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Message: Venezuela is a sovereign country with its own laws"
Venezuela is a sovereign country with its own laws"
As far as the Venezuelan Minister of Petroleum is concerned, Conoco Phillips' USD 10 billion claim is out of the question. Venezuela, he said, is to request a hearing at Icsid
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Ramírez dismissed Conoco's claim for USD 10 billion (File photo)
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EL UNIVERSAL
Wednesday September 04, 2013 02:13 PM
Minister of Petroleum and Mining Rafael Ramírez announced on Wednesday that the Venezuelan government is to request another hearing to settle the differences arising out of the decision of the International Center for Settlement of Investment Disputes (Icsid) pointing to the unlawful expropriation of Conoco Phillips by Venezuelan authorities back in 2007.
Ramírez contended that the Investment Protection Law "does not give consent to arbitration." Hence, Conoco's claim amounting to USD 10 billion was out of the question.
"Dear sirs from Conoco and national allies: this is a sovereign country with its own laws," Ramirez notedhttp://www.eluniversal.com/economia/130904/venezuela-is-a-sovereign-country-with-its-own-lawshttp://www.eluniversal.com/economia/130904/venezuela-is-a-sovereign-country-with-its-own-laws
Ramírez contended that the Investment Protection Law "does not give consent to arbitration." Hence, Conoco's claim amounting to USD 10 billion was out of the question.
"Dear sirs from Conoco and national allies: this is a sovereign country with its own laws," Ramirez notedhttp://www.eluniversal.com/economia/130904/venezuela-is-a-sovereign-country-with-its-own-lawshttp://www.eluniversal.com/economia/130904/venezuela-is-a-sovereign-country-with-its-own-laws
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