US oil company receives billion-dollar settlement from Venezuela

ConocoPhillips will be receiving a settlement for USD 2 billion in a case dating back to 2007.

Photo: ConocoPhillips

US-based ConocoPhillips has entered a settlement with Petroleos de Venezuela, in which the latter will pay USD 2 billion to the former, reports Bloomberg News.

The case dates back to 2007, when the former and now deceased Venezuelan President Hugo Chavez nationalized and confiscated assets owned by ConocoPhillips.

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