Venezuela Faces $10 Billion+ Claims From Oil Giants Over Seized Assets
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Major international energy companies are demanding Venezuela pay more than ten billion dollars in compensation. The claims are for assets seized by the government nearly twenty years ago.
Firms including Exxon Mobil and ConocoPhillips say Venezuela confiscated their investments. This occurred under former President Hugo Chávez. The companies pursued legal action in international courts.
Tribunals have ruled in the companies' favor. They ordered Venezuela to pay billions. However, collecting the money has proven difficult.
Venezuela's state oil company, PDVSA, still operates the seized projects. The unpaid debts remain a major barrier to new foreign investment in the country's crucial oil sector.