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Conoco faces bid to annul US$9 billion Venezuela arbitration award

iStock.com/DanielAzocar

Venezuela's government-in-exile has applied to annul a US$9 billion International Centre for Settlement of Investment Dispute (ICSID) award won by US oil company ConocoPhillips over the expropriation of oil assets in the Orinoco Belt – while it argues before a Delaware court that the state's assets are shielded from other arbitral creditors because of the US sanctions regime.

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