

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Wednesday, October 15, 2014

PDVSA president Eulogio del Pino called ConocoPhillips' latest arbitration filing against Venezuela "a desperate action," local paper El Universal reported.

"We're ready to face this legal action," del Pino was quoted as saying.

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Last week, ConocoPhillips filed for arbitration with the International Chamber of Commerce against PDVSA, in relation to the nationalization of its Petrozuata and Hamaca heavy crude projects in 2007.

The case is separate from ConocoPhillips's pending case with the World Bank's arbitration court ICSID, in which it is seeking US$20bn in compensation from Venezuela for assets it appropriated.