March 8, 2019 / 5:38 PM / 6 months ago

Venezuela must pay more than $8bln in ConocoPhillips dispute -World Bank

WASHINGTON, March 8 (Reuters) - Venezuela must pay oil and gas company ConocoPhillips’ entities more than $8 billion as compensation to settle a years-long dispute over oil extraction, a World bank dispute settlement arm said on Friday.

In the ruling, dated Feb. 27, the Bank’s International Centre for Settlement of Investment Disputes said Venezuela must pay out more than $8 billion to three of the company’s entities at an annual interest rate of 5.5 percent. (Reporting by Lesley Wroughton and David Lawder Writing by Susan Heavey; Editing by David Gregorio)

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