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Venezuela
PDSVA announces ICC mediation for dispute with Conoco Phillips
02-May-2012
On 23 April 2012, state oil company PDVSA announced that their dispute with Conoco Phillips could be solved before the International Chamber of Commerce (ICC) tribunal. Conoco Phillips had demanded US$30 billion, claiming that PDVSA subsidiaries breached their obligations by complying with production cuts ordered by Venezuela on the Hamaca and Petrozuata projects.
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