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Guaido Wants Annulment Of ConocoPhillips Compensation

The President of Venezuela’s National Assembly and opposition leader Juan Guaido will try to win an annulment for an US$8.7-billion compensation awarded to U.S. supermajor ConocoPhillips by an arbitration court for the forced nationalization of the company’s Venezuelan business by the Hugo Chavez government.

This is what Guaido’s chief legal representative said as quoted by Reuters, adding that his team also plans to dispute the size of the compensation, which was awarded to Conoco by the World Bank’s International Center for Settlement of Investment Disputes. It is the largest compensation for asset nationalization in Venezuela awarded by a court, but not the only one, as several companies are suing Caracas for taking their business away from them.

Conoco, however, does not seem willing to follow Washington’s lead and help Guaido take the reins in Venezuela. A company spokesperson told Reuters that Guaido’s team’s request for annulment bore no merit and added that the company would “strongly defend” itself in case such a request was made.

Conoco’s opposition to any potential annulment is not the only problem Guaido’s team is facing. As Reuters notes, the World Bank has yet to recognize Juan Guaido as the legal leader of Venezuela before his team of lawyers can make any requests for annulments of compensation rulings.

Guaido declared himself interim president of Venezuela in January following the inauguration of incumbent Nicolas Maduro for his second term in office. The opposition leader based his declaration on the constitution, calling for new elections. Three months later, there is little Guaido can show for his efforts, except continuing but sporadic protests that evidently lack the strength to oust Maduro and his government.

More than two dozen governments have recognized him as the legitimate, albeit interim, leader of Venezuela, and Washington has granted him control over Citgo, PDVSA’s U.S. business, but this, too, has failed to strengthen the opposition enough to overthrow the government.

By Irina Slav for Oilprice.com

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  • Bob Berke on April 17 2019 said:
    What give the US the right to depose a sitting President in a sovereign country and appoint his successor? Or the right to create cyber attacks on the computer systems controlling to Venezuela’s Gori Dam turbines that supply 80% of the country’s electric power, and to sustain the cyber attack for four days. No matter what the Monroe doctrine states, Venezuela, is not a province of the US.

    Elliott Abrams, the once imprisoned Bush new con, now an advisor to Trump, has stated the US intention to destroy the V’s banking and financial systems. Sec’y of State Pompeo tweeted, “the lights will come on when [President] Madero is gone…no food, no medicine, now now power, next no Maduro.” place malware in Venezuela’s utility company computers to sabotage the country’s power production.

    If Trump wants to wage economic warfare against Venezuela, why was this issue not brought before the US Congress? Does the President now decide on his own to threaten any country that he finds offensive? Is there anyone in the US who believes that Venezuela is about to attack us?

    Question: why have the Democrats nothing to say about this new threat of a neo-con war.

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