Venezuelan opposition leader Juan Guaido will seek to annul an $8.7 billion arbi...
CARACAS - Venezuelan opposition leader Juan Guaido will seek to annul an $8.7 billion arbitration award to U.S. oil producer ConocoPhillips as he moves to preserve foreign assets, Guaido’s chief legal representative said on Tuesday.
Jose Ignacio Hernandez, whom Guaido has tapped as a special prosecutor, told Reuters his team separately has challenged the amount of the ICSID award, claiming “the methodology to determine the compensation was errant.” An annulment would be a boost to Guaido, who in January invoked a constitutional provision to assume an interim presidency. Backed by the United States and dozens of other countries, Guaido argues President Nicolas Maduro’s 2018 re-election was illegitimate.Cash-strapped Venezuela has balked at paying in other arbitration cases. Conoco has used legal seizures of Venezuelan oil assets to enforce earlier claims. Other creditors are attempting to seize shares in U.S.
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