By JIGGSLAW®. In a social media conversation with Juan Guaidó just two weeks after the approval to enforce the award against Venezuela, the Head of the Public International Law Panel of the Venezuelan Legal Government Department stated that the debt would not be paid if the award was annulled. The award states a $8.7 billion compensation to the American Corporation ConoCoPhillips for the seizure of oil companies Hamaca and Petrizuata.

The award annulment proceeding for this arbitration was filed with the International Center for Settlement of Investment Disputes in December 2019. Due to a recusal request against two ad hoc tribunal arbitrators, Dominique Hascher and Diego Fernández Arroyo, the proceeding was last updated on July 7, 2022.

Following the decision of the American court, which was surrounded by controversy because Venezuela did not approve the attendance requirements for the hearing, PDVSA issued a press release rejecting the decision as “unfair” and the enforcement to pay Conoco Phillips.

On August 22, 2022, PDVSA.com issued a press release stating that “with this illegal and null decision, there is an attempt to take a step towards the intricated corruption plot that allows the adjudication of Venezuelan assets to foreign powers through fraudulent proceedings in which the legitimate representatives of Venezuela are not allowed to have a full and effective defence of the Venezuela State and PVDSA assets and unilateral coactive measures.”

I In a social media exchange between Juan Guaidó and the Head of the Public International Law Panel of the Venezuelan Legal Government Department Enrique Sánchez, the latter explained that the American judge “simply admitted and upheld the award” and added that “all the efforts are focused on getting the award annulled”.

Guaidó mentioned the Parliament’s refusal to approve resources for defence and provided details on the budget allocated to international matters as a result of Venezuela’s persecution of private companies.

Meanwhile, the Curazao refinery faces closure and crude oil cargos may be seized because, as a result of the American court decision, ConocoPhillips has initiated legal proceedings to enforce the $8.7 billion award. “Due to the dispute between Conoco and PDVSA, the Curazao refinery is on the verge of closing (Finance Magazine, September 6, 2022).

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