Venezuela pays ICSID creditor to protect US refinery business

Venezuela has paid US$500 million to distressed Canadian mining company Crystallex to partially satisfy a US$1.4 billion International Centre for Settlement of Investment Disputes (ICSID) award – as part of a renegotiated settlement deal that will allow the country’s national oil and gas company PDVSA to keep control of US-based refiner Citgo Petroleum.

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