HOUSTON, Oct 10 (Reuters) - ConocoPhillips on Friday said it has filed for arbitration under the rules of the International Chamber of Commerce against Venezuela’s state-run oil company PDVSA for compensation related to nationalized oil projects.
The ICC filing is separate from the U.S. oil company’s arbitration that is pending before the World Bank’s International Center for Settlement for Investment Disputes (ICSID), it said.
On Thursday, ICSID ordered Venezuela to pay Exxon Mobil Corp $1.6 billion for oil assets that were nationalized in 2007. PDVSA said it expect to eventually pay closer to $1 billion.
Reporting by Anna Driver; Editing by Chizu Nomiyama