CJR, that's the whole problem with arbitration for Venezuela.

Under the investment treaties, why they fail to perform is irrelevant -- if Hugo doesn't perform he has to pay. Conoco already crushed any jusrisdiction defense, which has never worked for VN anyway, and Conoco is probably 12-15 months away from a massive judgment.

If KRY ends up in arbitration instead of some quicker deal, we will prevail just as easily. Have you selected your Citgo station yet?