(Reuters) — A U.S. court upheld a court’s $8.75 billion award to U.S. oil producer ConocoPhillips for the expropriation of its Venezuelan oil assets, granting a default judgment in the case on Friday.
The decision gives the US company new authority to collect an award in 2019 from a World Bank tribunal. The price includes interest that adds at least $1 billion to the amount owed to Conoco.
The World Bank’s International Center for Settlement of Investment Disputes awarded Conoco $8.75 billion for the 2007 expropriation of three of its oil projects in the country. Conoco had sought up to $30 billion for the takeover.
US District Judge Carl Nichols found that Venezuela was bound by the terms of the ICSID Convention and Conoco had properly notified the country of its suit through the US State Department.
A Conoco spokesperson did not respond to requests for comment.
Venezuela̵7;s top foreign asset is US-based Citgo Petroleum, an oil refiner that split from its parent company in 2019 and has been operating under legal protection from creditors issued by the US Treasury Department.