PDVSA pays ConocoPhillips compensation of $ 2 billion

WASHINGTON The American oil company ConocoPhillips on Monday announced an agreement with the Venezuelan state oil company Pdvsa to recover $ 2 billion after the dispute over the expropriation of part of its assets in the country.

PDVSA has agreed to pay $ 500 million in a 90-day period after signing the agreement and the remainder every quarter in four and a half years.

"As a result of the agreement, ConocoPhillips has agreed to suspend its legal action within the International Court of Arbitration of the International Chamber of Commerce (ICC)," said Efe about the oil company based in Houston, Texas.

In April, the ICC arbitration court ordered the PDVSA to pay ConocoPhillips $ 2.040 billion after the unscheduled dissolution of an agreement for the production of mixed oil.

The agreement announced today is related to the expropriation of the oil company's investments in several projects in Venezuela's Orinoco oil magnet in 2007, as part of the nationalization of the sector by the late President Hugo Chávez.