Friday, February 22, 2008

Conoco: It Could Take Years For Settlement With Venezuela

ConocoPhillips (COP) anticipates it could take years to obtain any negotiated or arbitrated settlement in the dispute the company has with Venezuela for the assets that the Chavez government expropriated last year, the company said Friday in its annual report. 'The timing of any negotiated or arbitrated settlement is not known at this time, but we anticipate it could take years,' according to the report. The Houston-based company also said the company estimates the value of the assets it abandoned in Venezuela in June 'substantially exceeds the historical' initial investment.

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