Venezuela entitled to pay $8B to ConocoPhillips to settle dispute, says World Bank

Venezuela must pay oil and gas company ConocoPhillips' entities more than $8 billion as compensation to settle a years-long dispute over oil extraction, a World bank dispute settlement arm said on Friday.

In the ruling, dated Feb. 27, the Bank's International Centre for Settlement of Investment Disputes said Venezuela must pay out more than $8 billion to three of the company's entities at an annual interest rate of 5.5 per cent.