GekeVenn: CONOCOPHILLIPS
ConocoPhillips just announced that an International Chamber of Commerce has granted the company a $2 billion arbitration award against Venezuela's state oil company, PDVSA, that illegally nationalized CP's stake in two oil fields.
CP plans to fully pursue enforcement and financial recovery, even though the amount represents 20 percent of the government's foreign currency reserves. As large as it may seem, though, it was less than 10 percent of the original claim.
Here in the States, Conoco's lobbying team has long been well connected to the Senate Energy and Natural Resources Committee. Former Democrat Congresswoman Mary Landrieu, described by some as an “oil shill,” isn't on the CP venn, but two of her formers staffers are. (Landrieu held the prominent position of chairman on the Energy and Natural Resources Committee.)
Note that William Reilly also served as the Republican co-chair of President Obama's National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling.
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Only just minutes before I saw this article on my steemit feed I was reading about Venezuela's economic problems written by @jorge-caceres . This of course is going to make the country even worse off. Is there any way of appeal? Although that will be another brick wall for nationalism as well of course.
We should pay more attention to Venezuela and the injustices and manipulation going on there.
This is informative.