CARACAS (Reuters) – A World Bank arbitration panel lowered an initial $8.7 billion award to U.S. oil company ConocoPhillips (N:) as compensation for Venezuela’s 2007 expropriation of its assets to $8.5 billion, according to a decision dated August 29 posted online.

The new award will represent savings of $200 million from the first award in April, Venezuelan opposition leader Juan Guaido’s overseas legal representative said on Twitter on Monday.

Guaido has also requested that the World Bank’s International Center for Settlement of Investment Disputes annul the award.

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2019-09-02