CARACAS, Aug 11 (Reuters) - Venezuela has appealed for a second time to the World Bank’s arbitration panel against its decision in the country’s dispute with ConocoPhillips, linked to the nationalization of the company’s assets.
In a partial ruling last year, the International Centre for Settlement of Investment Disputes (ICSID) said that the 2007 takeover by late socialist leader Hugo Chavez of Conoco’s oil projects was unlawful.
On Tuesday, Venezuela’s Attorney General’s Office said it formally requested the previous day that ICSID “reconsider its position with respect to the ruling.”
The OPEC nation has requested various reviews of recent ICSID decisions, which critics see as attempts to stall the payment of fines.
Venezuela is in the midst of a recession, due partly to low oil prices. Crude accounts for 96 percent of the country’s foreign income.
In July the World Bank tribunal rejected Venezuela’s request to recuse two arbitrators for their “marked attitude against the Republic.”
Last October, Conoco filed for arbitration at the International Chamber of Commerce against Venezuelan state oil company PDVSA for compensation related to the termination of its partnership contract after the nationalization of oil projects.
The head of PDVSA, Eulogio Del Pino, said at the time that Conoco was acting out of resentment.
Conoco did not immediately respond to a request for comment. (Reporting by Girish Gupta; Editing by Leslie Adler)