ConocoPhillips, Venezuela’s PDVSA reach $2 billion settlement
Venezuela’s crude production, a major source of revenue, has fallen to a six-decade low this year as lack of investment, recession and hyperinflation pushed the OPEC-member country’s economy to near collapse. The settlement could restore a portion of lost exports by resuming shipping from the Caribbean. Conoco will suspend legal enforcement of the arbitration award as long as payments continue, spokesman Daren Beaudo said. …read more […]
