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A decade-old dispute between PDVSA and America’s ConocoPhillips is moving towards an important decision. ConocoPhillips has agreed to recover £1.5 billion with the Venezuelan oil major. Agreeing and recognizing the judgment of international arbitration panel, PDVSA will pay £390m in 90 days and the rest will be paid in the period of four years. American oil major will suspend its legal actions against PDVSA in the Dutch Antilles in return.
