Venezuela To Pay Total $834 Million In Compensation

Venezuela's Petroleos de Venezuela, PdVSA, will pay a European oil company $834 million in compensation for its stake in a nationalized oil project, the company said Thursday. Total Oil (TOT) will receive in the end $834 million in compensation for its participation in the Sincor oil venture that was nationalized last year, PdVSA confirmed in a statement. The company gave no more details. 'The relations between Total and PdVSA have been strengthening to the point that the Venezuelan company agreed this year to pay Total $834 million in oil as compensation for accepting a PdVSA majority stake in Sincor,' the statement read.