August 2, 2019 / 5:16 PM / 22 days ago

Arbitration tribunal dismisses Conoco claim against PDVSA - Guaido adviser

CARACAS, Aug 2 (Reuters) - The International Chamber of Commerce’s arbitration tribunal has dismissed U.S. oil company ConocoPhillips’ $1.5 billion claim against Venezuelan state oil company PDVSA, an adviser to opposition leader Juan Guaido said on Friday.

The case related to Venezuela’s expropriation of Conoco’s stake in an offshore project called Corocoro. Under the arbitration ruling, PDVSA will only have to pay $33.7 million for an outstanding loan to Conoco, the adviser, Jose Ignacio Hernandez, wrote on Twitter. (Reporting by Luc Cohen)

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