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Conoco to Recover $2 Billion in Agreement With Venezuela

Alex Nussbaum, Lucia Kassai
Conoco to Recover $2 Billion in Agreement With Venezuela

ConocoPhillips said it’ll receive $2 billion in a settlement with Petroleos de Venezuela SA, ending a dispute that’s severely crippled Venezuela’s ability to export the crude oil central to its faltering economy. An international tribunal awarded the amount in April for asset seizures carried out in 2007 by late Venezuelan President Hugo Chavez. Under the agreement announced Monday, state-owned PDVSA will make initial payments of about $500 million within 90 days, with the balance paid quarterly over four and a half years, Conoco said in a statement.