Spanish Justice Upholds Ruling Condemning PDVSA to Pay Millions in Debt to ConocoPhillips
A Spanish court has recognized the international arbitration award that condemns Petróleos de Venezuela (PDVSA) and its subsidiary CVP to pay $33.7 million plus interest as reimbursement for a loan to acquire part of the Corocoro oil field, which was nationalized after the credit was granted. The decision has been made [...]
TL;DR
- A Spanish court has recognized an international arbitration award.
- The award condemns PDVSA and its subsidiary CVP to pay $33.7 million plus interest.
- The debt stems from a loan used to purchase part of the Corocoro oil field.
- The Corocoro oil field was nationalized after the loan was granted.