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US energy company ConocoPhillips and its subsidiaries have been granted permission to register locally an over US$10 billion arbitration award against Venezuela.
Delivering a decision after submissions from lawyers for the companies at the Waterfront Judicial Centre, yesterday morning, Justice Frank Seepersad upheld their application to register the award granted by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in 2019.
The application came less than a year after the companies were allowed by Justice Seepersad to register a separate US$1.3 billion arbitration award granted by the International Chamber of Commerce (ICC) against Venezuelan State-owned energy company Petroleos de Venezuela SA (PDVSA) in April 2018.
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