Mar.8 (Dow Jones) -- Venezuela has been ordered to pay more than $8 billion to ConocoPhillips over assets expropriated in 2007, according to a ruling from a World Bank tribunal.

The $8.75 billion unanimous award is the latest that ties to a nationalization spree spearheaded by the late socialist President Hugo Chavez to secure greater control over key economic sectors, especially the oil industry.

The World Banks International Centre for Settlement of Investment Disputes, or ICSID, ruled in 2013 that the expropriation of ConocoPhillipss investments in the Hamaca and Petrozuata heavy-crude oil projects and the offshore Corocoro development project violated international law.

The latest ruling addressed compensation, and the timing and manner of payment have yet to the determined, ConocoPhillips said in a Friday statement.

We welcome the ICSID tribunals decision, which upholds the principle that governments cannot unlawfully expropriate private investments without paying compensation, said Kelly B. Rose, a ConocoPhillips senior vice president.

Last year, a separate arbitration panel awarded ConocoPhillips about $2 billion in a judgment against Venezuelas state-owned oil company Petroleos de Venezuela SA.

Copyright 2019, Dow Jones & Company, Inc.

Fecha de publicación: 08/03/2019